The
global paints and coatings market size is
expected to grow by USD 50.53 billion during the period 2020-2024, according to
the
latest market research report by Technavio.
Easier applicability, superior durability, and higher cost-effectiveness
of paints and coatings have made them a popular choice among automakers.
Waterborne coatings, acrylic and epoxy-based enamels are widely preferred by
automotive OEMs since they have longer life span. In addition, the demand for
lightweight automobiles has increased in Europe and the Americas. Economies
including China, Germany, Japan, and others are also focusing on the adoption
of strong, safe, light, and fuel-efficient vehicles. Thus, with the growth of
automotive industry, the deployment of paints and coatings in the automotive
industry is likely to surge considerably during the forecast period.
As per Technavio, growing adoption of UV-curable coatings will have a
positive impact on the market and contribute to its growth significantly over
the forecast period. This research report also analyzes other important trends
and market drivers that will affect market growth over 2020-2024.
Global Paints and Coatings Market: Growing Adoption of UV-curable
Coatings
Vendors are engaging in the R&D of UV-curable coatings to offer
scratch resistance properties, particularly, to be deployed by automotive OEMs.
In addition, regulatory agencies including EPA and China’s Ministry of
Environmental Protection have started implementing stringent regulations to
address the harmful effects of volatile organic compound products. These
regulations are compelling manufacturers to develop UV-curable and waterborne
coatings from eco-friendly and natural ingredients. Furthermore, the demand for
UV-curable coatings is also likely to surge from the automotive, industrial,
general metal, and flooring applications due to their durability, versatility,
appearance, and superior weather-resistance. Thus, growing adoption of
UV-curable coatings will positively impact the paints and coatings market
during the forecast period.
Global Paints and Coatings Market: Segmentation Analysis
This market report segments the global paints and coatings market by
resin type (acrylic resins, epoxy resins, alkyd resins, polyurethane resins,
and others), technology (water-based, solvent-based, and others), and
application (architectural and industrial) and geography (APAC, Europe, MEA,
North America, and South America)
APAC led the paints and coatings market share in 2019, followed by
Europe, North America, MEA, and South America respectively due to the growth in
several industries such as construction, automotive, and aerospace sector in
China, India, Japan, and Australia. Furthermore, rising focus on development,
rapid industrialization, and flourishing housing and construction will lead the
region to contribute the highest incremental growth during the forecast period.
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