Paints & Coatings Market to See Huge Growth by 2022-2028 : Nippon Paint, RPM International, PPG Industries, Sherwin-Williams, AkzoNobel N.V.

Pune, Maharashtra -- (SBWire) -- 10/12/2022 --Paints & Coatings Market Size was valued at USD 186.3 billion in 2028, and is expected to reach USD 137.02 billion by 2021, and grow at a CAGR of 3.5% over the forecast period 2022-2028. Paints and coatings are liquid substances that are sprayed or applied in the form of a thin layer to a substrate. These substances are derived from a synthetic or natural source that gives the treated surface its color or protection. Commodity coatings, engineering coatings, and high-performance coatings make up the performance spectrum.

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Drivers, Restraints, Opportunities and Challenges
The growing demand for paints and coatings in ornamental, marine, automotive, construction, and industrial applications to improve visual appeal, texture, extend shelf life, and protect the product from damage from the outside is what propels the paints & coatings market. The automotive industry's rising demand for paints and coatings is anticipated to drive market expansion. Demand for paints and coatings is growing due to the increased production of cars worldwide. Additionally, a number of manufacturers are launching paints to meet the escalating demand from the automotive sector. To make the parts of automobiles resistant to rust and corrosion, paint and coatings are applied.

Buildings frequently use paints and coatings to provide rust and harsh weather resistance. Therefore, it is anticipated that the construction and building sector's growth will accelerate market expansion. The state and local restrictions for wastewater disposal are one of many environmental issues that are impeding industry expansion. The amount of metals, oil & grease, and suspended solids in the wastewater streams produced during cleaning and pretreatment phases made up the powder coating processes.

Impact of the COVID-19 Pandemic
The COVID-19 outbreak had a substantial negative impact on the paints and coatings sector in 2020 as supply chains have been disrupted by trade restrictions and consumption has decreased as a result of lockdowns imposed by governments around the world. Countries have entered a state of lockdown as a result of national governments' efforts to stop the spread, which has reduced economic activity. The outbreak had a detrimental impact on businesses throughout 2020 and into 2021. Although it is a "black swan" incident and not connected to enduring or fundamental problems in the market or the global economy, it is anticipated that the paints & coatings market would recover from the shock over the course of the forecast period.

Market Segmentation
By Technology:
1.Waterborne
2.Solventborne
3.Powder Coatings
4.Others

By Resin:
1.Acrylic
2.Alkyd
3.Epoxy
4.Polyester
5.Polyurethane
6.Vinyl
7.Fluoropolymer
8.Others

By End-Use Industry:
1.Architectural
2.Industrial
3.Others

The epoxy resin segment is anticipated to experience strong revenue growth during the forecast period owing to its use in floor coatings. These coatings are the top option for industrial-grade floor coatings since they display long-term corrosion resistance and gloss preservation.
With the rising consumer desire for eco-friendly products and cost-effective construction in Asia-developing Pacific's nations, the waterborne category accounted for a sizeable market share.
The industrial segment had the biggest revenue share by end use. These chemicals are used in sectors like aerospace, automotive, industrial manufacture, and consumer goods. The expansion of these sectors is also anticipated to boost demand for paints and coatings in the industrial sector.

Regional Analysis
The Asia-Pacific region is anticipated to experience the highest development due to the rapidly expanding car and construction industries. The demand for paints & coatings market will rise as domestic income and purchasing power rise. Furthermore, it is anticipated that the Asia-Pacific will continue to dominate the market during the anticipated time frame. Leading nations are driving up demand for varnish and coatings. Because of increased investment in the development of new residential and commercial businesses as well as the automobile industry, North America is anticipated to have good market expansion.

Competitive Landscape Outlook
Some of the major companies operating in the paints & coatings market are Asian Paints, RPM International, Axalta Coating Systems, AkzoNobel N.V., Nippon Paint, Sherwin-Williams, and Helios Group.

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Table Of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact Of Ukraine-Russia War

5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis

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