Paints and Coatings Market to Garner $278.4 Billion, Globally, By 2031 at 4.7% CAGR, Says Allied Market Research

Drivers, restraints, and opportunities- Drivers, restraints, and opportunities- Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drives the growth of the global paints and coatings market. On the other hand, there are certain health hazards associated with the use of the volatile organic compound (VOC)-containing paints & coatings, which impedes growth to some extent. However, the...

Drivers, restraints, and opportunities-

Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drives the growth of the global paints and coatings market. On the other hand, there are certain health hazards associated with the use of the volatile organic compound (VOC)-containing paints & coatings, which impedes growth to some extent. However, the emergence of high solid paints and coatings that produce little or no volatile organic compounds (VOCs) has increased the potential applications of paints and coatings among several end-use sectors, thus creating lucrative opportunities in the industry.

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Covid-19 scenario-

The acrylic segment to dominate by 2031-

By resin, the acrylic segment contributed to around one-third of the global paints and coatings market share in 2021 and is expected to lead the trail by 2031. Rapid urbanization has led the building and construction industry to witness significant growth where acrylic resin-based paints are widely used on surfaces of wood, decorative walls, and others. The alkyd segment, however, is expected to showcase the fastest CAGR of 5.3% during the forecast period. This is attributed to factors such as rise in disposable income coupled with expansion of the real estate and housing sectors.

The waterborne coatings segment to maintain the lion's share-

Based on product type, the waterborne coatings segment generated more than two-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031, due to increase in demand for a wide range of furniture items across the world. The solvent-borne coatings segment, on the other hand, would manifest the fastest CAGR of 5.2% from 2022 to 2031. Rapid establishment of chemical manufacturing units where solvent-borne coatings are used in interior and exterior parts of various industrial equipment drives the segment growth.

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The architectural segment to retain its dominance-

By application, the architectural segment held nearly three-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031 The same segment would also manifest the fastest CAGR of 5.0% from 2022 to 2031. Rapid urbanization which in turn has increased the demand for both the residential and commercial facilities where a wide range of paints and coatings are used for different purposes fuels the segment growth.

Asia-Pacific garnered the major share in 2021-

Based on region, Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global paints and coatings market. The same region would also garner the fastest CAGR of 5.2% by 2031. Developments in industries such as building & construction, transportation, industrial, and others have boosted the market growth.

Key players in the industry-

The report analyzes these key players in the global paints and coatings market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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