The global paintsand coatings market size was valued at USD 206.56 billion in 2023 and isprojected to grow from USD 217.36 billion in 2024 to USD 303.97 billion by 2032at a CAGR of 4.5% during the projected period. Fortune Business Insights™ publishes this information in a report titled, "Paints and Coatings Market, 2024-2032". As per the report, the market is projected to rise duringthe forecast period due to increasing expansion of the construction industry in
developed as well as developing countries.
Source:
Segments:
Architectural Segment toDominate the Market Due to Rising Construction Activities
By resin, the market is segregated into epoxy, acrylic,polyester, alkyd, PU, and others.
Based on technology, the market is divided into waterborne,solvent-borne, powder coating, and others.
On the basis of application, the market is segmented intoarchitecture, automotive OEM, marine, coil, general industries, protective
coatings, automotive refinish, industrial wood, and others.
Regionally, the market is categorized into North America,Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report focuses on market developments and advancementsin the industry. Also, the impact of COVID-19 pandemic on market growth and
development is highlighted further in this report. Drivers and restraints
affecting market expansion and growth are discussed further in the report,
along with the lucrative opportunities gained by the key players. The regional
insights for segmented regions are elaborated further with recent launches
introduced by the key market players.
Drivers & Restraints:
Increasing ConstructionActivities to Propel Growth
The market for paints and coatings is expected to riseduring the forecast period due to increasing construction activities in
developing and developed countries. Also, the increasing demand for sustainable
products in the architectural industry is anticipated to drive the market in
the coming years. The government's increasing investments and development
initiatives are projected to fuel the market growth during the forecast period.
However, challenges to obtaining thin films in powdercoating may hinder the market during the projected
period.
Regional Insights:
Asia Pacific DominatesGlobal Market Due to Rising Government Initiatives
Increasing construction activities and rising governmentinitiatives in developing countries are expected to drive regional market
growth.
