DUBLIN — Research and Markets announced the release of a new market study of the paint and coatings industry that offers an industry forecast to 2024.
The increasing urban population is a significant factor for the rising demand for building and construction, automotive, and packaging materials. However, stringent government regulations in the paints and coatings industry are hampering the growth of the solventborne coatings market, according to the report.
The waterborne technology segment accounted for the largest share of the overall paint and coatings market in 2018. Waterborne paint and coatings are mainly used in architectural applications. They are also used in automotive, general industrial, protective, wood, marine, packaging, coil and other industries due to their low toxicity and low flammability. The waterborne segment is expected to grow on the backbone of the building and construction industry, which is anticipated to witness good growth, mainly in the developing countries.
Architectural coatings are applied on the interior and exterior walls of all kinds of residential, commercial, industrial and institutional buildings. Architectural coatings also find applications in decorative interiors such as wall paintings, wood flooring, sculptures and furniture. An increase in environmental awareness has led to innovations in the coatings industry to provide affordable products of high quality that offer value-added features and meet global trends.
The APAC paints and coatings market is segmented into China, Japan, India, Indonesia, Thailand and Rest of APAC. The APAC region is a lucrative market for paints and coatings owing to the increasing demand from industrial applications and the improving economic conditions in the region. Product innovations, new research and development projects, and increasing demand from various end-use industries have also fueled the demand for paint and coatings in APAC.
The key companies profiled in this report include AkzoNobel N.V. (Netherlands), PPG (United States), The Sherwin-Williams Co. (United States), Nippon Paint Holding Co LTD (Japan), and Axalta Coatings System LLC (United States).
For more information on the report, visit https://www.researchandmarkets.com/reports/4832924/paints-and-coatings-market-by-resin-acrylic?utm_source=MC&utm_medium=Email&utm_code=mzrgtdshk&utm_campaign=1294243+-+Paints+%26+Coatings+Market+-+Global+Forecasts+to+2024&utm_exec=cobr55mtd.