Paints and Coatings Industry Trends
Market Size and Growth:
- Current Value (2021): $175.8 billion
- Projected Value (2031): $278.4 billion
- CAGR: 4.7%
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Market Segmentation:
By Resin:
- Acrylic: Largest market share in 2021, expected to lead through 2031 due to high usage in urbanization and construction.
- Alkyd: Fastest-growing segment with a CAGR of 5.3%, driven by housing and real estate growth.
By Product Type:
- Waterborne Coatings: Largest share in 2021 and anticipated to maintain dominance, spurred by increased furniture demand.
- Solvent-borne Coatings: Fastest-growing segment with a CAGR of 5.2%, used in industrial equipment.
By Application:
- Architectural: Major share in 2021 and expected to remain dominant, with a CAGR of 5.0%, influenced by rapid urbanization and the need for residential and commercial facilities.
Regional Insights:
Asia-Pacific: Held the largest market share in 2021 and is projected to exhibit the fastest CAGR of 5.2%, driven by industrial, transportation, and construction advancements.
Market Key Players:
- RPM International Inc.
- Asian Paints
- Indigo Paints Ltd
- PPG Industries, Inc.
- Nippon Paint Holdings Co., Ltd
- The Sherwin-Williams Company
- Akzo Nobel N.V
- Kwality Paints and Coatings Pvt. Ltd.
- Kansai Paint Co., Ltd.
- Axalta Coating Systems, LLC
Market Drivers and Challenges:
- Drivers: Increased demand from automotive, construction, and architecture sectors; innovations in low-VOC coatings.
- Challenges: Health issues related to VOC-containing products.
Strategic Insights:
Leading companies are enhancing market presence through product launches, acquisitions, partnerships, and geographical expansions.
David Correa
Allied Market Research
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