DUBLIN--(BUSINESS WIRE)--The "Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, PU, Vinyl, Fluoropolymer, Polyester), Technology (Waterborne, Solventborne, Powder), Application (Architectural (Residential, Non-residential), Industrial) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Paints & Coatings market is projected to grow from USD 184 Billion in 2021 to USD 212 Billion by 2026, at a CAGR of 2.9% between 2021 and 2026.
Architectural end-use industry segment is the largest segment of the Paints & Coatings market.
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied to the interior and exterior walls of all types of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind.
These are applied either by building contractors or directly by customers as do-it-yourself (DIY). Architectural coatings also find use in decorative interiors such as furniture, wood flooring, wall paintings, and sculptures. An increase in environmental awareness among consumers and manufacturers has led to technological innovations in the coating industry to provide quality products that are affordable, of high quality, possess value-added features, and meet the global trends. Similarly, growing safety standards will raise the demand for waterproof and fireproof coatings for buildings.
Asia Pacific is the fastest-growing Paints & Coatings market during the forecast period.
Asia Pacific is the largest paints & coatings market, in terms of both value and volume, and is projected to be the fastest-growing market during the forecast period. The region has witnessed economic growth over the last decade.
According to the IMF and World Economic Outlook, China and Japan were the world's second- and third-largest economies, respectively, in 2020. The United Nations Population Fund states that Asia Pacific accounts for 60% of the world's population, which is 4.7 billion people. The region includes the world's most populous countries such as China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades. The market will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness.
Market Dynamics
Drivers
- Environmental Regulations Boosting the Demand for Voc-Free Coatings
- Increasing Demand from the Construction and Automotive Industries
- Developments to Increase the Performance of Coatings
- Growing Popularity of Elastomeric Coatings in Tilt-Up Concrete in the Building & Construction Industry
- Technological Advancements in Powder Coating Technology
Restraints
- Requirement of More Drying Time for Waterborne Coatings
- Difficulty in Obtaining Thin Films in Powder Coating
Opportunities
- Increasing Applications of Fluoropolymers in the Building & Construction Industry
- Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline Industries
- Increasing Use of Powder Coatings in the Automotive Industry
Challenges
- Stringent Regulatory Policies
- Environmental Challenges with Respect to Wastewater Discharge
Companies Mentioned
- Akzonobel N.V.
- Asian Paints Limited
- Axalta Coating Systems LLC
- BASF Coatings Gmbh
- Beckers Group
- Berger Paints India Limited
- Cromology (Formerly Materis Paints)
- DAW Se
- Diamond Vogel Paint Company
- Dunn-Edwards Corporation
- Hempel A/S
- Indigo Paints Pvt. Ltd.
- Jotun A/S
- Kansai Paint Co. Ltd.
- Kelly-Moore Paints
- Masco Corporation
- Nippon Paint Holdings Co. Ltd.
- PPG Industries
- RPM International Inc.
- S.K. Kaken Co. Ltd.
- Sacal International Group Ltd.
- Shalimar Paints
- Sherwin-Williams Company
- Tiger Coatings GmbH & Co. Kg
- Vista Paint Corporation
For more information about this report visit https://www.researchandmarkets.com/r/j6oxaj
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