The Construction Paints And Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Construction Paints And Coatings Global Market Report 2024, The construction paints and coatings market size has grown strongly in recent years. It will grow from $57.56 billion in 2023 to $60.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to growing construction activities, urbanization trends, regulatory compliance, economic stability, raw material costs.
The construction paints and coatings market size is expected to see strong growth in the next few years. It will grow to $75.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to global recovery post-pandemic, sustainability focus, infrastructure investments, residential and commercial real estate demand, supply chain challenges. Major trends in the forecast period include smart coatings and nanotechnology, digitalization in construction, technological advancementsdigital transformation, increased r&d for performance enhancements.
The rising new construction projects is expected to propel the growth of the construction paints and coatings market going forward. Construction projects refer to the systematic process of constructing, repairing, refurbishing, retrofitting, or adapting a building, or other built asset such as a tunnel or bridge. In construction projects, paints and coatings are projected to be important to prevent water from penetrating, to prevent corrosion, rotting, and deteriorating. For instance, in March 2023, according to Zippia, a US-based technology, information, and internet company, in January 2023, 1.4 million new construction projects were completed, which is a 12.8% increase, compared to January 2022. Therefore, the rising number of new construction projects is driving the growth of the construction paints and coatings market.
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The construction paints and coatings market covered in this report is segmented –
1) By Product Type: Solvent-Borne Technologies, Water-Borne Coating, Power Coating, High Solids/ Radiation Cure, Other Product Types
2) By Resin Type: Polyurethane, Acrylic, Epoxy, Polyester, Alkyd
3) By Application: Residential, Commercial, Automotive And Aviation, Medical And Healthcare
Technological advancements are a key trend gaining popularity in the construction paints and coatings market. Companies operating in the construction paints and coatings market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Dow, a US-based plastics and chemical manufacturing company launched a new digital paint formulation platform. The digital coating formulation platform uses new digital tools to develop cutting-edge skills that will push the boundaries of innovation and deliver lasting value to markets and consumers. This technology delivers data-driven capabilities intended to speed up innovation in the paints and coatings sector and simplify the formulation process.
The construction paints and coatings market report table of contents includes:
1. Executive Summary
2.Construction Paints And Coatings Market Characteristics
3.Construction Paints And Coatings Market Trends And Strategies
4.Construction Paints And Coatings On market analysis
5.Construction Paints And Coatings Market Size And Growth
6.Construction Paints And Coatings Segmentation
7.Construction Paints And Coatings Regional And Country Analysis
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27.Construction Paints And Coatings Competitive Landscape And Company Profiles
28.Construction Paints And Coatings Key Mergers And Acquisitions
29.Construction Paints And Coatings Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
PPG Industries Inc.
Badische Anilin- und Sodafabrik
Akzonobel N.V.
Sherwin Williams Company
Asian Paints Ltd.
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