Paints and Coatings Market Will Grow Rapidly due to Surging Product Consumption in the Automotive

Paints and coatings are beneficial to the substrate because they may beautify and protect a surface. They improve the surface's durability when utilized for decoration. They also protect the surface against corrosive substances, corrosion, and chemical exposure.

Paints and coatings can also provide specific features, such as flame retardancy, anti-fouling, and anti-microbial properties, for certain purposes. By 2030, the market for paints and coatings is predicted to grow to USD 238.8 billion, according to P&S Intelligence.

Due to the growing population and accelerated rate of urbanization, the construction sector is expanding rapidly in the U.S., Sweden, India, China, Australia, Canada, and the U.K. 

Between 2022 and 2030, China's already-dominant construction industry is predicted to experience tremendous growth. The need for decorative coatings is being driven by this expansion of the building sector.

Governments from a number of nations are also contributing to the creation and advancement of infrastructure. The 14th Five-Year Plan of China includes such measures to integrate cutting-edge technologies into the building and construction process. The administration is expected to give priority to infrastructure for energy and transportation, with a focus on enhancing connectivity inside metropolitan clusters.

Water-borne coatings are expected to have the highest share in 2022, accounting for around 47%, thanks to their expanding application in the printing inks, furniture, plastic, automotive, and furniture industries.

Due to the cost-effectiveness and excellent adhesion capabilities of these materials, the demand for these versions will also continue to expand, which will benefit various vehicle and furniture makers.

The powder category will expand at a 6% annual pace. Because powder coat coatings are resistant to corrosion, chemicals, abrasion, and detergents, the primary application areas for these alternatives are important vehicle, engine, and industrial machinery parts.

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Growing Automotive Industry Driving Paints and Coatings Market Growth

A number of factors such as the growing construction industry, increasing demand for paints and coatings in the oil and gas sector, rising consumer spending, and surging need for automobiles are projected to propel the growth of the paints and coatings market at a CAGR of 5.8% during 2020–2030. According to P&S Intelligence, the market generated $151,399.4 million revenue in 2020, which is expected to reach $266,243.2 million by 2030. Moreover, the market is witnessing a trend of surging adoption of smart coatings across the world. 

One of the prime factors propelling demand for paints and coatings is the rising need for automobiles. The demand for automobiles is increasing globally, due to the rapid urbanization, surging disposable income, and changing lifestyles. The paints and coatings are widely used in automobile applications to provide attractive looks, as people are tending toward purchasing good-looking vehicles. For example, around 91.3 million automobiles were sold in 2019 worldwide, as compared to 88.3 million units in 2014. This not only increases the demand for paints and coatings during the production of automobiles, but also during their lifetime, including painting over scratches.

The formulation segment of the paints and coatings market is categorized into acrylic, polyurethane, polyester, epoxy, and others. Among these, the acrylic category held the largest market share in 2020. This is attributed to its highly soluble, versatile, elastic, non-toxic, and water resistance nature. Moreover, the need for acrylic coatings is rising on account of their surging use on exterior and interior walls, door panels, and windows. Whereas, the polyester category is expected to witness the fastest growth in the coming years, due to the growing automotive industry, surging defense budget, and increasing urbanization and industrialization rate in developing countries.

Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also projected to record the highest CAGR during the forecast period. This can be attributed to the surging consumption of these materials in several end-use industries. Moreover, the mounting government and private investments in the automotive and construction industries, increasing disposable income, growing population in regional countries, rising spending on industrial infrastructure development, and renovation and repair of commercial and residential buildings are projected to boost the demand for paints and coatings in the region.

Thus, the rising need for automobiles and the growing construction industry are expected to propel the market growth in the forecast period.

Read more: https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market

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Mushrooming Automobile Sales Fueling Boom of Global Paints and Coatings Market

The global paints and coatings market generated a revenue of $156,086.2 million in 2019 and is predicted to register a CAGR of 4.2% between 2020 and 2030. Furthermore, the market would reach a valuation of $227,834.0 million by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main growth drivers of the market are the presence of several commercial, industrial, and residential end users and soaring construction activities around the world. 

To learn more about this report: https://bit.ly/3oFcZHv

Additionally, the government sanctioned the allocation of $24.27 billion to the infrastructure sector in the 2020–21 Union Budget for developing transport infrastructure in the country. This would push up the requirement for paints and coatings, which are heavily required for improving the aesthetics and durability of structures. The changing lifestyles of people and the growing urbanization are boosting the requirement for housing, which is, in turn, propelling the sales of paints and coatings across the globe. 

Apart from the aforementioned factors, the mushrooming sales of automobiles are also pushing up the demand for paints and coatings around the world. This is because paints and coatings are used heavily in various automotive applications. For example, the total sales of automobiles around the world rose from 88.3 million to 91.3 million from 2014 to 2019. The paints and coatings market is divided, on the basis of application, into industrial coatings, special coatings, and architectural coatings. 

Hence, it can be safely concluded that the market would demonstrate substantial growth across the world in the coming years, primarily because of the surging construction and infrastructural development activities in various countries and the ballooning sales of automobiles around the world.

Read more: https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market

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