Market Research Future (MRFR)’s analysis projects that the global paints and coatings market is set to expand at 5.06% CAGR during the forecast period 2017 to 2023. The valuation of the global market is likely to reach USD 190167.5 Mn by the end of 2023 from USD 135542.6 in 2017. Paints and coatings have developed application across various industries such as automotive, marine, aerospace, etc. and is highly in demand as it offers adhesion, durability, high corrosion & abrasion resistance, etc. This is likely to catapult the paints and coatings market on an upward trajectory for the next couple of years.
The rising count of infrastructural projects across the world in both industrial and architectural sector is another major factor responsible for the expansion of the global paints and coatings market. The market looks attractive, and investments are likely to flow towards the development of eco-friendly paints and coatings. It is anticipated to open new avenues of growth opportunities for the participants of the paints and coatings market.
High-temperature coatings are extensively used for industrial manufacturing which involves freezing and hot processes. The rapid industrialization is poised to influence the growth of the paints and coatings market positively over the projection period. Meanwhile, the high costs associated with the raw materials are estimated to restrict the market expansion over 2023.
By substrate type, the global paints and coatings market has been segmented into non-metals and metals.
By type, the paints and coatings market has been segmented into polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, polyolefin, polyamide, and others.
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The global paints and coatings market, by region, has been segmented into Asia Pacific, the Middle East & Africa, Latin America, North America, and Europe. Asia Pacific resonates strong opportunities for growth and is estimated to strike the highest CAGR of 5.41% over the assessment period. The presence of fast-developing economies such as India and China are anticipated to expedite the momentum of the market growth in the upcoming years. The rising disposable income, elevated standard of living, increasing disposable income are some of the crucial factors that are responsible for catalyzing the proliferation of the paints and coatings market in the foreseeable future. The initiatives undertaken by the governments in the region for uplifting the infrastructural facilities is another important aspect responsible for the swift proliferation of the paints and coatings market during the forecast period.
North America is likely to exhibit substantial growth over the next couple of years owing to initiatives undertaken for revamping the construction industry in the region. Europe, also, is poised to grow at a healthy pace through the review period. The growing investments in research & development activities associated with the eco-friendly paints and coatings are projected to augment the paints and coatings market in the region.
Some of the key players profiled in the report are 3M, TIGER Coatings GmbH & Co. KG, Guangzhou Kinte Paints & coatings, Vitracoat America, Dai Nippon Toryo Co., Ltd, Jotun Group, The Sherwin-Williams Company, Kansai Nerolac Paints Limited, Diamond Vogel, Berger Paints India Limited, National Paints Factories, Hentzen Coatings, Inc., Axalta Coating Systems Ltd, and AkzoNobel N.V.
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