Read the entire Paints & Coatings Market – Global Forecast to 2027.
The global paints and coating market size is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%, between 2022 and 2027. The paints and coatings market is mainly characterized by the following main resin types: acrylic, alkyd, epoxy, polyurethane, fluoropolymer, vinyl, polyester, and other. Paints and coatings have significant use in industrial and architectural end-use industries. Various manufacturers are shifting their manufacturing units to Asia Pacific because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Thailand, and Singapore. Economic growth, rising population, increasing residential building activities, growing urbanization, and housing construction expenditure are the important drivers of the global paints & coatings market.
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied to the interior and exterior walls of all types of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind. These are applied either by building contractors or directly by customers as do-it-yourself (DIY). Architectural coatings also find use in decorative interiors such as furniture, wood flooring, wall paintings, and sculptures.
Acrylic Segment in Resin Type is Expected to Account for the Largest Share in 2022
Acrylic resins are a group of related thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. Thermosetting acrylic resins are typically copolymers of acrylic or methacrylate esters and a hydroxyl-functionalized acrylic ester. The hydroxyl-functionalized monomer provides a site for crosslinking. In thermoplastic resins, polymers composing the resin do not contain any reactive group as polymer chains are not cross-linked.
Middle East & Africa Paints and Coatings Market is Estimated to Register One of the Highest CAGR During The Forecast Period
The paints & coatings market in the Middle East & Africa is driven by the strong emergence of infrastructural projects, untapped potential in growing economies, growing demand from the automobile industry, and increasing urbanization. The increasing middle-class population, the growing demand for new houses due to the rising number of nuclear families, and the increasing market for consumer goods and automobiles is also fueling the paints & coatings market. It is an emerging market due to the ongoing large-scale construction projects in this region. Most of the countries in the Middle East & Africa have invested a considerable amount in the construction industry to diversify their economies from oil and oil-related business activities to other industrial sectors.
The Break-Up of the Profile of Primary Participants in the C4ISR Market:
- By Company Type: Tier 1 – 46%, Tier 2 – 43%, and Tier 3 – 27%
- By Designation: C Level – 21%, D Level – 23%, and Others – 56%
- By Region: North America – 37%, Asia Pacific- 26%, Europe – 23%, Middle East & Africa – 10%, and South America – 4%
Prominent companies includes The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The 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 (US), Axalta Coating Systems LLC (US), and others.