Paints and Coatings Market

Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global paints and coatings market.

PORTLAND, OREGON, UNITED STATES, February 11, 2023 /EINPresswire.com/ -- Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global paints and coatings market. The same region would also garner the fastest CAGR of 5.2% by 2031. Developments in industries such as building & construction, transportation, industrial, and others have boosted the market growth.

A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

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According to the report, the global paints and coatings industry was estimated at $175.8 billion in 2021, and is anticipated to hit $278.4 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031.

The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.

Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drives the growth of the global paints and coatings market. On the other hand, there are certain health hazards associated with the use of the volatile organic compound (VOC)-containing paints & coatings, which impedes growth to some extent.

The Paints and coatings market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.

Based on product type, the waterborne coatings segment generated more than two-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031, due to increase in demand for a wide range of furniture items across the world. The solvent-borne coatings segment, on the other hand, would manifest the fastest CAGR of 5.2% from 2022 to 2031. Rapid establishment of chemical manufacturing units where solvent-borne coatings are used in interior and exterior parts of various industrial equipment drives the segment growth.

Paints and Coatings Covered Market:- Axalta Coating Systems, LLC, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Akzo Nobel N.V, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd, PPG Industries, Inc., Indigo Paints Ltd and Other.

Analysis of COVID-19 impact:

The outbreak of the pandemic has had a massive impact on the majority of industries and the Paints and coatings market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Paints and coatings market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.

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