Global Paints and Coatings Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Paints and Coatings Market Overview:

“The global Paints and Coatings Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Paints and coatings are semisolid or liquid materials which are sprayed or applied to a substrate in form of a thin layer, which creates a solid film over the surface. It is utilized to enhance aesthetic appeal, color buildings, equipment, walls, objects, and others. It is a blend of polymer particles called pigments, binders, solvents, processing aids, and various surfactants. Architectural & decorative paints and coatings are utilized on interior and exterior surfaces of houses and commercial buildings. Industrial paints and coatings are utilized in several industries, including automotive, consumer goods, and machinery manufacturing.

Growing demand for elastomeric coating in concrete construction, provision of tough layers with improved performance, green environmental rules, and high adoption from end-use industries are some additional factors expected to drive growth of the global paints and coatings market.

Increasing usage of paints and coating products in automotive and marine industries are major end-use industries responsible for growth of the global paints and coatings market. Increasing expansions and new product development are anticipated to result in robust growth of the global paints and coatings market in next seven years.

Key factor expected to drive growth of the global paints and coatings market is increasing usage of coatings in automotive industries, owing to amplified demand for efficient coating products in various market. In addition, paints and coatings market growth is projected to be driven by increasing demand for high performance protective materials for producing superior automotive and marine industries components. Combustion engine and chamber components are coated with performance paints and coatings in order to stand in high temperatures conditions.

However, additional drying time required by water-based coatings and difficulty in finding thin films in powder coating is a major factor expected to restraint growth of the global paints and coatings market. Moreover, growing end-use applications of fluoropolymer in building and construction sectors might provide several growth opportunities over the forecast period.

Asia Pacific market is expected to account for substantial share in terms of revenue in the global paints and coatings market, owing to its increasing application in building and construction and automotive industry. Adoption rate of paints and coatings is projected to grow at fastest rate in Asia Pacific market. Paints and coatings product demand is estimated to upsurge from emerging economics such as China and India in next ten years.

Global Paints and Coatings Market Segmentation:

Segmentation by type:

• Acrylic
• Epoxy
• Polyurethanes
• Others (polyesters and alkyd)

Segmentation by technology:

• Water-based
• Solvent-based
• High solids
• Others (powder, UV based and reactive)

Segmentation by application:

• Architectural & Decorative
• Non-architectural

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa