Coating & Paint
There are a lot of different types of coatings, such as anti-slip coating, durable coating, polyurethane coating, water-based coating and so on. The importance of coatings has become more important over time and this has contributed to the emergence of many high quality coatings
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The market development of Coatings & Paint
The global paints and coatings market is valued at USD 160.03 billion in 2021. The market is expected to grow from USD 167.04 billion in 2022 to USD 235.06 billion by 2029.
Paints and coatings preserve and protect the substrates on which they are applied, saving material and energy. The sustainability aspect is routinely taken into account by companies when conducting their business activities. The emphasis is on reducing volatile organic compounds (VOCs), conserving resources, renewable materials, improving process efficiency and minimizing waste. For example, DSM offers Decovery, a plant-based resin for paint. Decovery’s ingredients are safe and low in VOCs to protect and improve outdoor and indoor air quality and reduce its carbon footprint by up to 34% by replacing crude oil. The company is thus focused on sustainable solutions and transforming the industry from solvent-based coatings to waste-based coatings.
Paints and coatings are primarily used to beautify and protect buildings and infrastructure. These architectural enhancements include interior and exterior paints, primers, sealers, varnishes and stains. Architectural paints provide reduced VOCs, odorless paints with increased scrub resistance, and are available in a variety of textures from solid to semi-gloss gloss.
Chemical Applications
Coating & Paint market trends
The construction industry will grow by about $8 billion by 2030. Increased construction activity and government investment in various public infrastructure projects are likely to support the market. In addition, advanced technologies are becoming standard in the construction industry. The increasing use of building information modeling (BIM) collaboration and cloud computing is another factor responsible for the growth of the construction industry.
The growth of the industry resulted in a huge demand for products in other applications, such as residential and commercial construction. In addition, these products are being boosted by applications such as wood, coils, automotive and transportation, and industrial metals, which will drive market growth.
Frequently Asked Questions
What types of coatings are available?
There are various types of coatings including anti-slip, durable, polyurethane, and water-based coatings. These coatings serve different purposes and are increasingly important in various applications to enhance performance and sustainability.
What is the current value of the global paints and coatings market?
As of 2021, the global paints and coatings market is valued at USD 160.03 billion. It is projected to grow significantly, reaching USD 235.06 billion by 2029, driven by increased construction and sustainability efforts.
How do coatings contribute to sustainability?
Coatings contribute to sustainability by minimizing volatile organic compounds (VOCs), conserving resources, and using renewable materials. Companies like DSM develop plant-based resins for coatings, helping to reduce carbon footprints and improve air quality.
What role do architectural paints play?
Architectural paints are used to protect and beautify buildings and infrastructure. They include interior and exterior options like primers, sealers, and varnishes, offering reduced VOCs and improved durability, catering to various aesthetic preferences.
How is the construction industry expected to affect the coatings market?
The construction industry is projected to grow significantly, driven by government investments and advanced technologies. This growth will increase demand for coatings in residential, commercial, and industrial applications, thus supporting the coatings market.
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