LONDON--(BUSINESS WIRE)--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. Request a free sample report
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.
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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.
“Increasing focus on bio-based and eco-friendly products, rising implementation of solar reflective coatings, and surging demand from the rapidly growing marine and construction industry are some other factors that are expected to boost the paints and coatings market during the forecast period”, says a senior analyst at Technavio.
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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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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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