Surging demand for Paints and Coatings in the Architectural Industry is Expected to Propel the Demand
Rockville , Oct. 04, 2023 (GLOBE NEWSWIRE) — The global paints and coatings market is estimated to be valued at US$ 160,054,3 million in 2023 and is expected to grow at a CAGR of 5.1% during the forecast period of 2023–2033.
The global paintings and coatings industry is a vital sector of the global economy that includes companies that manufacture and distribute a wide range of products, including architectural and industrial coatings, automotive paints, and wood coatings. This industry is driven by technological advancements, consumer trends, and government regulations.
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On a global level, the paints and coatings market is undergoing tremendous change. The demand for coatings with higher physical properties and great durability is driving the industry. Along with increased construction projects and rising auto manufacturing, the development of infrastructure is another factor in the market’s expansion.
Additionally, the adoption of waterborne and powder coatings has resulted from the move toward ecologically friendly paints and coatings, which is further fuelling market expansion. Additionally, businesses are exploring the possibilities of smart coatings and nano coatings in a variety of sectors, including consumer electronics, healthcare, and aerospace, to create new opportunities in the market.
| Report Attributes | Details |
| Value Projection (2033) | US$ 263,205 Million |
| Growth Rate (2023-2033) | 5.1% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 112 Tables |
| No. of Figures | 93 Figures |
Key Takeaways from the Market Study
- The global paints and coatings market is projected to grow at 5.1% CAGR and reach US$ 263,205.3 million by 2033
- The market reached a valuation of US$ 151,891.2 million in 2022 growing at a CAGR of 2.7% between 2018 to 2022
- Architectural application is estimated to grow at a CAGR of 4.8% during the forecast period
- The U.S. paints and coatings market is estimated to reach a valuation of US$ 23,159 million by the end of the year 2033
- The market of paints and coatings in China is expected to grow at a rate of 7.7% by the year 2033
- South Korea’s paints and coatings market is estimated to reach a valuation of US$ 6,984.6 by 2033
“Soaring Popularity of Architectural Paints is Set to Drive a Significant Increase in Demand for Paints and Coatings.” says a Fact.MR analyst.
Key Companies Profiled in This Report
- PPG Industries
- Sherwin-Williams Company
- Axalta Coating Systems
- Valspar Corporation
- NEI Corporation
- Cabot Corporation
- RPM International Inc.
- DuPont de Nemours, Inc.
- Diamond Vogel
- NIC Industries, Inc.
- Akzo Nobel N.V
Market Growth Stratagems
Global players in the paints and coatings sector are using a variety of market expansion methods to build their businesses and get an advantage over rivals. Collaborations and alliances, acquisitions and mergers, product innovation and differentiation, and global expansion are a few of the often used tactics. To diversify their product offering and get access to new markets, businesses are collaborating and forging strategic alliances with other players.
Mergers and acquisitions are also being used to acquire new technologies, gain competitive advantage, and increase market share.
In November 2022, Sherwin-Williams company acquired a German-based specialized industrial coatings holding comprised of Oskar Nolte Gmbh and Klumpp Coatings Gmbh. The acquisitions would help the companies accelerate profitable growth in the global markets with the strategy of acquiring complementary, high-quality, and differentiated businesses.
For businesses to stand out from rivals and increase consumer satisfaction, product innovation, and distinction are essential. Finally, geographic expansion through new market entry or boosting sales activity in existing markets enables businesses to reach out to new clientele and generate more money.
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Segmentation of Paintings and Coatings Industry Research Report
- By Technology:
- Architectural Paints and Coatings
- Industrial Paints and Coatings
- By Base Type:
- Architectural Paints and Coatings
- Industrial Paints and Coatings
- By Application :
- Architectural Paints and Coatings
- Interior
- Exterior
- Industrial Paints and Coatings
- Wood
- Automotive
- Metal
- General Industrial
- Traffic Paints
- Paper
- Protective Coatings
- Others
- Architectural Paints and Coatings
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the paints and coatings market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of technology (pure acrylic, styrene acrylic, vinyl acrylic, polyester, alkyd, epoxy, polyurethane, and others), base type (water, solvent, powder), application (architectural paints and coatings (Interior, Exterior), industrial paints and coatings (wood, automotive, metal, general industrial, traffic paints, paper, protective coatings, and others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa)
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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