(EMAILWIRE.COM, December 08, 2022 ) The global “Paints & Coatings Market is projected to grow from USD 184 Billion in 2021 to USD 212 Billion by 2026, at a CAGR of 2.9% between 2021 and 2026. Asia Pacific is estimated to be the largest consumer of Paints & Coatings. The global Paints & Coatings Market is driven by growing popularity of elastomeric coating in tilt-up concrete in building & construction.
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Asia Pacific is the largest market for Paints & Coatings. According to the IMF and World Economic Outlook, China and Japan were the worlds second- and third-largest economies, respectively, in 2020. The United Nations Population Fund states that Asia Pacific accounts for 60% of the worlds population, which is 4.7 billion people. The region includes the worlds most populous countries such as China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades. The market will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness.
The architectural sector is going to lead the overall Paints & Coatings market in terms of value, between 2021 and 2026. Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied to the interior and exterior walls of all types of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind.
These are applied either by building contractors or directly by customers as do-it-yourself (DIY). Architectural coatings also find use in decorative interiors such as furniture, wood flooring, wall paintings, and sculptures. An increase in environmental awareness among consumers and manufacturers has led to technological innovations in the coating industry to provide quality products that are affordable, of high quality, possess value-added features, and meet the global trends. Similarly, growing safety standards will raise the demand for waterproof and fireproof coatings for buildings.
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AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), RPM International (US), and Nippon Paint (Japan) are the key players in the global Paints & Coatings market. These market players are expected to undertake various growth strategies, such as investment & expansion, mergers and acquisitions, and new product launch to expand their overall businesses and tap the opportunities in the fast-growing economies.
Major players are focusing on strengthening their R&D facilities to provide cost-effective products and investment in emerging markets. These products are manufactured adhering to regulations implemented by governments. All such developments are expected to lead to the sustainable growth of the Paints & Coatings market players over the next five years.
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