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.
