According to the report "Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water-Based, Solvent-Based, High Solids, Powder), Application (Architectural & Industrial), and Region - Global Forecasts to 2027
," the paints and coatings market is projected to reach USD $232.1 billion by 2027.
The paints and coatings market is projected to grow at a CAGR of five percent between 2018 and 2027, in terms of value. Rising demand from the construction industry is driving the growth of the paints and coatings market. Increasing demand from automotive, general industrial, marine, coil, wood, aerospace, rail, and packaging coatings is expected to further fuel the growth of the paints and coatings market during the forecast period.
The acrylic segment accounted for a major share of the paints and coatings market in 2018.
Acrylic resins are preferred over other resins as they offer good plasticizer resistance, excellent solvent resistance, high flexibility, and impact resistance. They also offer excellent color, high gloss, and retention of performance properties at high temperature.
By technology, the water-based segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the various properties of water-based paints and coatings, such as less flammability, low VOC emissions, stable viscosity, and environmental friendliness, among others.
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. With the growing population and increasing migration of population to the developed nations, the construction industry is estimated to develop substantially in the coming years.
The Asia-Pacific paints and coatings market is projected to grow at the highest CAGR during the forecast period. Asia-Pacific is a rapidly expanding paints and coatings market, owing to the growing economy and increasing middle-class population. This is driving the demand for many building and industrial materials, including paints and coatings. The increasing number of residential and commercial buildings due to rising population and urbanization mainly in China and India are expected to drive the market during the forecast period.