Paints And Coatings Market Is Expected To Reach $ 280.2 Billion By 2030


 San Francisco, 4 December 2024: The Report 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

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.

Access Research Report of Paints And Coatings Market @ https://www.grandviewresearch.com/industry-analysis/paints-coatings-market

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.

Paints & Coatings Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 211.3 billion

Revenue forecast in 2030

USD 280.2 billion

Growth rate

CAGR of 4.8% from 2024 to 2030

Historical data

2018 - 2023

Forecast period

2024 - 2030

List of Key Players in the Paints And Coatings Market

  • Jotun
  • The Sherwin-Williams Company
  • Axalta Coating Systems
  • PPG Industries, Inc.
  • RPM INTERNATIONAL, INC
  • BASF SE
  • Henkel AG & Company, KGaA
  • Contego International Inc.
  • Hempel A/S
  • No-Burn Inc.
  • Nullifire
  • 3M
  • Albi Protective Coatings
  • Akzo Nobel N.V.

Access Press Release of Paints And Coatings Market @ https://www.grandviewresearch.com/press-release/global-paints-coatings-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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