Paint And Coating Market Growth and Restrain Factors Analysis 2023-2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Paint And Coating Market Size, Share & Trends Analysis Report By Resin (Water-Based Coatings, Solvent-Based Coatings, Powder Coatings), Technology (Acrylic, Alkyd, Epoxy Resin, Polyester, Polyurethane), And Application (Architectural, Automotive OEM, Wood Finishes, Coil Coatings, Packaging Finishes, General Industrial Finishes, Automotive Refinish Paint, Protective Coatings, Marine Coatings, Aviation/Aerospace)- Market Outlook And Industry Analysis 2031”

The global paint and coating market is estimated to reach over USD 246.40 billion by 2031, exhibiting a CAGR of 3.08% during the forecast period.

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Pays and coatings are applied to the substrate to adorn and protect a surface. When utilized for decorative purposes, paints and coatings enhance the surface’s tensile strength and aesthetic appeal. They shield the surface from damaging elements, rust, aging, and chemical exposure. In some applications, paints and coatings also offer particular qualities, including anti-fouling, flame retardancy, and anti-microbial capabilities. The increase in urbanization and population is expected to cause the building and construction industry to expand quickly during the coming years. In the upcoming years, urbanization and shifting lifestyles are anticipated to push the global construction sector. Worldwide spending on housing and infrastructure development has increased due to population growth and better economic conditions. Many infrastructures and structures are decorated and protected with paints and coatings. Due to an increase in building activity and government investment in various public infrastructure projects, the market is anticipated to grow. The challenges faced by the market are volatility in raw materials, stringent regulation, competition from low-cost products, and technological advancement are some of the major challenges faced by this market.

List of Prominent Players in the Paint and coating market:

• Akzo Nobel N.V.
• Asian Paints Limited
• Axalta Coating Systems Ltd.
• BASF SE
• Beckers Group
• Berger Paints Ltd.
• DAW SE
• Diamond Vogel Paint Company
• Hempel A/S
• Henkel AG & Co. KGaA
• Indigo Paints Ltd.
• Jotun A/S
• Kansai Paint Co.,Ltd.
• Kelly-Moore Paints
• Masco Corporation
• Nippon Paint Holdings Co., Ltd.
• PPG Industries, Inc.
• RPM International Inc.
• Shalimar Paints
• SKK(S) Pte. Ltd.
• The Sherwin-Williams Company
• Tiger Coatings GmbH & Co. KG
• Tikkurila Oyj
• Vista Paint Corporation

Market Dynamics:

Drivers-

Buildings and infrastructure are primarily decorated and protected using paints and coatings. Interior and exterior house paints, primers, varnishes, sealers and stains are some of these architectural improvements. Architectural paints are available in various textures, even semi-gloss sheens, and enable less VOC, odorless paints with greater scrub resistance. The construction sector’s quick growth will help the market expand. The market growth is projected to be supported by increased building work and government spending on various public infrastructure projects. Advanced cutting-edge technology is also becoming commonplace in the building sector. The business expansion led to a substantial increase in product demand for use in other sectors, like residential and commercial buildings. Additionally, the market expansion will be supported by uses for these products in industries like wood, coils, automotive and transportation, and industrial metals.

Challenges:

Paint and coatings manufacturers must constantly enhance their processes to obey to the numerous regulatory policies established by various governments. In nations with severe environmental rules, that don’t comply with the law are prohibited. Unfortunately, some lawmakers still rely on their emission limits only on the amount of VOC present in exhaust gases. This may result in the acceptance of high-mass emission procedures instead of low-mass emission methods that require very low airflow. The reduced atmospheric emissions that result from the use of low VOC coatings are likewise disregarded by the concentration approach.

Regional Trends:

Regarding revenue and volume, Asia Pacific has the largest market share and is likely to keep it during the forecast period. This might be attributed to the expansion of the automobile, building, and construction sectors in China, Japan, and India. Because they are used to coat residential and non-residential constructions, paints and coatings are in higher demand. They are often used for furniture, windows, and wall decoration. China is the main customer because of its expanding population, which is driving the market expansion in the residential construction industry. In addition, the North American market is anticipated to increase significantly. Continuous use of cutting-edge technologies, rising disposable income, and increasing used-car consolidation are the main drivers of market expansion in this region.

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Recent Developments:

• In June 2021, Grupo Orbis, a maker of paints and coatings, was purchased by AkzoNobel. AkzoNobel will be able to strengthen its position in South and Central America thanks to this tactical acquisition.
• In December 2020, North East Asian and western European markets were where Jotun first introduced its jota cote Universal S120 primer to the world market.

Segmentation of Paint and coating market-

By Resin-

• Acrylic
• Epoxy Resin
• Alkyd
• Polyurethane
• Polyester
• Others

By Technology

• Water Based
• Solvent Based
• Powder Coating

By Application

• Architectural Coatings
  • Residential
  • Non-Residential
• Automotive OEM Coatings
  • Passenger Cars
  • Heavy/Commercial Vehicles
  • Motorcycle
  • Other Transportation Coatings
• Wood Finishes
• Coil Coatings
• Packaging Finishes
• General Industrial Finishes
  • Footwear
  • Furniture
  • Toys
  • Others
• Automotive Refinish Paint
• Protective Coatings
• Marine Coatings
• Aviation/Aerospace
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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