CONSTRUCTION PAINTS AND COATINGS MARKET ANALYSIS

Construction Paints And Coatings MarketSize and Trends

Global paints and coatings market is estimated to surpass US$ 296.1 Bn by 2030, in terms of revenue, exhibiting CAGR of 6.64 % during the forecast period (2023 to 2030). 

Global Paints and Coatings Market – Trends

• Heavy-duty paints and coatings are used in the marine and aerospace industry. These provides protection for a longer time to the components and equipment. There is high demand for aqua coatings demand in marine industry, due to the expanding marine sector globally. Growing sea-port trade coupled with increasing demand for new formulation for the marine industry is also expected to boost demand for heavy-duty paints, and thus, is expected to drive the market growth.
• Supply and distribution agreement between manufacturers for expanding market presence is the trend in the market. For instance, in December 2019, Dulux Protective Coatings, partnered with Fireshield Coatings, to supply intumescent coating systems inAustralia and New Zealand for both interior structural steel and timber surfaces.

On the basis of product type, waterborne coatings held a dominant position in the global paints and coatings market in 2022 with 40% market share, in terms of revenue, followed by solvent-borne coatings and high solids/radiation cure, respectively.  Architectural, automotive, and industrial coatings are some applications of the waterborne coating. These are used due to its low VOC emissions, quick drying times, and ease. Due to quick durations of aqueous coatings as compared to solvent-based coatings, manufacturing time can be shortened and efficiency can be increased in a variety of sectors. Moreover, these are easy to apply and clean-up that saves time.

 Solvent-borne coating segment holds second largest market share after waterborne coatings in 2022 and it is expected to witness significant market growth during forecast period, owing to its high durability and resistance to chemicals and weather.