The Global Paints Market size is projected to grow from $73.2 billion in 2021 to $124.3 billion by 2028, with a compound annual growth rate (CAGR) of 5%. The fastest-growing segment of the global paints market will be architectural coatings, which are expected to reach a value of $21.9 billion by 2028, at an anticipated CAGR of 6%. From a geographic perspective, North America is forecasted to be the leading region for paint demand at 23% share in 2020 and 24% share in 2025.
Paints are a liquid or paste used to coat walls, ceilings, furniture, and other objects. Paints come in both clear and pigmented varieties; some colors can be mixed together for specific uses. A popular type of paint is acrylic resin paints which have many benefits--they dry quickly with high covering power so they're great for quick touch-ups. Another often-used type of paint is the polyurethane resins that provide excellent moisture resistance but require an additional topcoat sealant if exposed to water longer than 24 hours.
On the basis of Types, the market is segmented into Acrylic Resins, Epoxy Resins, Alkyd Resins, and Polyurethane resins.
Acrylic Resin is a type of paint that dries quickly with high covering power. It is ideal for quick touch-ups and can be mixed to create specific colors.
Epoxy Resins are a type of paint that provides excellent moisture resistance. It is ideal for areas exposed to water, such as in bathrooms and kitchens.
Alkyd Resins are a type of paint that provides excellent coverage and durability. The downside is it takes time to dry, so this paint should not be used in high-traffic areas such as hallways or living rooms.
Polyurethane Resin is a type of paint that is durable and will resist most solvents. It has the potential to be used in high-traffic areas such as hallways, living rooms, or kitchens because it dries quickly with excellent coverage.
On the basis of Applications, the market is segmented into Architectural and Industrial.
Architectural application of paints is extensively used in the construction and renovation industry. It provides a protective coating to buildings, which helps them resist wear and tear due to weather conditions.
Architectural paints are ideal for exterior walls because they provide better protection from weather elements than interior paints do. Interior painters also use them when spraying on furniture surfaces and other wooden items like floors, doors, and windowsills where their goal is to protect against moisture buildup because of its higher degree of water resistance compared with traditional oil enamel coats.
Paints have many applications in the field of industry. Paints are used to provide corrosion protection, reduce friction and wear between surfaces, improve appearance, and for decorative purposes. The most common industrial paint application is protective coatings - paints that are applied externally on a surface as an abrasion or impact protector with two main purposes: Prevent rust from forming on metal components through chemical reactions (most often conversion coating) and to provide a wear and corrosion protection.
Industrial paints can also be used for other applications such as factory floors (e.g., vinyl flooring, epoxy), agricultural equipment (to preserve the appearance of metal parts), or even office building walls that need decorative flair without being susceptible to breakage from heavy foot traffic. Industrial paint products tend to have properties different than their counterparts in residential and commercial sectors: higher durability, abrasion resistance, chemical resistance, solvent tolerance, etc.
Paints are applied primarily with spray guns but many industrial painters prefer brush application due to its speed and precision when applying coatings on complex surfaces like irregular objects which is quite difficult with spraying techniques. Paints can be applied to almost any surface for protection or decoration purposes. Some examples include metal machinery parts (to prevent corrosion), wooden surfaces such as decks and fences so they do not rot prematurely due to exposure to the elements, construction sites where many buildings are being built at once, agricultural equipment that needs to be preserved against rust and corrosion, automobiles to protect against dirt and oxidization.
On the basis of Region, the market is segmented into North America, Latin America, Europe, and the Asia Pacific. North America dominates the global paints market owing to its vigorous housing demand while the Asia Pacific has the fastest growth rate. APAC will surpass all other regional markets for Paints in terms of value as well as volume.
In Europe, a major share of this paint demand comes from the United Kingdom, Russia, and Germany where consumers prefer to use these paints for their homes due to their water-resistance properties. In Japan, government regulations are stringent when it comes to the usage of lead-based materials in interior finishing products such as paints. Hence industrial painters usually use acrylic or polyurethane resins which provide high durability at a low cost with no need for frequent re-coating, unlike traditional oil enamel coats. Meanwhile, in Asia Pacific countries including India and China, most people rely on DIY stores instead of professionals to do painting jobs. Hence these countries are mainly concentrated on the acrylic resins paints market whereas other regions such as Latin America and Europe have their focus shifted to high-end polyurethane paint products for commercial use.
The growth can be attributed to an increasing demand for architectural coatings in the Middle East & Africa and Asia Pacific regions as well as growing construction activities in Europe are anticipated to drive the regional paint industry over the next few years. The market growth can also be attributed to the increasing adoption of sustainable paint formulations that offer cost-effective solutions without compromising on performance.
Up Market Research published a new report titled “Paints Market research report which is segmented by Types (Acrylic Resins, Epoxy Resins, Alkyd Resins, Polyurethane Resins), By Applications (Architectural, Industrial), By Players/Companies Akzo Nobel, BASF, Jotun, PPG Industries, The Sherwin-Williams Company, 3M, Asian Paints, Axalta Coating Systems, DAW, H.B. Fuller, Hempel, Henkel, KANSAI PAINT, Masco, NIPPON PAINT, RPM International, Sika”.
|Report Attributes||Report Details|
|Report Title||Paints Market Research Report|
|By Type||Acrylic Resins, Epoxy Resins, Alkyd Resins, Polyurethane Resins|
|By Application||Architectural, Industrial|
|By Companies||Akzo Nobel, BASF, Jotun, PPG Industries, The Sherwin-Williams Company, 3M, Asian Paints, Axalta Coating Systems, DAW, H.B. Fuller, Hempel, Henkel, KANSAI PAINT, Masco, NIPPON PAINT, RPM International, Sika|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||247|
|Number of Tables & Figures||173|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Acrylic Resins, Epoxy Resins, Alkyd Resins, Polyurethane Resins and By Application Architectural, Industrial.
Some of the companies that are profiled in this report are:
Paints Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Paints Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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