The Paints And Coatings Market is being driven by Growing real estate and construction industry
The Paints And Coatings Market is expected to grow at a CAGR of 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 42.05 billion. In the paints and coatings industry, UV-curable coatings represent a significant area of innovation and growth. These coatings offer superior performance and assembly-line advantages due to their rapid curing properties. Notably, key market players are investing heavily in research and development to produce UV-curable coatings with enhanced scratch and mar resistance. For instance, BASF SE is a leading provider of multi-functional polyol intermediates for UV-curable acrylic monomers and oligomers, which are integral to the manufacturing process of these advanced coatings. Although UV-curable coatings currently hold a minimal market share, their adoption is poised to expand substantially, particularly within the automotive original equipment manufacturer (OEM) sector.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Technology (Water-based, Solvent-based, Others) Resin Type (Acrylic resins, Epoxy resins, Polyurethane resins, Alkyd resins, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Paints And Coatings Market Research Report
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The Paints and Coatings market encompasses a range of products, including high-performance ceramics for aircraft turbine engines, acrylic, alkyd, and epoxy resins, architectural and industrial coatings, marine and automotive coatings, and general industries coatings. These coatings consist of pigments, binders, and additives, with various properties such as evaporation, reflection, and absorption. Types include exterior and interior wall paints, wood finishes, enamels, and high-tech coatings like fluoropolymers, PVDF, thermoplastic, and thermosetting. Applications span from low-cost housing and commercial construction to the wood industry, providing corrosion protection, hardness, and friction resistance.
The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals used in the production of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings, including exterior and interior wall paints, wood finishes, enamels, marine paints, protection coatings, fluoropolymers, and polyvinylidene difluoride (PVDF). According to Technavio, market expansion will be fueled by the increasing demand for specialty adhesives and sealants.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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