People not only care for their own appearance but also that of the things they own, such as houses and automobiles. Thus, with the booming population pushing up the requirement for houses, vehicles, and a host of other practical and materialistic things, the paints and coatings market has a bright future ahead. As per P&S Intelligence, the sale of such materials valued $156,086.2 million in 2019, and this revenue is set to witness a 4.2% CAGR during 2020–2030, to reach $227,834.0 million by 2030.
This is because paints and coatings are what give the products their aesthetic value, which, however, is not their only purpose. They are also applied in high volumes to the interiors and exteriors to protect them from heat, moisture, chemicals, scratches, and abrasions. Hence, apart from architectural purposes, paints and coatings are also used for several special and industrial applications. Among these, they are consumed in the highest volumes for architectural applications, majorly because of the booming construction sector.
To accommodate the growing population, especially in Sweden, China, the U.S., India, Australia, Canada, and the U.K., residential, civil, commercial, and industrial infrastructure development projects are increasing in number. For instance, the Indian government allocated $24.27 billion (INR 1,69,637 crore) in the 2020–21 Union Budget for transport infrastructure development, which would boost the demand for paints and coatings. Similarly, smart cities are under construction around the world for conserving resources and making the world more sustainable, which is again creating a huge requirement for paints and coatings.
Though most people purchase vehicles for practical purposes, many purchase them as a assertion of their socioeconomic status, especially in emerging countries. For the latter set of people, their motorcycle or car is said to be a reflection of their personality, which is why they often get the paint job customized. However, due to the rising number of vehicles on the roads, the number of accidents is rising, thereby propelling the demand for automotive refinish coatings among garages and other aftermarket entities.
Thus, owing to the burgeoning automobile sales and homeownership rate, Asia-Pacific (APAC) generates the highest revenue in the paints and coatings market. China, Japan, India, and South Korea account for the highest sales and production figures of automobiles globally due to their booming population and rising urbanization rate. Moreover, regional governments are implementing several policies to make housing affordable, which is another reason behind the rising consumption of such materials.
Hence, with the booming homeownership rate and automobile sales, the demand for paints and coatings, especially the technologically advanced ones, will keep shooting up.
Recently published a report entitled Paints And Coatings Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The broad paints and coatings market has been sub-grouped into resin type, formulation, and application.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
This detail will lead to a focused approach leading to identification of better opportunities.Request a FREE Sample Copy of Paints And Coatings Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/paints-and-coatings-market/download-sampleBy Resin TypeAcrylicPolyesterPolyurethaneEpoxyOthersBy FormulationWater-BasedSolvent-BasedPowder CoatingsUV CoatingsBy ApplicationArchitectural And DecorativeIndustrialMarineThe report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the paints and coatings market include Akzo Nobel N. V., Axalta Coating Systems Ltd., BASFR SE, Berger Paints India Limited, Jotun A/S, Kansai Paint Co. Ltd., Masco Corporation, PPG Industries Inc., RPM International Inc., Shalimar Paints Limited, and The Sherwin-Williams Company.
The paints and coatings serve three major objectives; enabling aesthetic appeal or decorative value to surfaces and products, enabling protection from damage from harsh environment, and tagging specific attributes to the product.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/paints-coatings-market/request-sample The key driving factors responsible for the growth of Paints And Coatings market : Paints and coatings industry is driven by factors such as rise in use of paint and coating in automotive, construction, and marine industries.
The market witnesses remarkable trends such as inception of nanotechnology in the paints and coating industry.
However, increase in use of substitutes, wallpapers, and significant costs associated with paint related activities is likely to hamper the market growth in the near future.
Product segment for paint and coating market includes waterborne formulations, water-based coats and water based polyurethane.
Asia-Pacific’s paint and coating industry is anticipated to rise at a staggering CAGR in the forecast period due to increase in demand for paint and coating products coupled with vast presence of paint manufacturers in these regions.
