New York, NY 21 Apr 2021: The Global Paints and Coatings Market is anticipated to reach USD 286.54 billion by 2026 according to a new study published by Polaris Market Research.
Global paints & coatings industry is expected to grow significantly over the forecast period from 2018 to 2026 owing to numerous advancements that is driven by a strong rebound in worldwide building, construction, manufacturing primarily in Western Europe, North America and Japan are projected to augment demand for architectural paints & coatings. Demand from automobile, chemical, general industrial manufacturing etc. will also grow at a higher pace in comparison to its counterparts that will benefit from an improved outlook of higher vehicle production annually along with increasing industrial activities that encompass the use of paints & coatings.
Increasing demand for these products in automobiles owing to its growing popularity of protecting the architectural or non-architectural surfaces from extreme heat, acid rain, dust, UV radiations etc. along with its inherent characteristics of enhancing appearance are projected to be the major factors driving the demand for paints & coatings. These products used for paint or coat surfaces of buildings, automobiles, pipelines, wood, packaging products, marine vessels or any surface are capable of producing long-lasting surfaces in satisfying customers’ needs along with maximizing efficiencies, enhancing appearance and meeting environmental regulations.
The present trends of paints & coatings and its application process are aggravated by its shrinking cost of manufacturing, delivering buyer satisfaction by means of corrosion protection and enhancing aesthetic features, along with mitigating environmental concerns. Tremendous quantity of consideration has already been put into the current used paints & coating systems, and they carry a level of sophistication that has been satisfying most customers globally. The advent of the new smart coatings and paints has almost alleviated the problem of corrosion, appearance and durability of components wherever these are applied making them perfectly acceptable for lifetime. The emergence of two-layer topcoats worldwide and the gloss, color, and chip resistance offered by these products remains functional in its first seven to ten years of use. These advantages associated with the products are the primary reasons anticipated to drive the market.
These products confront to almost every limitless environmental assaults. Targeting specific customers’ expectations, along with maximizing the efficiencies and compiling environmental regulations with the new processes, are expected to augment demands for these products.
Asia Pacific was the largest regional market in 2017 and it is expected to emerge as the fastest growing regional industry. The region is anticipated to account for the maximum share of the overall worldwide market in terms of consumption. The robust increase in product demand from the Chinese economy and the emerging markets of the region including India, Vietnam, Thailand, and Indonesia are the major trends.
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