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The paints and coatings market size was valued at USD 160.03 billion in 2021. The market is projected to grow from USD 167.04 billion in 2022 to USD 235.06 billion by 2029 at a CAGR of 5% during the 2022-2029 period. Fortune Business Insights™ publishes this information in its report titled, "Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2022-2029."
According to researchers, the key market players focus on adopting various business growth strategies to improve their business performance. The increasing investments and economic growth in emerging countries are anticipated to drive the market during the projected period.
Halt On Manufacturing Units to Restrict the Market Growth
The COVID-19 pandemic has affected several industries due to lack of workforce and halted manufacturing activities. Also, governments imposed stringent restrictions on import/export policies, which affected the market growth due to disrupted supply chain and restricted supplies of raw materials and finished goods. Furthermore, declined economic growth during the pandemic has affected the construction activities in various countries, which restricted the paints and coatings market growth.
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PPG Acquires Tikkurila to Increase Its Productivity
PPG acquired Tikkurila to expand its business by enhancing its product range and including various paints & coatings. Also, the acquisition will allow PPG to globalize its business as Tikkurila is a Nordic paint & coating company. The organization aims to develop environment-friendly and high-quality industrial coatings.
Rising Demand for Sustainable Development to Stimulate Product Demand
The market is expected to rise significantly during the forecast period due to increasing construction activities in developing countries. Also, increasing investments by the government to develop infrastructure are anticipated to fuel the market growth. Furthermore, increasing demand for sustainable development in the market is projected to drive the market during the forecast period.
Brand Acquisition Allow Companies to Improve their Business Performance
The prominent market players focus on acquiring supporting companies to improve their business performance by enhancing their product portfolio. Also, implementing innovative product development and designing strategies allow companies to meet customer demand. Companies can also adopt different strategies such as mergers, partnerships, acquisitions, and mergers to globalize their business.
Key Industry Development:
List of Key Players Covered in this Report:
Further Report Findings
Asia Pacific dominates the paints and coatings market share during the forecast period due to increasing infrastructure development activities conducted in this region. The regional market stood at USD 81.02 billion in 2021 and is expected to continue its dominance during the projected period. Also, increasing demand for infrastructure development in emerging countries is expected to drive the market growth.
The market is categorized into architecture, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, and others based on application. The architectural segment is anticipated to dominate the market due to rising investment in the construction industry.
Table of Segmentation
Value (USD Billion) and Volume (Kilo Tons)
By Resin, Technology, Application, and Region