Paints and Coatings Market Expected to Reach USD 204.57 Billion by 2028

Vantage Market Research

Jan 16, 2022

According to our recent report, the Paints and Coatings market is expected to reach USD 204.57 Billion billion by 2028, growing at a CAGR 4.2% of between 2022 and 2028. The increasing application in end-use industries such as architectural, protective, and automotive as well as transportation is fuelling paints and coatings market growth.

Key Findings:

  • The acrylic segment is projected to grow at a substantial CAGR over the forecast period. Latex is the most common type of acrylic paint used. The acrylic polymers give a polymer structure that has a low tendency to absorb UV light, which has high resistance to oxidation and weathering than oil-based paints and epoxies.
  • The architectural segment held a significant market share in 2021. Architectural paints & coatings are also called as decorative paints and coatings paints, which are applied on interior and exterior walls of several kinds for commercial, residential, industrial buildings. Additionally, architectural paints & coatings have decorative features coupled with some protective features.
  • Europe is expected to expand at a substantial CAGR from 2022 to 2028. The strict regulations for raw material suppliers have constrained formulators. The pandemic has affected most of the industries in Europe. The demand for paints and coatings is estimated to slowly gain the market with ongoing recovery initiatives as well as safety regulations.

Some of the key players operating in the Global Paints & Coatings Market include - Braskem S.A (Brazil), Axalta Coating Systems Ltd (U.S.), and Akzo Nobel N.V (Netherlands).

Paints and coatings that are sold by companies like PPG Industries, Asian Paints, Sherwin-Williams, AkzoNobel, and others are marketed and promoted with years of guarantee against corrosion, mostly as a result of improvements in the performance of coatings. Additionally, with improving performance, players in the market are introducing new and innovative products and solutions in the market that are environment friendly and fuelling the market growth. China is one of the largest countries, in terms of shipbuilding and shipping. China has contributed to the shipbuilding with pipeline industries in powder coating. The technology in powder coatings is improving for the pipeline industry. In the shipbuilding industry, the usage of plastic tubes is rising in sectors such as chemical, textile, electronics, petrochemical, healthcare, pharmaceutical, and urban construction.

is anticipated to have a higher market share. The growth in the region is driven by rising population coupled with increasing investments in the industrial sector with infrastructural developments in the countries such as China, India, and Indonesia.