Increased adoption of high solid, low-VOC paints and coatings, broadening applications in various industries.

WILMINGTON, DE, UNITED STATES, December 9, 2024 /EINPresswire.com/ -- A recent report by Allied Market Research, titled "Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Others), by Product Type (Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings, Others), by Application (Architectural, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031," sheds light on the market's promising future. The global paints and coatings market was valued at $175.8 billion in 2021 and is projected to reach $278.4 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

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Growth Drivers and Opportunities

The market's rapid expansion is fueled by:

- Rising demand from the automotive, construction, and architectural sectors across developed and developing regions.
- Increased adoption of high solid, low-VOC paints and coatings, broadening applications in various industries.

However, health concerns related to volatile organic compounds (VOCs) in traditional products slightly hinder growth, underscoring the need for eco-friendly innovations.

Segment Analysis

Resin Type

- The acrylic segment led in 2021, holding nearly one-third of the market share, driven by its widespread use in construction and decorative applications.
- The alkyd segment is poised for the fastest growth, with a CAGR of 5.3%, supported by the booming real estate and housing sectors.

Product Type

- Waterborne coatings dominated in 2021, contributing to over 40% of the market revenue, driven by demand in furniture production.
- Solvent-borne coatings are expected to grow at the fastest rate (CAGR of 5.2%) due to their utility in industrial equipment and chemical manufacturing applications.

Application

- The architectural segment accounted for nearly 60% of the market in 2021 and is forecasted to grow at the fastest CAGR of 5.0%, reflecting urbanization trends and increasing demand for residential and commercial spaces.

Regional Highlights

- Asia-Pacific emerged as the largest market in 2021, representing nearly 40% of global revenue, thanks to industrial advancements in construction, transportation, and other sectors.
- The region is also set to grow at the highest CAGR of 5.2% during the forecast period.

Key Players

Leading companies driving the paints and coatings market include:

- RPM International Inc.
- Asian Paints
- PPG Industries, Inc.
- Nippon Paint Holdings Co., Ltd
- The Sherwin-Williams Company
- Akzo Nobel N.V
- Kansai Paint Co., Ltd
- Axalta Coating Systems, LLC

These industry players leverage strategies such as product launches, acquisitions, partnerships, and regional expansions to solidify their market position.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/paints-and-coatings-market/purchase-options

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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