Paints & Coatings Market Anticipated to Reach USD USD 204.57 Billion by 2028

Paints and Coatings
  • Paints and Coatings Market

The Paints & Coatings Market accounted for USD USD 153.38 Billion in 2021 and is estimated to reach USD USD 204.57 Billion in 2028, at the CAGR of4.2% .Coatings and industrial finishes are a type of chemical paint to protect industrial products, such as locally built tanks and pipes, in harsh environmental conditions and workplace abrasions. Industrial paints are also used to seal the inside of water tanks, prevent corrosion and create a safe drinking water supply. Applications may require multiple layers of coating, for example, a layer of primer, a layer of paint, and then a sealant. Industrial applications may also require coatings not only for protection but also for aesthetics.

Paints & coatings sold by companies such as Asian paints, PPG industries, Sherwin-Williams, Berger paints, and AkzoNobel among other varieties are sold with a multi-year warranty against rust, mainly due to improvements in the performance of coating garments. In addition, to improve performance, manufacturers continue to introduce new products to the environmentally friendly market. Therefore, the introduction of new technologies has increased the effectiveness of coatings. Thus, boosting the Paints & Coatings Market.

There exist technical issues such as the water caps that have excellent flow points which change with moisture, affecting the application of the cover. During high humidity, water does not evaporate easily, leading to poor treatment and reduced efficiency. Water-repellent clothing is also sensitive to freezing conditions. Many water-based fabrics are unusable after freezing. These complications might cause slight hindrance in the Paints & Coatings Market. In addition, COVID-19 has exposed many of the challenges of the Paints & Coatings Market having an impact on both the construction and industrial sectors. The huge economy of each region is affected by the epidemic and has caused job losses in all industries that use paints & coatings. Industries such as packaging will benefit while others are expected to have a negative impact in 2020 and 2021. The market is expected to recover from 2022 onwards with industrial and transport operations returning to normal and operating at full capacity.

The global Paints & Coatings Market can be segmented based on resin used into acrylic, alkyd, epoxy, polyester, polyurethane, and others such as silicone, amino, polyurea, polyolefin, nitrocellulose, plastisol, polyamide, vinyl based, and hybrid coatings. Acrylic powder coatings possess a substantial share of this segment. It ranges from thin-film clear coats to very smooth, providing a high-performance finish with outstanding weather resistance, high-gloss colors, making them ideal for outdoor applications with excellent exterior durability.

On the other hand, UV- and EB-cured coating offers high efficiency, very fast curing, long shelf life, low temperature processing, virtually no VOC emissions, high hardness, and abrasion resistance. Strict environmental laws lead to a reduction in the use of standard blending processes, which are the driving forces of the global UV & EB blending market when compared to water-borne, solvent-borne, and powder coatings, based on technology.

Depending upon the end-use industry, the global Paints & Coatings Market is branched into architectural use and industrial use. The architectural segment can use paints & coatings for new or renovation projects for residential as well as non-residential work. While, use in the industrial segment covers general industries, automotive refinish & OEM, industrial wood, marine, coil, packaging, aerospace, and rail. The global market for paints & coatings is spread over the regions of Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is predicted to dominate the market with 44.1% share.

Some key players of the Market area Braskem S.A (Brazil), Axalta Coating Systems Ltd (U.S.), and Akzo Nobel N.V (Netherlands)