Solvent-Borne dominates the Global Paints Market with the largest market share
Growing construction GDP in regions and technological advancement in
paints and coating industry are the factors propelling the market growth.
According to
TechSci Research report, “Global Paints Market - By Country, Competition,
Forecast & Opportunities, 2028”.
The Global Paints Market is anticipated to project robust growth in the
forecast period with a CAGR of 5.42 % through 2028. Global Paints Market is
expected to grow in the forecast period, factors driving the Paints &
Coating Market include growing demand from various industries, such as
automotive, aerospace, electronic devices, and marine. Also, increasing government
initiatives to improve the country’s infrastructure will positively impact the
market. Furthermore, with the introduction of new electric cars, and
self-driving vehicles, the automotive sector is poised to experience a
tremulous change in the region. This will further flourish the G lobal Paints market.
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market data Figures spread through 180 Pages and an in-depth TOC on " Paints Market "
Global Paints
Market is divided into technology, resin type, end-user and region. Based on
technology the market is segmented into water-borne, solvent-borne, powder, and
other technologies. Water-borne technology is the fastest-growing segment in
the asia pacific paints & coating market. The preference for waterborne
coatings rises over solvent-borne coatings due to their eco-friendly nature and
lower VOC emissions. The waterborne coatings comprise a significant portion of
solvents, pigments, binders, and performance additives per the requirements.
The ratio of resins and additives is variable as per the coating application.
Based on region, architectural coating applications mainly drives
the market for water-borne coatings. The water-borne coatings in the
architectural segment are expected to show healthy growth in the next five
years, especially from countries like China, and India, driven by huge
investments in infrastructure developments, housing projects, and renovation of
existing commercial and residential buildings.
Based on resin type the market is segmented into acrylic, alkyd,
polyurethane, epoxy, polyester, and other resin types. Acrylic market is expected to dominate the
market due to the fact that application of acrylic coatings is primarily found
in the construction industry for high-end finishing in roofs, decks, bridges,
floors, and other applications. Water-based acrylic coatings are in high demand
owing to environmental concerns, like the negative impact of VOCs affecting the
air quality in the environment. Therefore, owing to the factor above, the
demand for acrylic resin-based paints and coatings will likely grow in the
market during the forecast period.
Based on End-User Industry the market is segmented into architectural/decorative, automotive, wood,
protective, general industrial, transportation, and packaging. Architectural/Decorative is anticipated to to
dominated the market share since architectural coatings are used in
applications for commercial purposes, such as office buildings, warehouses,
retail convenience stores, and shopping malls to residential buildings. Such
coatings can be applied on outer and inner surfaces and include sealers, or
specialty products.
Based on region the market is segmented into China, Japan,
India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines,
Malaysia. In the Asia-Pacific region, China is the largest economy in terms of
GDP. China’s real GDP grew by 2.2% in 2020 and by 8.1% in 2021, largely driven
by consumer spending rebound post-pandemic. Furthermore in 2022, as per IMF (International
Monetary Fund) forecasts, the country’s GDP is estimated to grow by 3.2% owing
to the headwinds faced by the country such as the real estate crises.
China is promoting and undergoing a process of continuous
urbanization, with a target rate of 70% for 2030. Increasing requirements for
living spaces in the urban areas resulting from urbanization and the desire of
middle-class urban residents to improve their living conditions may have a
profound effect on the housing market, and thereby increase the residential construction
in the country, which in turn will have a positive impact on the paints and
coatings market in the country.
Additiobnally,
india Paints & Coating demand is
anticipated to grow most rapidly since India has approximately 3,000 paint
manufacturers, including nearly all of the world’s main brands. Major forces
driving the domestic paints and coatings industry include urbanization, an
increase in average middle-class disposable income, and a rising rural market.
Japan is known
as one of the "Manufacturing Superpowers. “ Japan's manufacturing industry
has proven to be the driving force for the Japanese economy to become the
third-largest economy in terms of GDP. The huge manufacturing industry of the
country is responsible for the demand for various products such as paints and
coatings, thus propelling the growth of the market.
Key market
players in the Global Paints Market include:
- Kansai Paint
Co. Ltd
- Nippon Paint
Holdings Co. Ltd
- Asian Paints
ltd
- Avian Brands
- Shalimar Paints
Limited
- Berger Paints
India Limited
- Chugoku Marine
Paints Ltd
- PPG Industries,
Inc
- Akzo Nobel N.V.
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“Several of the
factors that are propelling the market's growth in the near future are the
region's increasing demand for protective coatings and the building industry's
accelerating rate of expansion. Paint and coatings are also used on wood-based
products to protect them against oxidation, fungi, germs, and pests. The above
factors will likely boost the demand in the paints and coatings market during
the forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Paints Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Solvent-Borne, Water-Borne, And Powder
Coatings), By Application (Architectural, Industrial, and Automotive), By
Region, Competition 2018-2028 has evaluated
the future growth potential of Global Paints Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Paints Market.
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