Paints And Coatings Market Size, Share & Trends Analysis Report By Product (Radiation Cured Coatings, Powder Coatings, Waterborne Coatings, Solvent-borne Coatings), By Region, And Segment Forecasts, 2024 - 2030

Paints And Coatings Market Size, Share & Trends Analysis Report By Product (Radiation Cured Coatings, Powder Coatings, Waterborne Coatings, Solvent-borne Coatings), By Region, And Segment Forecasts, 2024 - 2030

Paints And Coatings Market Growth & Trends

The global paints and coatings market size is anticipated to reach USD 280.2 billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to increasing consumption of products in automotive, construction, and general industries. The global construction industry is a major consumer of paints & coatings globally. Increasing urbanization and industrialization across the world have led to increased requirements for construction and infrastructure development, globally.

In recent years, the market for paints & coatings has experienced growth, owing to the adoption of environmentally friendly materials that align with sustainable or green chemistry principles. This shift is fueled by rising consumer consciousness toward sustainable products and presence of stringent environmental regulations, which aim at reducing volatile organic compounds (VOC) emissions.

For instance, the product portfolio of Axalta Coating Systems, LLC includes Montana Big Sky Low VOC Basecoat, which meets a wide variety of automotive refinishing requirements. Akzo Nobel N.V. has an Interpon product line, which offers eco-friendly solutions for its customers. Similarly, other players in the market are actively engaged in research and development of eco-friendly and sustainable solutions to reduce their greenhouse gas emissions and lower their ecological footprint. This trend of sustainable products is expected to drive the market over the forecast period.

VOCs are subject to several statutory regulations and legislations. Use of these organic compounds in products is regulated by governmental & federal agencies to limit human exposure to toxic substances and control VOC emissions. VOCs are regulated by international & national regulatory bodies. Chemical industry associations, such as the European Chemical Industry Council (CEFIC) and the German Chemical Industry Association, along with other scientific groups, are constantly working to evaluate and develop paints & coatings with low-VOC content for use in various industries.

Paints And Coatings Market Report Highlights

• Based on product, the waterborne coatings segment dominated the market with a revenue share of 40.8% in 2023, owing to their wide usage in confined & poorly ventilated spaces. These coatings dry at a faster rate, due to rapid evaporation of water.
• Powder-based coatings are more durable and eco-friendlier compared to their counterparts. They have negligible VOC content, due to the absence of solvents, thus, they comply efficiently & economically with the environmental protection regulations.
• In 2023, Asia Pacific dominated the market with a revenue share of 34.6%, attributed to rising construction activities and growing demand from the automotive sector in emerging countries, such as India, Japan, and South Korea.
• China is expected to be one of the promising markets in the region on account of the government’s support to promote investments in the manufacturing sector.

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