Global Paints & Coatings Market to be driven by the Increasing Demand from End-Use Industries during the forecast period, 2022 - 2030

Overview 

The global paints & coatings market is anticipated to grow by 5.79% CAGR during the forecast period 2022-2030. The significant increase in construction and rapid urbanization in the developing regions will be the key factors determining the growth potential of the market, suggest analysts. The market report suggests that the fluctuating raw materials prices as well as strict regulatory policies will affect the market growth. During the forecast period 2021-2028 the market for paints and coatings will reach a higher value by 2030. The growth in the market to remain positive across all the resin type, performance range, and applications segments, however, segments like resin type have experienced increased growth during the forecast period 2022-2030. 

Growing demand for high-performance coatings and increasing requirements in various industries are said to be the key market growth factors. Although, during the forecast period 2022-2030, the factors like more time needed for drying and strict rules and regulations could hamper the market growth. The global market report also covers resin type, performance range, and applications segments and in-depth analysis of Europe, Asia-Pacific, North America, and the Middle East and Africa regions. 

Market Segmentation 

The global paints and coatings market is segmented based on resin type, performance range, and applications. The market is further segmented based on resin type into alkyd, epoxy, fluoropolymer, polyaryl etherketone (PAEK), polyester, polyetheretherketone (PEEK), polyether ketone (PEK), polyurethane, acrylic, and others. The market is also segmented into engineering coating range (thermoplastic and thermoset), high-performance coating range (thermoplastic and thermoset), and commodity coating range (thermoplastic and thermoset) on the basis of performance range. Furthermore, the market market is categorized based on applications into architectural (residential and non-residential) and industrial (general industrial, marine, packaging, wood, automotive, and others). 

Major elements such as the fluctuations in the costs of crude could obstruct the market growth. However, according to the market research report, extensive usage in the marine and aerospace industries along with expansion in the application areas will propel growth throughout the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The exploration of resin type, performance range, and applications segments along with regional markets has been given in the global market research report. The research analysts studying the market have put out market forecasts in the market research report in order to support market-based companies. The market research report provides an extensive understanding of the market based on the information and forecasts till 2025. 

Regional Overview 

The paints and coatings market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC , Europe, and North America regions will dominate the global market for paints and coatings during the forecast period 2022-2030. As per market analysts, the market is set to witness tremendous growth across architectural (residential and non-residential) and industrial  segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the market research report. 

With a 4.7% CAGR, growth factors such as rapid urbanization as well as presence of key players are set to drive the paints and coatings market growth across the European regional market for paints and coatings. This region covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others. 

Competitive Landscape 

The demand for paints and coatings has increased significantly over the years, due to surging numbers of residential projects and rising consolidation of used vehicles. Companies functioning in the global paints and coatings market are also being challenged due to prevailing competition and inefficient management of wastewater. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2021-2028. As the market is set to register a high CAGR of 5.79% and is also anticipated to reach a higher value, the report highlights key areas companies need to focus on. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the paints and coatings market report. 

Demand from both the residential and non-residential markets is presumed to drive the market growth worldwide. The global market could be affected negatively by varying raw material costs as a result of crude oil price changes, however, companies in the market will witness a healthy growth rate. The market research report presents company profiles of major companies active in the paints and coatings market globally. Furthermore, the global market report offers an all-inclusive analysis of the market collected from the market’s primary and secondary sources covering both decision makers and thought leaders. The market research report highlights such key areas assisting businesses operating in the market to build better growth strategies. 

Industry News 

The vendor Sherwin-Williams, the biggest painting and coating business in the world with headquarters in the US has confirmed a new acquisition. Now the usual authorization of the deal is awaited, and is anticipated for the first quarter of 2021. With its brand inventory and about 100 businesses in Australia and New Zealand and strategic distributors' alliances with the DIY and commercial customers, Wattyl's business strategy is identical to Hempel's Crown Paints group in the UK.

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