Paints And Coatings Industry To Grow Due To Increasing Infrastructure Investments By Government
Paints and Coatings Industry Data Book Covers Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Markets.
The economic value generated by the paints & coatings industry was estimated at approximately USD 161.44 billion in 2022.
Access the Global Paints and Coatings Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
Powder Coating Market Growth & Trends
The global powder coating market size is expected to reach USD 24.27 billion by 2030, registering a CAGR of 7.5% from 2023 to 2030, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to the superior properties of powder coatings over conventional paints including high resistance to corrosion and chipping & abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization are expected to drive the consumer goods sector, thereby driving product demand for use in applications, such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
Waterborne Coatings Market Growth & Trends
The global waterborne coatings market size is expected to reach USD 89.35 billion by 2030, registering a CAGR of 5.6% over the forecast period, as per the new report by Grand View Research, Inc. The growth is attributed to the rapid increase in construction activities across the globe. In addition, the growing demand for automobiles is also a major factor influencing product demand. Rapid urbanization is considered a key factor responsible for the growth of the market. Rising migration to tier-2 and tier-1 cities are creating lucrative growth opportunities for the construction and automobile industries globally. Increasing utilization of waterborne coatings in such applications is likely to propel the market growth over the foreseeable future. The architectural application segment is expected to have high penetration due to increasing construction & infrastructure activities in Asia Pacific and the Middle East.
Increasing application scope in the architectural industry, such as interior & exterior walls, doors, trims, and facades, is expected to further drive the industry. Stringent government rules restricting Volatile Organic Compound (VOC) emissions and solvent content are also among the key factors boosting the demand for waterborne coatings in the architectural industry. High demand for acrylic waterborne coatings in automotive and infrastructure on account of properties, such as gloss and color retention in external exposure,will support market growth over the forecast years. Acrylic modified Polyurethane (PU) coatings are excessively consumed in automotive finishing owing to excellent exterior durability. PU coatings are widely used owing to intrinsic properties, such as abrasion resistance, toughness, and chemical & weather resistance.
Order your copy of Free Sample of “Paints and Coatings Industry Data Book - Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Solvent-borne Coatings Market Analysis And Forecast
Solvent-borne coatings accounted for a share of nearly 23% in the industry in 2022. Aerospace paints & coatings are used to provide reliability, long-lasting lubrication for critical components in order to operate efficiently in high vacuum and extreme temperature. Solvent-based segment is projected to record a slower growth rate as compared to water-based segment over the forecast period owing to the stringent regulations concerning products with high VOC content. However, rising application of solvent-based coatings for industrial and architectural purposes, owing to their various properties such as lower drying times and better functionality in open & humid conditions, is expected to fuel the segment growth over the forecast period.
Solvent-based paints and coatings are primarily employed in offshore oil & gas applications in low heat and high humidity areas. They can be applied to large surface areas with high thickness as compared to water-based coatings. Furthermore, solvent-based paints and coatings are used to achieve decorative finishes over complex shapes and exhibit improved adhesion along with high water resistance.
High Solids/Radiation Curing Coatings Market Analysis And Forecast
High solids/radiation curing coatings accounted for a share of nearly 11% in the industry in 2022. Rise in consumer awareness for sustainable products and increasingly strict environmental regulations regarding the reduction of VOC emissions are expected to boost the demand for high solids and radiation curing paints and coatings over the forecast period.
High solids and radiation curing coatings relatively constitute a small portion of the global market; however, the adoption of these coatings in various applications, such as marine, aerospace, paper & paperboard, and construction, is rising owing to their rapid curing and excellent physical properties. This is expected to drive the growth of the segment in the coming years. These coatings comprise 70% to 100% of solids, which cure when exposed to ultraviolet (UV) light. Further, as they majorly contain the solid system, they have very less or zero amount of volatile solvents to evaporate, which makes them eco-friendly. In addition, these coatings cure at a faster rate as compared to their counterparts, making them suitable for heat-sensitive substrates.
Go through the table of content of Paints and Coatings Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Paints and Coatings Industry are –
• PPG Industries • The Sherwin-Williams Company • Akzo Nobel N.V. • Nippon Paint Holdings Co., Ltd. • RPM International, Inc. • Axalta Coating Systems • BASF Coatings • Kansai Paint Co., Ltd • Jotun.
Grand View Research’s Paints and Coatings industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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