Global Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Polyester, Polyurethane), By Technology(Solvent-Based, Hot-Melt) - Industry Forecast 2022-2028

Global Paints and Coatings Market is Segmented based on the Resin, Technology, And Region. Based on the Resin, the global paints and coatings market is segmented as Polyester, Polyurethane, Acrylic, Epoxy, Alkyd, and Others. Based on Technology, the global paints and coatings market is segmented as Solvent-Based, Hot-Melt, Water-Based, Ultraviolet, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Resin

Based on the Resin, acrylic resin accounted for a maximum market share followed by polyurethane, epoxy, and other Paints and Coatings segments. Acrylic resins are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. Polyurethane coatings are long-lasting and provide surfaces with exceptional weather protection, gloss, and colour retention. As a result, they are commonly employed in topcoats of automobile coatings. Polyurethane coatings are also employed in high-performance wood finishes, marine coatings, architectural coatings, and other applications. They are available in one-, two-, or three-part compositions. They are also compatible with water-based coating processes.

Analysis by Technology

The global paints and coatings market has been segmented on the basis of technology as solvent-based, hot-melt, water-based, ultraviolet, and others. Among these, the water-based segment of the market dominated the market with more than 43% share in 2021. Further, the water-based segment of the market is followed by the ultraviolet, solvent-based, hot-melt, and others. Water-based coating is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint. Because of their low VOC content, these coatings are commonly used. This is due to the rising use of these versions in the aerospace industry, which provide high reactivity, rapid curing, long shelf life, low-temperature processing, almost no volatile organic compound (VOC) emission, and abrasion resistance. Furthermore, UV curing technology can be applied to industrial finishing applications such as wood coating, automobile coating, wire coating, package coating, metal ornamental coating, and floor finishing.

Asia Pacific held the largest share of the Paints and Coatings market. Asia Pacific has a significant need for roof coatings, vinyl ester coatings, Clearcoat spray paint, epoxy paint, and waterproof paint. The region is projected to be one of the dominant regions in the market contributing to more than 40% share of the total market. The North American market growth is driven by the existence of a large number of manufacturers in the region. The region's improving economic conditions are fueling the demand for paints and coatings even more. Furthermore, the market in North America and Europe is mature and is forecasted to grow at a sluggish rate due to the implementation of rigorous VOC emission rules in these locations. Latin America and the Middle East and Africa accounted for a small portion of the worldwide market.

Driver

• Nowadays, semiconductors are covered with unique spray paint that provides magnetic response and electrical conductivity. As the semiconductor industry grows, vendors in the paints and coatings business will gain. Furthermore, growing urbanization and industrialization in emerging nations such as India, China, and Asia Pacific would accelerate the growth rate of the paints and coatings industry. 
• As urbanization and population growth continue, the building and construction industry is anticipated to expand quickly in the next years. Urbanization and shifting lifestyles are projected to drive the global building industry in the upcoming years. Global investment in housing and infrastructure construction has increased as a result of improving economic conditions and population growth. In order to decorate and protect buildings and infrastructure, paints and coatings are frequently used. House paint, epoxy floor paint, primers, sealers, varnishes, and stains are just a few of the architectural alterations utilized to enhance a home's appearance. Architectural paints come in a range of textures and sheens, from semi-gloss to high-gloss, and are low-VOC, odorless, and scrub-resistant.

Restraint

• Paint and coatings producers should keep streamlining their procedures in order to comply with the growing number of regulatory laws that different governments are enforcing. In nations with severe environmental rules, like those in Europe and North America, products that do not meet legal requirements are outlawed. Unfortunately, some legislators continue to base their emission limitations solely on the quantity of VOCs contained in exhaust gases. As a result, procedures that require high airflows but produce low mass emissions might be accepted more readily than those that require low airflows but do so. When low-VOC coatings are employed, the concentration approach ignores the decreased air emissions. Attempts to hasten the expansion of the paints and coatings industry are hampered by the protracted approval process brought on by these stringent requirements.
• The drying and curing processes for different kinds of water-borne paints and coatings take a little longer than they do for solvent-borne coatings. Aqueous coatings are also widely known for having excellent flow characteristics that help to alter how humidity influences the application of paint. When the humidity is excessive, water does not evaporate, which results in a poor cure and a subsequent loss in performance. Waterborne paints and varnishes are well known for being sensitive to cold temperatures. After being frozen, many aqueous coatings cannot be utilised safely.

The Global Paints and Coatings market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Player's Company Profiles

• Indigo Paints Pvt. Ltd (India)
• Jotun (Norway)
• AkzoNobel N.V. (Netherlands)
• The Sherwin-Williams Company (US)
• Asian Paints (India)
• Tiger Coatings GmbH & Co. Kg (Austria)
• Beckers Group (Maryland)
• Shalimar Paints (India)
• RPM International INC (US)
• Axalta Coating Systems Ltd. (US)

Recent Developments

• In June 2022, AkzoNobel has invested in a new production line for water-based texture paints at its Songjiang site in Shanghai, China – boosting capacity for supplying more sustainable products. The site is one of four water-based decorative paints plants in China and among the company’s largest globally. The new 2,500 square meter facility will produce Dulux products for various markets, such as interior decoration, architecture and leisure.
• In June 2022, The Sherwin-Williams Co. recently announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany-based developer, manufacturer and distributor of coatings primarily for the heavy equipment and transportation industries.

• Smart coatings are capable of changing their characteristics in response to external stimuli like temperature and electric field. They offer numerous benefits in a variety of other applications, including mending damaged oil and gas platforms and aircraft engines, and are increasingly used in commercial applications. Smart coatings have been more popular recently since people are ready to pay higher costs for them due to their self-cleaning, self-healing, and self-stratifying qualities. Consequently, the market for paints and coatings is heading toward an increased acceptance of these solutions.
• Nanotechnology is one new area of interest, with tens of thousands of patents already been awarded for the coatings sector alone. In highly specialized applications, very minute ceramic or metallic particles can be added to paint compositions to change certain attributes, such as scratch, abrasion, wear, corrosion, and UV resistance. Nanoparticles typically range in size from 10 to 70 nanometers and have fewer than 6.5 million atoms in them. These sizes result in large surface area to mass ratios, which endow the particles with distinctive features. For instance, at 2 nanometers, metal particle conductivity changes, while at 20 nanometers, ceramic particle transparency changes. Gold particles lose their flexibility and turn red at a wavelength of 20 nanometers.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Paints and Coatings Market Analysis, in terms of resin, the acrylic segment held the largest share over the forecast period as these are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. In terms of technology, water-based segment accounted for a maximum market share followed by ultraviolet and other Paints and Coatings segments as it is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint.