Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global paints and coatings market. The same region would also garner the fastest CAGR of 5.2% by 2031. Developments in industries such as building & construction, transportation, industrial, and others have boosted the market growth.
Allied Market Research published a new report, titled, “Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Others), by Product Type (Waterborne coatings, Solvent-borne coatings, Powder coatings, Others), by Application (Architectural, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″ The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drives the growth of the global paints and coatings market. On the other hand, there are certain health hazards associated with the use of the volatile organic compound (VOC)-containing paints & coatings, which impedes growth to some extent.
This makes it important to understand the practical implications of the paints and coatings market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
According to the report, the global paints and coatings industry was estimated at $175.8 billion in 2021, and is anticipated to hit $278.4 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players Akzo Nobel N.V., Asian Paints Ltd, Axalta Coating Systems, LLC, Indigo Paints Ltd, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Nippon Paint Holdings Co., Ltd. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
The architectural segment held nearly three-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031 The same segment would also manifest the fastest CAGR of 5.0% from 2022 to 2031. Rapid urbanization which in turn has increased the demand for both the residential and commercial facilities where a wide range of paints and coatings are used for different purposes fuels the segment growth.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the paints and coatings market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
The waterborne coatings segment generated more than two-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031, due to increase in demand for a wide range of furniture items across the world. The solvent-borne coatings segment, on the other hand, would manifest the fastest CAGR of 5.2% from 2022 to 2031. Rapid establishment of chemical manufacturing units where solvent-borne coatings are used in interior and exterior parts of various industrial equipment drives the segment growth.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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