Product ID: SQMIG15E2489
Global Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Acrylic, Alkyd), By Technology(Solvent-Borne, Hot-Melt), By Application(Architectural, Industrial and Others) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2489 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
94 |
Figures:
76
Global Paints And Coatings Market Insights
Global Paints and Coatings market was valued at USD 160.4 billion in 2019 and is poised to grow from USD 169.2 billion in 2023 to USD 259.7 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
The global paints and coatings market is experiencing a significant surge propelled by growing investment in infrastructure, urbanization trends, and improving economic conditions in emerging economies. While functional attributes remain cardinal, an increasing emphasis on visual appeal and protective properties across diverse applications such as construction, automotive, aerospace, and marine sectors is largely visible. Thus, the demand for high-performance coatings is projected to continually soar in tandem with these trends. Simultaneously, stringent environmental regulations are driving the development of green coating formulations, notably those based on water or very low volatile organic compounds (VOCs). This shift towards environmentally friendly alternatives has not only positively impacted the industry but has also resulted in increased adoption.
Technological advancements, including nanotechnology-based coatings and smart coatings with multifunctional properties like self-healing and corrosion protection, are poised to significantly drive market growth. Moreover, the burgeoning demand for rehabilitation in both commercial and residential sectors serves as a key catalyst for the market expansion. As infrastructure ages and environmental concerns escalate, there is a growing need to renovate and protect existing structures. This drives the demand for paints & coatings capable of providing long-lasting protection and aesthetic enhancement, thus shaping the market’s upward trajectory.
However, the market contends with the volatility of raw material prices, presenting a challenge for manufacturers aiming to maintain profitability. Further, geopolitical tensions, which are intertwined with trade disputes, further impedes the free flow of raw materials and destabilizes the market. Despite these challenges, the market players are actively working around with their strategic initiatives such as M&A deals, partnerships, and novel product offerings, to be able to outshine and grow their market presence. Market players are now focusing on sustainability concepts, innovation strategies and building strategic partnerships which are critical enablers for sustaining long-term growth in the Global Paints and Coating Industry.
US Paints And Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Paints And Coatings Market Report Snapshots
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