Market Research Report
Paints and Coatings Market Research Report: By Technology, Formulation, Application - Global Industry Analysis and Demand Forecast to 2030
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||992010|
|Published||Content info||252 Pages
Delivery time: 2-3 business days
|Paints and Coatings Market Research Report: By Technology, Formulation, Application - Global Industry Analysis and Demand Forecast to 2030|
|Published: November 1, 2020||Content info: 252 Pages||
Paints and Coatings Market Research Report: By Technology (Water-Borne, Solvent-Borne, High-Solids, Powder Coatings, Ultraviolet), Formulation (Acrylic, Polyester, Polyurethane, Epoxy), Application (Architectural Coatings, Industrial Coatings, Special Coatings) - Global Industry Analysis and Demand Forecast to 2030.
The global paints and coatings market generated a revenue of $156,086.2 million in 2019 and is predicted to register a CAGR of 4.2% between 2020 and 2030. Furthermore, the market would reach a valuation of $227,834.0 million by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main growth drivers of the market are the presence of several commercial, industrial, and residential end users and soaring construction activities around the world.
With the rapid growth of the global population, the demand for commercial and residential facilities is rising rapidly all over the world. Moreover, the investments being made in the development of offices, hotels, retail centers, civic infrastructure, and apartments are soaring sharply across the world. For example, the Indian government announced in April, 2020 that it has set a target of developing roads with an investment of $212.8 billion (INR 15 lakh crore) in the coming two years.
Additionally, the government sanctioned the allocation of $24.27 billion to the infrastructure sector in the 2020-21 Union Budget for developing transport infrastructure in the country. This would push up the requirement for paints and coatings, which are heavily required for improving the aesthetics and durability of structures. The changing lifestyles of people and the growing urbanization are boosting the requirement for housing, which is, in turn, propelling the sales of paints and coatings across the globe.
Apart from the aforementioned factors, the mushrooming sales of automobiles are also pushing up the demand for paints and coatings around the world. This is because paints and coatings are used heavily in various automotive applications. For example, the total sales of automobiles around the world rose from 88.3 million to 91.3 million from 2014 to 2019. The paints and coatings market is divided, on the basis of application, into industrial coatings, special coatings, and architectural coatings.
Out of these, the industrial coatings category is predicted to demonstrate the highest growth rate in the market in the coming years. The rising demand for vehicles and the surging requirement for packaged products in the developing countries are the main factors fueling the expansion of this category. When technology is taken into consideration, the paints and coatings market is classified into solvent-borne, water-borne, ultraviolet (UV), high solids, and powder coatings.
Out of these, the water-borne category recorded the highest expansion in the market in the past years, mainly because of the huge requirement for products containing low or negligible amount of volatile organic compounds (VOCs). Globally, the market is predicted to record the highest growth in the Asia-Pacific (APAC) region in the forthcoming years, due to the increasing construction and infrastructural development activities in several regional countries and the shifting of production plants from various Western nations to APAC countries.
Hence, it can be safely concluded that the market would demonstrate substantial growth across the world in the coming years, primarily because of the surging construction and infrastructural development activities in various countries and the ballooning sales of automobiles around the world.