Global paints and coatings market projected to reach USD 254.51 billion by 2032
From GlobeNewswire: 2024-12-11 07:39:00
The global paints and coatings market is projected to reach USD 254.51 billion by 2032, growing at a CAGR of 3.50% from 2024-2032. Major players like AkzoNobel, PPG Industries, and Sherwin-Williams are driving innovation with eco-friendly and high-performance coatings to meet changing consumer demands and industry trends.
The residential segment is expected to capture a 40% market share due to increasing renovation cases and the trend for custom looks in homes. The industrial segment is also growing rapidly, especially in automotive and aerospace applications, driven by innovative technologies and increased industrial activities.
Waterborne coatings dominated the market in 2023, accounting for a 50% share, driven by the demand for eco-friendly products. Major players like AkzoNobel and Sherwin-Williams are increasing their waterborne offerings to meet stringent regulatory requirements and consumer demand for sustainable solutions.
Smart coatings, such as self-healing and anti-microbial coatings, are a major trend in the market, enhancing functionalities and performance. These coatings offer long-term durability, instant healing of damages, increased surface life, and improved hygiene and safety, meeting consumer needs for high-performance and multifunctional coatings.
The Asia-Pacific region holds the largest market share at 45%, driven by rapid industrialization, urbanization, and infrastructure investments in countries like China and India. Initiatives like China’s “New Infrastructure” project and the growth of the automotive industry in India are driving demand for advanced coating solutions in the region. SNS Insider offers in-depth market research on the global paints & coatings market. The report includes a detailed market overview, competitive landscape analysis, and insights into market dynamics. Statistical data on production capacity, feedstock prices, regulatory impact, and environmental metrics are provided. The report also covers market segmentation by product type, technology, resin, and end-use industry. Regional analysis and company profiles are included, along with use cases and best practices. To gain deeper insights, speak with an expert analyst today. Contact SNS Insider for customized research options.
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