The latest research study by IMARC Group, “Paints and Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on global paints and coatings market report. The market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
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Paints are pigmented liquids used to improve the aesthetics of the substrate, whereas coatings are usually utilized to enhance surface properties and prevent substrate deterioration. Some of the commonly available product variants include waterborne, powder, high solids, radiation curing, and solvent-borne coatings. Paints are used for decorating industrial equipment, residential and non-residential infrastructures, buildings, etc. Paints and coatings exhibit anti-fouling, flame retardancy, and anti-microbial properties. Consequently, they find wide-ranging applications across various sectors, such as marine, automotive, transportation, etc.
Paints and Coatings Market Trends and Drivers:
The expanding construction sector across the globe is primarily augmenting the paints and coatings market. Additionally, the growing infrastructural development projects are catalyzing the market growth. Besides this, the widespread adoption of paints and coatings on panels, windows, walls, roofs, door frames, interior extrusions, etc., for protection, decoration, aesthetics, etc., is positively influencing the global market. Furthermore, they are utilized in the automotive sector, owing to their color stability, continuous protective film formation, corrosion, abrasion and scratch resistance, flexibility, durability, etc., which is acting as another significant growth-inducing factor. In line with this, the introduction of volatile organic compounds (VOC) free, block resistant, and organic paints and coatings that are manufactured by using natural ingredients, such as lemon peel extract, seed, clay, vegetable, soybean oil, etc., is also bolstering the market growth. Moreover, the rising popularity of environmentally friendly and green coatings that minimize the adverse effects of infrared and ultraviolet (UV) radiation and improve overall efficiency is further stimulating the global market. Apart from this, the increasing consumer environmental consciousness and extensive renovation activities are expected to fuel the paints and coatings market in the coming years.
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Paints and Coatings Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of product, material and application.
Breakup by Product:
Breakup by Material:
Breakup by Application:
Breakup by Region:
Key highlights of the report:
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