Paints and Coating Market to Slowly Expand at a 5.5% CAGR by 2031 as Expanding Urbanization and Industrial Growth

WESTFORD, MASSACHUSETTS, UNITED STATES, August 12, 2024 /EINPresswire.com/ -- Paints and Coatings Market was valued at USD 160.4 Billion in 2022 and is poised to grow from USD 169.2 Billion in 2023 to USD 259.7 Billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

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The growing product usage in the automotive, general industries, and construction application sectors is anticipated to propel the market. It is projected that rising rates of urbanization and industrialization in developing nations like Southeast Asia, China, and India will increase demand for products across a range of industries.

The world paints & coatings market is growing very fast due to the increased emphasis on ecologically friendly products, expanding construction activities and rising automobile production. Among the major developments moving forward include progressive shift to water-based formulations as well as application of cutting-edge technologies such as nanocoating pointing towards ensuring sustainability/performance improvements in various areas.

Paints and Coatings Market Top Player's Company Profiles

• Indigo Paints Pvt. Ltd (India)
• Akzo Nobel N.V. (Netherlands)
• PPG Industries, Inc. (United States)
• Sherwin-Williams Company (United States)
• Axalta Coating Systems Ltd. (United States)
• Nippon Paint Holdings Co., Ltd. (Japan)
• RPM International Inc. (United States)
• Asian Paints (India)
• Kansai Paint Co., Ltd. (Japan)
• Hempel A/S (Denmark)
• Jotun (Norway)
• Sika AG (Switzerland)
• Berger Paints India Limited (India)
• Masco Corporation (United States)
• Dunn-Edwards Corporation (United States)

Surge of Eco-Conscious Products Amidst Urbanization in APAC

The following are the key Paints and Coatings Trends that will shape the growth of the market in the next 5 years

• Major players in the paint and coating industry across the globe like PPG Industries and AkzoNobel disclosed significant investments in eco-friendly technologies come March 2024. The growth of the market over the next five years is expected to be driven by a concentration on water-based products and environmentally sound formulas due to increasingly stringent environmental regulations.

• Besides, high growth in the automotive sector will be driven by the emergence of new paint technologies for electric vehicles like that by Sherwin-Williams. With urbanization hastening in regions like India and Southeast Asia, there will be a greater demand for more effective coatings in buildings and infrastructure making the market be affected up to 2029.

Audacious Visions of Industry Giants Poised to Redefine the Paints Market by 2034

• In April 2024, big companies such as BASF and Sherwin-Williams reveal their bold plans to offer reusable, biodegradable paints. These initiatives aim at promoting the paint and coatings industry circular economy such that it would have far reaching effects on market dynamics in the next decade, a move that is synchronized with worldwide sustainability visions.

• Smart coatings were emphasized during the Global Coatings Expo in May 2024 that integrated technologies for energy efficiency and self-cleaning applications had emerged further. They argue that through investment in research and development R&D, companies like AkzoNobel expect that these innovations will boost overall requirements for them up to 2034 in different sectors such as automotive sector and construction among others.

Segments covered in Paints and Coatings Market are as follows:

• Resin Type
o Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin, Polyurethane Resin, Fluoropolymer Resin, Vinyl Resin, and Others

• Technology
o Waterborne Coatings, Solvent Borne Coatings, Powder Coatings, and Other Technologies

• End-User Industry
o Architectural (Residential Sector [New construction, Remodel and repaint], Non-Residential [Commercial, Industrial, Infrastructure]), Industrial (General Industrial, Protective, Automotive Refinish, Automotive OEM, Wood, Marine, Coil, Packaging, Aerospace, and Rail)

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Impact of Low-VOC Coatings and Smart Technologies on the Future of Paints

As it grew to expect more inquiries from customers concerned primarily with an environmentalism perspective, Axalta Coating Systems released in June 2024 a new series of less VOCs coatings with a view to improvelo aeration. Moreover, RPM International made it known that they are forming collaborations with technological organizations that will help them make smart coatings which can detect conditions of a surface, hence enhancing durability as well as efficiency. As this is going on, Asian producers are increasing their output to keep up with the rising demand in the building industry, especially in regions that are becoming more urbanized. Over the next years, it is anticipated that these advancements combined will significantly expand the global paint and coatings market.

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Painting a Sustainable Future with Innovations and Eco-Friendly P&C Technologies

In conclusion, innovation and sustainability are poised to bring about a dramatic shift in the worldwide paint and coatings industry. Global investments in green and smart technologies are expected to lead to the industry blooming. This will be particularly in Southeast Asia, China and India due to the presence of players such as Axalta, PPG Industries, and Sherwin-Williams. Chiefly, consumer shift to environmentally friendly choices has led to a surge in demand for recyclable, energy-efficient, low-VOC type of products. Over the next ten years, these developments will improve the market dynamics and change industrial norms, opening the door to a more sustainable future.

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