Exploring global markets and the latest technologies in the paints and coatings industry

As environmental awareness grows, so does the demand for sustainable solutions. Solvent-free coatings, with their reduced emissions and environmentally friendly properties, have become a focal point in the paint and coating industry.

BOSTON, July 17, 2024 /PRNewswire/ — ‘According to the latest study by BCC Research, the demand for ‘Global markets and advanced technologies for paints and coatings‘ is expected to grow from 203.8 trillion dollars in 2024 and should arrive 263.2 trillion dollars by 2029, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029.’

The global paints and coatings market is segmented by technology, chemistry and end-use, with a comprehensive analysis at the global and regional level. The base year for this analysis is 2023, with market estimates and forecasts provided from 2024 to 2029 in terms of revenue (US$, million). By technology, the market is segmented into powder coatings, solvent-based, powder, UV curing, and emerging technologies such as nano-coatings/smart coatings, vapor permeable technology, thermal barrier technology, and others. Chemically, the market includes acrylic, epoxy, polyurethane, alkyd, polyester, vinyl and others such as silicone, urea-formaldehyde and phenolic resins. The end-use segments consist of architectural and industrial coatings.

The following factors drive the global market for paints and coatings:

Automotive Industry Demand: The automotive sector drives demand for paints and coatings due to the need for improved vehicle aesthetics, corrosion protection and customization. High-quality coatings enhance the appearance of the vehicle, protect against rust and allow for custom finishes. They also improve performance by reducing drag and increasing fuel efficiency, while reflective coatings increase safety by increasing visibility at night. Stricter environmental regulations encourage the development of eco-friendly clothing, and the growth of electric vehicles (EVs) requires specialized clothing for battery protection and thermal management.

Requirements for architectural coatings: Architectural coatings are essential for buildings, homes and infrastructure, fueled by the construction boom, which increases the need for coatings. These coatings improve aesthetics, protect surfaces and extend their life by providing weather resistance. They also contribute to energy efficiency through cool roof coatings and improve indoor air quality with low-VOC paints. The demand for sustainable cladding is matched by green building certifications, and cladding is vital to building renovations and maintenance, providing ongoing protection and appeal.

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Summary of the Report

Key interesting facts about the global paints and coatings market:

Scratch resistance: Nanoparticles reinforce coatings, making them more resistant to scratches and scuffs.

UV protection: Nanocoating can block harmful UV rays, while preserving the underlying material.

Self Cleaning: Nanostructures create hydrophobic or superhydrophobic surfaces, allowing dirt and water to flow easily.

The global Paints and Coatings market report includes in-depth data and analysis that addresses the following important questions:

1. What is the projected market size and market growth rate?

   The global paints and coatings market is projected to grow from $194.0 trillion in 2023 until 263.2 trillion dollars in 2029 at a compound annual growth rate (CAGR) of 5.2% during the forecast period.

2. What are the key factors driving the growth of the market?

   Key factors driving the growth of the paints and coatings market include:

   • Growing demand from the automotive industry.
   • Increasing demand for architectural coatings.

3. What segments are covered in the market?

   The paints and coatings market is segmented on the basis of technology, chemistry, end use and region.

4. According to technology, which segment will dominate the market by the end of 2029?

   The water-based coatings segment will dominate the market by the end of 2029 in terms of value.

5. Which region has the largest market share in the market?

   Asia Pacific holds the highest market share by value. Some of the main driving factors Asia Pacific market are several domestic and foreign companies producing paints and coatings, technological advances and increasing the growth of the construction and automotive industries in several countries in Asia Pacific.

Some of the major market players are:

• Akzo Nobel NV
• Asian paints
• Axalta
• BASF SE
• Nippon Paint Holdings Co. Ltd.
• PPG Industries Inc.
• Sherwin Williams Co.
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