Paints and Coatings Market Size, Share, Regional Demand, Growth and Forecast to 2023
The construction industry has been registering significant growth across the globe, owing to the surging population in countries including the U.S., India, China, and the U.K. Moreover, the growing number of overseas buyers have also been responsible for the expansion of the construction sector. This is further resulting in the huge investments in hotels, residential apartments, civic infrastructure, and retail centers. Ascribed to this growing construction industry, the demand for paints & coatings has been rising as well.
Paints
& coatings are important products that are applied on physical
infrastructure to provide it with a finishing touch. These products are
used for enhancing the aesthetics appeal of buildings, however, they
also protect buildings from wear & tear and different weather
conditions. Owing to such advantages, the global paints & coatings
market is expected to advance at a significant pace during the forecast
period. Owing to technological advancements, several new kinds of
products are now available in the market for suiting different needs.
Take
for example smart coatings, which have the ability to transform their
properties according to the stimuli that is being provided by the
external environment, such as temperature and electric field. These
coatings are increasingly gaining popularity in a number of
applications, such as the restoration of historical buildings. Smart
coatings further offer advantages including the capability to mask the
damage done to an aircraft engine and the ability to be used as a
composite for making lightweight aircraft.
The paints & coatings market
is predicted to generate a revenue of $262.5 billion by 2023,
increasing from $186.7 billion in 2017, progressing at a 6.0% CAGR
during the forecast period (2018–2023). When resin type is taken into
consideration, the market is divided into epoxy, polyurethane,
polyester, acrylic, and others (which include polycarbonates, nylon, and
nitrocellulose lacquer). Out of all these, the acrylic division
dominated the market in the past, accounting for a sales volume share of
more than 40.0% in 2017.
These resins are
highly soluble, elastic, versatile, non-toxic, and water-resistant,
owing to which, their demand has been rising at a rapid pace. The
polyurethane division is expected to register the highest CAGR of 5.9%
during the forecast period. These resins make structures and buildings
aesthetically appealing and strong, which is why, they are quickly
becoming a preferred choice for commercial and residential interior
projects. The expansion of the construction industry is further
predicted to drive the demand for these paints & coatings in the
coming years.
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When
formulation is considered, the paints & coatings market is
categorized into powder, water-based, UV coatings, and solvent-based.
Among these, the UV coatings category is projected to register the
highest CAGR of 7.3% during the forecast period, in terms of sales
volume. These coatings provide various advantages over their
counterparts, such as reduced environmental impact, rapid cure speed,
zero pot life issues, and low energy costs.
