Paints and Coatings Market is Presumed to be Valued at US$ 236.82 Bn by 2026
Paints & coatings are substances which are applied on a substrate to decorate and protect the surface. Paints and coatings are widely employed for decorative purposes. When used for decorative purposes, they improve durability and esthetic appeal of the surface. They provide protect the surface from factors such as environmental conditions, weathering, rust, and chemical resistance. Increasing demand for paints & coatings from several end-use industries such as automotive, construction, marine, aerospace, protective, transportation, wood coatings, and packaging is driving the paints & coatings market. Expansion of the paints & coatings market can be attributed to rise in investments by key players to developing efficient and cost-effective products, expansion, and mergers & acquisitions.
The paints & coatings market has been segmented based on resin type, technology, application, and region. In terms of resin type, the market can be segmented into acrylic, polyurethanes, polyesters, epoxy, alkyd, and other resins such as silicone, polyvinyl acetate (PVA), and vinyl ester. The acrylic resin segment dominated the paints & coatings market in 2017. This dominance can be attributed to the growing use of acrylic resins in applications such as automotive, roof coating, wall coating, and construction.
Based on technology, the paints & coatings market can be classified into water-based, solvent-based, high solid, power, and others such as UV-curing technology. The water-based segment dominated the paints & coatings market in terms of volume. The water-based paints & coatings find applications in automotive, interiors of coal cars, fly ash hoppers, plastic pellet hoppers, and the architectural sector, as they offer advantages such as less flammability, low VOC emissions, and stable viscosity during printing. In addition to low toxicity, their high water content makes water-borne coatings less flammable and hazardous.
The information Presented in this Review is Based on Press-Release by TMR
In terms of application, the paints & coatings market can be divided into automotive & transportation, aerospace, building & construction, packaging, health care & medical devices, marine, electrical & electronics, and others such as wood working. The building & construction segment is projected expand in the next few years due to the rise in urbanization and population globally. Urbanization and changing lifestyles are expected to drive the global construction industry in the next few years. Growing population and improving economic conditions have led to rise in expenditure on housing and infrastructure development across the globe.