The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The construction paints and coatings market has seen robust growth in recent years and is poised to continue its upward trajectory. Key factors driving this market include increased construction activities, urbanization, and advancements in technology. Let’s delve into the specifics.

Current Market Size and Growth

Recent Growth:

• Market size grew from $57.56 billion in 2023 to $60.57 billion in 2024.
• Compound Annual Growth Rate (CAGR) of 5.2%.

Contributing Factors:

• Increased construction activities.
• Urbanization trends.
• Regulatory compliance.
• Economic stability.
• Raw material costs.

Future Market Projections

Expected Growth:

• Projected to reach $75.39 billion by 2028.
• Expected CAGR of 5.6%.

Key Drivers:

• Global recovery post-pandemic.
• Focus on sustainability.
• Infrastructure investments.
• Rising demand in residential and commercial real estate.
• Ongoing supply chain challenges.

View More On The Construction Paints And Coatings Market Report 2024 – https://www.thebusinessresearchcompany.com/report/construction-paints-and-coatings-global-market-report

Major Trends:

• Smart coatings and nanotechnology.
• Digitalization in construction.
• Technological advancements and digital transformation.
• Increased R&D for performance enhancements.

Booming Construction Industry

Catalyst for Growth:

• Rising new construction projects boost the market.
• Paints and coatings are essential for:
  • Preventing water penetration.
  • Corrosion and rot prevention.
  • Structural protection.

Case in Point:

• In January 2023, 1.4 million new construction projects were completed in the US, a 12.8% increase compared to January 2022.

Key Industry Players

Major Companies:

• PPG Industries Inc.
• Badische Anilin- und Sodafabrik.
• Akzonobel N.V.
• Sherwin Williams Company.
• Asian Paints Ltd.
• Axalta Coating Systems Ltd.
• Valspar Corporation.
• Helios Group.
• Tikkurila Oyj.
• And many others.

Technological Advancements

New Technologies:

• Companies are integrating cutting-edge technologies to stay competitive.
• Example: Dow launched a new digital paint formulation platform in March 2023.
  • This platform enhances data-driven capabilities.
  • Accelerates innovation in paints and coatings.
  • Simplifies the formulation process.

Strategic Acquisitions

Sherwin Williams Expansion:

• In December 2022, Sherwin Williams acquired Industria Chimica Adriatica SpA.
• Acquisition benefits:
  • Expansion of global presence.
  • Enhanced technological portfolio.
  • Inclusion of advanced waterborne and solvent liquid coatings technologies.
  • Boost in annual revenue with activities and sales worldwide.

Market Segmentation

By Product Type:

• Solvent-Borne Technologies
• Water-Borne Coating
• Powder Coating
• High Solids/Radiation Cure
• Other Product Types

By Resin Type:

• Polyurethane
• Acrylic
• Epoxy
• Polyester
• Alkyd

By Application:

• Residential
• Commercial
• Automotive and Aviation
• Medical and Healthcare

Regional Insights

Largest and Fastest Growing Regions:

• North America was the largest region in 2023.
• Asia-Pacific is expected to be the fastest-growing region during the forecast period.

Conclusion

The construction paints and coatings market is on a solid growth path, fueled by various economic and technological factors. With increased construction projects, strategic acquisitions, and technological innovations, the market is set to expand significantly in the coming years. Companies in this sector are adopting new technologies and expanding their global footprint to maintain competitive edges and meet the growing demand.

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The Construction Paints And Coatings Global Market Report 2024  provides comprehensive insights on the construction paints and coatings market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the construction paints and coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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