Paints and Coatings Market Segmentation:
Material Segment Analysis
The acrylic segment is expected to hold a 45.9% share in the forecast period due to better properties of acrylic, such as excellent durability, UV resistance, and fast-drying properties. These are some of the reasons coatings based on acrylics are in high demand from both architectural as well as industrial applications. In addition, Akzo Nobel N.V. announced that it had finalized the acquisition of the aluminum wheel liquid coatings business of Lankwitzer Lackfabrik GmbH in December 2022, enhancing its global outreach coupled with an enriched portfolio of acrylic-based products.
Product Segment Analysis
In paints and coatings market, waterborne coatings segment is expected to hold more than 42.5% revenue share by 2035. Waterborne coatings are more in demand as they contain low VOCs and, thus have fewer impacts on the environment. The waterborne coatings have excellent performance, meeting the strictest environmental regulations. In August 2021, PPG announced the introduction of PPG ENVIROCRON PCS P4 powder coatings. These address the increasing demand for environmentally friendly coatings in architectural and furniture applications, thus boosting the growth of the waterborne segment.
Application Segment Analysis
Architectural and decorative segment is likely to dominate paints and coatings market share of around 59% by the end of 2035. Rising constructions and renovations worldwide are driving this segment category. Higher-grade decorative coatings for better appearance and durability are required to promote the better stability of a structure. In February 2022, The Sherwin-Williams Company signed an agreement regarding the expansion of its production capacity of architectural paints and coatings in Statesville, North Carolina State, which shows the potential and growth of the segment.
Our in-depth analysis of the market includes the following segments:
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