Global Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Polyester, Polyurethane), By Technology(Solvent-Based, Hot-Melt) - Industry Forecast 2022-2028

Global Paints And Coatings Market size was valued at USD 184.03 billion in 2021 and is poised to grow from USD 190.1 billion in 2022 to USD 254.62 billion by 2030, growing at a CAGR of 3.3% in the forecast period (2023-2030).

Paints and coatings are put on a surface in order to protect and improve it. Paints and coatings improve the surface's tensile strength and aesthetic appeal when used as decorations. They also provide protection from corrosive substances, corrosion, ageing, and chemical exposure. Paints and coatings may also have other features, such as anti-fouling, flame retardancy, and anti-microbial capabilities, depending on the application. Building and construction have seen rapid growth in the Asia-Pacific region as a result of economic expansion and the resulting rise in people's living standards in the region's developing nations. Asia Pacific is thus experiencing a surge in paint and coating demand. One of the major forces behind the growth of the global paint market is the increased use of paints and coatings in construction.

It is projected that as new technologies, such as OEM paints and developments in powder coating technology, are introduced, the market for paints and coatings will grow. A further factor that will likely increase demand for the paints and coatings market is rigorous government rules that necessitate the use of VOC-free coatings.

Top-down and bottom-up approaches were used to estimate and validate the size of global Paints and Coatings Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Global Paints and Coatings Market is Segmented based on the Resin, Technology, And Region. Based on the Resin, the global paints and coatings market is segmented as Polyester, Polyurethane, Acrylic, Epoxy, Alkyd, and Others. Based on Technology, the global paints and coatings market is segmented as Solvent-Based, Hot-Melt, Water-Based, Ultraviolet, Others. Based on Region Paints and Coatings Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Today, special spray paint that gives magnetic response and electrical conductivity is used to cover semiconductors. Vendors in the paints and coatings sector will benefit as the semiconductor sector expands. The growth rate of the paints and coatings sector would also be accelerated by the increasing urbanisation and industrialization in developing countries like India, China, and the Asia Pacific region.

In the upcoming years, it is projected that the building and construction industry would experience rapid expansion as urbanisation and population increase continue. The future of the global building industry is expected to be driven by urbanisation and changing lifestyles. Due to increasing economic conditions and population growth, there has been a rise in global investment in the building of housing and infrastructure. Paints and varnishes are widely utilised to embellish and safeguard infrastructure and buildings. A few of the architectural changes used to improve a home's appearance include house paint, epoxy floor paint, primers, sealers, varnishes, and stains. Low-VOC, odourless, and scrub-resistant architectural paints are available in a variety of sheens and textures, ranging from semi-gloss to high-gloss.

Restraint

Producers of paint and coatings should continue to streamline their processes in order to adhere to the expanding number of regulatory requirements that various governments are enforcing. Products that do not comply with the law are prohibited in countries with strict environmental regulations, such as those in Europe and North America. Sadly, some lawmakers continue to base their emission restrictions only on the amount of VOCs present in exhaust gases. Therefore, processes that need high airflows but generate little mass emissions may be accepted more readily than those that demand low airflows but generate it. The concentration technique fails to take into account the decreased air emissions when low-VOC coatings are used. The lengthy approval process caused by these onerous criteria makes it difficult to accelerate the growth of the paints and coatings business.

Different types of water-borne paints and coatings take a little longer to dry and cure than solvent-borne coatings do. It is also well known that aqueous coatings have great flow characteristics that help to change how humidity affects the application of paint. An high amount of humidity prevents water from evaporating, which leads to a poor cure and a subsequent decline in performance. It is generally known that waterborne paints and varnishes are sensitive to cold temperatures. Numerous aqueous coatings cannot be used properly once they have been frozen.

Market Trends

Smart coatings can modify their properties in reaction to environmental factors including temperature and electric field. They are increasingly used in commercial applications, where they provide several advantages in a wide range of different uses, including as repairing damaged oil and gas platforms and aviation engines. Due to its self-cleaning, self-healing, and self-stratifying capabilities, smart coatings have recently gained in popularity as more people are willing to pay more for them. As a result, these solutions will increasingly be accepted by the paints and coatings sector.

With tens of thousands of patents previously granted for the coatings industry alone, nanotechnology is one new area of interest. To change specific characteristics, such as scratch, abrasion, wear, corrosion, and UV resistance, very tiny ceramic or metallic particles can be added to paint mixtures in highly specialised applications. Less than 6.5 million atoms make up most nanoparticles, which typically range in size from 10 to 70 nanometers. These dimensions produce high surface area to mass ratios, which give the particles their particular characteristics. For instance, at 2 nanometers, the conductivity of metal particles varies, whereas at 20 nanometers, the transparency of ceramic particles changes. At a 20 nanometer wavelength, gold particles become rigid and glow red.