DUBLIN — Research and Markets has released a new report that predicts the paints and coatings market will register a compound annual growth rate (CAGR) of 5.4%, in terms of value, between 2019 and 2024.
The increasing urban population is a significant factor for the rising demand for building and construction, automotive, and packaging. However, stringent government regulations in the paints and coatings industry are hampering the growth in the solvent-borne coatings market.
The study found that the waterborne technology segment accounted for the largest share of the overall paints and coatings market in 2018. Waterborne paints and coatings are used mainly in architectural applications and 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 developing countries.
Architectural paints and coatings, also known as decorative paints and coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial and institutional buildings. Architectural coatings also find application in decorative interiors such as wall paintings, wood flooring, sculptures and furniture. An increase in environmental awareness has led to innovations in the coating industry to provide affordable quality products that offer high quality and value-added features to meet global trends.
The APAC paints and coatings market is segmented into China, Japan, India, Indonesia, Thailand and the rest of APAC. The APAC region is a lucrative market for paints and coatings owing to the increasing demand from industrial applications and improving economic conditions. Product innovations, new research and development projects, and increasing demand from various end-use industries have also fueled the demand for paints and coatings in APAC.
For more information about the report, Paints & Coatings Market by Resin, Technology, Application and Region - Global Forecasts to 2024, click here.