How Can the Paints and Coatings Industry Overcome Challenges and Seize Opportunities?

Posted on 2024-05-10 by researchinsights in Chemicals, Industrial // 0 Comments

Paints and Coatings Industry Data Book – Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030

The global Paints and Coatings Industry was estimated at 48.16 million tons in 2022 and is anticipated to increase at a significant CAGR of 3.2% from 2023 to 2030.

Grand View Research’s paints & coatings sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

Powder Coatings Market Insights

The global powder coating market size was valued at 8.52 million tons in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. The emerging economies of Asia Pacific and MEA regions have witnessed strong growth in non-residential sectors including consumer goods, IT, telecom, and retail resulting in growth in product demand. The growing number of consumer goods companies in India, China, and Singapore is expected to augment market development in the near future. Powder coatings have numerous advantages over other coatings, such as lower operating costs, immediate availability, negligible VOC emission, excellent appearance, and uniform thickness. In addition, they are relatively easy to apply in thick layers of coating, which results in a smooth, uniform appearance.

A rise in the production of automobiles and the surge in demand for medical devices are expected to be major factors driving the market growth in developing nations including India, China, Brazil, and Mexico over the forecast period. Moreover, high product adoption in the furniture sector on account of its excellent performance, low operational costs, color availability, and custom properties, such as anti-corrosion and anti-bacterial functions, will stimulate market growth.

Paints & coatings is among the most heavily regulated industries in the world. There are a large number of players operating in the global paints & coatings market across the globe. With technological advancements, various new coating technologies have been introduced. These technologies include waterborne coatings, powder coatings, radiation-curable coatings, and high-solid coatings, among a few others.

Powder Coatings Market Volume, by product, 2020 - 2030 (Million Tons)

Order your copy of the Free Sample of “Paints and Coatings Industry Data Book – Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Waterborne Coatings Market Insights

The global waterborne coatings market size was valued at 18.92 million tons in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2030. The growth is driven by the fostering of construction activities across the globe. Rising construction activities on account of rapid industrialization and urbanization across the globe are anticipated to drive product demand over the projected period. The excessive shift in coatings trend from low or high-volatility organic solvents to complete solvent-free coatings that have fewer emissions is likely to contribute to the growing demand for waterborne coatings in residential as well as commercial coating applications. Interior and exterior wall paint formulations mainly rely on waterborne coatings.

Waterborne coatings are expected to witness an increase in demand from automobile applications due to which the coating manufacturers are investing in research & development to reduce manufacturing costs and, thus, reduce the price of their coatings. Operators working in automobile OEM & refinishing companies are expected to follow compliance to switch from solvent-borne to waterborne coatings systems. Conventional solvent-borne coatings contain about 84% VOC content and 16% solids. Typical waterborne coatings contain about 70% water, 20% solids, and 10% solvent. Waterborne coatings for automobile applications include fewer VOCs, which reduces health-related risks. The product is used for multiple hues & stripping has an advantage as they use a less clear coat to even out the surface for different layers.

These aforementioned factors are expected to increase product demand in automobile applications. On the other hand, the COVID-19 pandemic disrupted industry growth on the account of a temporary shutdown of construction activities, automobile manufacturing sites, and many other facilities due to imposed global lockdown for an uncertain period of time. The industry further sustained a major hit by the pandemic due to disruption in the supply chain caused by the international border restrictions. The pandemic caused a slight slump in market growth; however, it is anticipated to bounce back owing to the rapidly growing construction activities across the globe.

Go through the table of content of Paints and Coatings Industry Data Book to get a better understanding of the Coverage & Scope of the study

Paints and Coatings Industry Data Book Competitive Landscape

The global paints & coatings market is heading toward major consolidations to increase efficiency, support growth, and achieve more leverage with suppliers and customers.

Key players operating in the Paints and Coatings Industry are:

PPG Industries, Inc.
Akzo Nobel N.V.
The Sherwin-Williams Company
Axalta Coating Systems, LLC
Jotun

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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