Westford, USA, July 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Paints and Coatings Market will attain a value of USD 259.7 Billion by 2031, with a CAGR of 5.5 % during the forecast period (2024-2031). In the last few years, the paints and coatings market have witnessed a massive surge due to the increasing investment in urbanization, infrastructure, and enhancing economic conditions in developing nations. Even though the functions are basic, emphasis on visual attraction and security is increasing throughput various applications like automotive, marine, aerospace, and construction. This is increasing the demand for the high-performance coatings and will continue to grow. Governments are also implementing strict regulations towards usage of chemicals that is not good for the environment. It is driving the advancement of green coating formulations, particularly the ones that are based on water and have less volatile organic compounds. This inclination towards eco-friendly substitutes have positively influenced the sector and increased its adoption. Recently, the sector has also witnessed many technological developments like nanotechnology-based coatings and smart coatings. These types of coatings have multiple properties such as corrosion protection and self-healing, significantly driving the market growth. Increasing renovations of age-old buildings are also working as a catalyst for expanding the market. Long-lasting protection and aesthetic improvements drive the demand for paints and coatings.
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Paints and Coatings Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 169.2 Billion |
| Estimated Value by 2031 | $ 259.7 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.5 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, Technology, End Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing use of digital technologies to improve manufacturing |
| Key Market Opportunities | High demand for sustainable and eco-friendly paints and coatings |
| Key Market Drivers | Growing popularity of self-healing and smart coating paints |
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Increasing Demand for Eco-Friendly Paints and Coatings to Reduce Carbon Footprint Boosts Market Growth
In recent times, the popularity of environmentally friendly and sustainable paints and coating have increased among both businesses and consumers. The primary reason for this is that the usage of conventional paints and coatings containing harmful volatile organic compounds is reducing due to their effects on the environment. The natural and renewable materials like the water-borne resins and bio-based pigments are used in the manufacturing of eco-friendly and sustainable paints and coatings. In recent times, the paint manufacturers have started introducing sophisticated paint technology to fulfil the consumer demand. The organizations also must follow the rules applied by REACH to minimize VOCs and carbon footprint by manufacturing bio-based technologies and achieving recycling power.
Advancement in Technology to Improve Performance of Coatings Supports Market Growth
Technological advancements are revolutionizing the entire paints and coatings sector. Developments in formulations like low-VOC options, eco-friendly coatings, and self-healing abilities are driving the market growth. It is improving their performance, sustainability, and durability. Today, consumers prefer more safer and efficient products. These innovations can fulfil these demands while creating immense opportunities for the industry’s shift towards sustainable solutions. Paints and coatings companies are also using many digital technologies to improve sales, manufacturing, and product developments. They have started using computer-aided design and computer-aided manufacturing for developing and producing new type of products. They are also striving to offer customers with personalized product recommendations.
Increasing Use of Paints and Coatings for Growing Construction Activities Helps Asia-Pacific Assert Dominance
Asia-Pacific is dominating the market due to growing construction and building activities. The demand for paints and coatings is increasing because of their application in coatings of residential and non-residential buildings. These coatings are used for decorating furniture, walls, and windows. Moreover, several automotive manufacturing organizations are also shifting their bases to Asia-Pacific regions because of easy-availability of low-cost labor. Many countries in this region have also started offering tax subsidies so that companies can do business over here. Increasing emphasis on development, industrialization, and construction is propelling the market’s growth. manufacturers to invest in India and set up their manufacturing bases. Furthermore, increased focus on development, rapid industrialization, and the flourishing housing and construction sector, especially in China and India, are anticipated to drive market growth in APAC.
Paints and Coatings Market Insights
Drivers:
Restraints:
Key Players of the Paints and Coatings Market
The following are the Top Paints and Coatings Companies
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Key Questions Answered in the Paints and Coatings Market
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