Paints and Coatings Industry Trends WILMINGTON, DE, UNITED STATES, September 19, 2024 /EINPresswire.com/ -- Global Paints and Coatings Market Overview: 2021-2031
Market Size and Growth:
- Current Value (2021): $175.8 billion
- Projected Value (2031): $278.4 billion
- CAGR: 4.7%
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Market Segmentation:
By Resin:
- Acrylic: Largest market share in 2021, expected to lead through 2031 due to high usage in urbanization and construction. - Alkyd: Fastest-growing segment with a CAGR of 5.3%, driven by housing and real estate growth.
By Product Type:
- Waterborne Coatings: Largest share in 2021 and anticipated to maintain dominance, spurred by increased furniture demand. - Solvent-borne Coatings: Fastest-growing segment with a CAGR of 5.2%, used in industrial equipment.
By Application:
- Architectural: Major share in 2021 and expected to remain dominant, with a CAGR of 5.0%, influenced by rapid urbanization and the need for residential and commercial facilities.
Regional Insights:
Asia-Pacific: Held the largest market share in 2021 and is projected to exhibit the fastest CAGR of 5.2%, driven by industrial, transportation, and construction advancements.
Market Key Players:
- RPM International Inc. - Asian Paints - Indigo Paints Ltd - PPG Industries, Inc. - Nippon Paint Holdings Co., Ltd - The Sherwin-Williams Company - Akzo Nobel N.V - Kwality Paints and Coatings Pvt. Ltd. - Kansai Paint Co., Ltd. - Axalta Coating Systems, LLC
Market Drivers and Challenges:
- Drivers: Increased demand from automotive, construction, and architecture sectors; innovations in low-VOC coatings. - Challenges: Health issues related to VOC-containing products.
Strategic Insights:
Leading companies are enhancing market presence through product launches, acquisitions, partnerships, and geographical expansions.
David CorreaAllied Market Research+1 800-792-5285email us hereVisit us on social media:FacebookX
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September 19, 2024, 12:18 GMT
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Originally published at https://www.einpresswire.com/article/744793612/paints-and-coatings-market-size-and-growth-exploring-future-trends-and-developments-by-2031
