Paints and Coatings Market Summary: 

In 2021, the global market size for Paints and Coatings reached USD 183.38 Billion, with a projected revenue compound annual growth rate (CAGR) of 2.9% for the forecast period. Increased demand for paints and coatings across various industries such as automotive, transportation, and construction stems from their ability to offer superior protection and durability against Ultraviolet (UV) radiation and adverse weather conditions, thus contributing to market revenue growth. Furthermore, partnerships and agreements initiated by market players are anticipated to further drive revenue growth. For instance, on February 1, 2021, Choksey Chemicals Pvt. Ltd (CCPL), a prominent manufacturer of building chemicals and waterproofing solutions, entered into a collaboration with Nippon Paint Private Limited. As per the agreement, Nippon Paint India would serve as sales and marketing partners to CCPL in the building, construction, and retail sectors.

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Market Overview:

Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.

While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products as well as their application expertise and services.

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Moreover, the report provides insight into how the Paints and Coatings market will develop between 2024 and 2030. Companies operating in the Paints and Coatings market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Paints and Coatings market is expected to undergo significant changes that will highly configure its growth.

Furthermore, the report highlights the growth prospects of the Paints and Coatings market and estimates market progress in terms of value (USD million) and volume (thousand units).

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Key Questions Answered in This report on the Paints and Coatings Market

The report provides detailed information about the Paints and Coatings market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Paints and Coatings market, so as to help them formulate successful strategies and take target-driven decisions.

• How are key market players successfully earning revenue from the advantages of the product?
• What will be the Y-o-Y growth of the Paints and Coatings market between 2024 and 2030?
• What are the winning imperatives of market frontrunners in the Paints and Coatings market?
• Which end-user is expected to undertake maximum adoption of the product during the forecast period?

Research Methodology: Paints and Coatings Market

The research methodology adopted by analysts to compile the Paints and Coatings market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Paints and Coatings market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Paints and Coatings market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Paints and Coatings market.

Competitive Landscape

Competitive landscape of the global paints and coatings market is fragmented with a number of key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Some of the major companies included in the global market report are AkzoNobel NV, PPG Industries, Inc., The Sherwin-Williams Company, RPM International, Inc., Nippon Paint Holding Co., Ltd., Tikkurila Oyj, Axalta Coating Systems, Asian Paints Ltd., Berger Paints India Ltd., and Jotun Group.

On 4 May 2021, Dymax and HZO Inc. announced a strategic cooperation. This arrangement will expand HZO's offering by adding 3,000 formulae to its existing coating solutions, speed market reach, and facilitate joint product development through Dymax's global sales channel. HZO's next-generation Nanocoatings and Dymax's quick-cure Conformal Coatings are expected to help to expand the market, expedite procurement, and enable delivery of better and more durable products.

Segments Covered in the Report

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