The Paints and Coatings market is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%. Paints and Coatings industry is categorized into two end use industry types: Decorative (Architectural) and Industrial Paints and Coatings.
Almost 40% of the market is made up of the decorative paint category, which also includes ancillary items like primers and putties. This category comprises several subcategories, including exterior wall paints, interior wall paints, wood finishes, and enamels. The remaining 60% of the paint industry is made up of the industrial paint category, which spans a wide range of industries like automotive, marine, packaging, powder, protection, and other general industrial coatings.
Since the coatings sector is one of the most strictly regulated in the world, manufacturers have been compelled to use low-solvent and solventless technology. There are many manufacturers of coatings, but the majority are small regional manufacturers, with daily ten or so large multinationals. However most of the huge multinationals have expanded their operations in rapidly developing nations like India and mainland China Consolidation has been the most notable trend, particularly among the biggest manufacturers.
Post time: Jun-20-2023
