International. A recent report by Research and Markets indicates that the size of the global paints and coatings market will grow from $190.1 billion in 2022 to $223.6 million in 2027.
This translates to a compound annual growth rate (CAGR) of 3.3% over that time period.
The publication highlights that this market is mainly characterized by different types of resins: acrylic, alkyd, epoxy, polyurethane, fluoropolymer, vinyl, polyester and others.
"Paints and coatings have significant use in industrial and architectural end-use industries," comments the report, according to which several manufacturers are in the process of moving their manufacturing units to Asia Pacific due to the availability of raw materials, low labor cost and favorable government policies in emerging markets such as India. Thailand and Singapore.
According to the research, economic growth, increasing population, increasing residential construction activities, increasing urbanization, and housing construction spending are the major drivers of the global paints and coatings market. The architectural segment is expected to account for the largest share in 2022.
The report notes that, in addition to their decorative features, architectural paints and coatings possess some protective characteristics (exterior cladding protects every building from extreme rain, sunlight and wind). The acrylic segment in resin type is expected to account for the largest share in 2022.
Notable companies include The Sherwin-Williams Company (USA), PPG Industries , Inc (USA), AkzoNobel N.V . (Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (USA), Axalta Coating Systems LLC (USA) and others.
For the full report, click here.