The Paints And Coatings Global Market Report 2023 by The Business Research Company, provides paints and coatings market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Paints And Coatings Global Market Report 2023, the global paints and coatings market grew from $230.96 billion in 2022 to $248.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The paints and coatings market is expected to grow to $326.09 billion in 2027 at a CAGR of 7.0%.
There is a rapid growth in the consumption of paints and coatings in many industries. Paints and coatings are widely used in the automotive, construction, and manufacturing industries.
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The paints and coatings market is segmented:
1) By Type: Water Borne Coatings, Solvent Based Coatings, Powder Coatings, Other Paints and Coatings
2) By Application: Architectural, Automotive, Wood, Packaging, Aerospace, Other Applications
3) By Type of Resin: Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd, Other Type of Resins
4) By Performance Range: Commodity Coating Range, Engineering Coating Range, High-Performance Coating Range
Biocides are being used in paints to enhance their longevity and to maintain their quality. Biocide additives have been designed to protect paints from getting damaged during storage or to keep fungi and algae from growing on the applied paints. The market for biocides in paints will continue to grow due to the switch from solvent-based to water-based paints as they are not hazardous for human health and the environment and minimize fungal and algae growth. However, the replacement of traditional biocides based on chlorine and formaldehyde with environmentally friendly biocides adds to the cost of paint production. For instance, some of the major companies using biocide in paint manufacturing include The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V.
The paints and coatings market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Paints And Coatings Market Characteristics
4. Paints And Coatings Market Product Analysis
5. Paints And Coatings Market Supply Chain
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20. Paints And Coatings Market Competitive Landscape
21. Key Mergers And Acquisitions In The Paints And Coatings Market
22. Market Background: Chemicals By End Use Market
23. Recommendations
24. Appendix
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