LONDON--(BUSINESS WIRE)--The paints and coatings market are expected to grow by USD 50.53 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Easy 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 application of paints and coatings in the automotive industry is likely to surge considerably during the forecast period.
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As per Technavio, the 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 significant trends and market drivers that will influence market growth over 2020-2024.
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 used 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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Paints And Coatings Market: Segmentation Analysis
This market research report segments the paints and coatings market by type (acrylic resins, epoxy resins, alkyd resins, polyurethane resins, and others), technology (water-based, solvent-based, and others), application (architectural and industrial), and geography (APAC, Europe, MEA, North America, and South America).
APAC was the largest market for paints and coatings in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. The industrial growth and easy availability of low-cost labor in the region will significantly influence the growth of paints and coatings market. Moreover, many leading automotive manufacturing companies are shifting their manufacturing bases to APAC
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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