PAINTS AND COATINGS MARKET ANALYSIS

Paints And Coatings MarketSize and Trends

The global paints and coatings Market size is valued US$ 202.46 Bn in 2024 and is expected to reach  US$ 252.41 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031. Paints and coatings are used as decorative as well as protective coatings. Most of the paints are used to increase surface resistance from harsh environmental conditions. They are classified as waterborne coatings, solvent-borne coatings powder coatings, and specialty coatings. Marine, automobiles, packaging, furniture, aerospace, rail, and construction are some of the major end users of paints and coatings.

Paints And Coatings Market Trends:

Increasing demand for powder coatings: The increasing demand for powder coatings is having a significant influence on the market. Powder coatings have various advantages over liquid coatings as they emit virtually no Volatile Organic Compounds (VOCs) into the environment. Their non-polluting nature makes them more sustainable and environmentally friendly. This growing environmental consciousness among consumers as well as manufacturers is driving greater adoption of powder coating technology.

Powder coatings also provide superior attributes over liquid paints such as uniform thin coatings, ability to coat intricate details and parts, and durability with resistance to scratches, moisture and corrosion. They result in minimal waste and overspray while providing vibrant long lasting colors. Owing to their versatility, powder coatings are being increasingly used across a variety of applications earlier dominated by liquid paints like automotive, furniture, appliances, hardware and outdoor structures. For example, powder coatings now account for over 65% of the needs of North American coil coating market that is used to coat metal sheet and coils for various construction and packaging applications according to the American Coatings Association survey data for 2021. Their low volatile content and curing at comparatively lower temperatures also results in significant energy savings over baking liquid paints.