New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Paints And Coatings Global Market Report 2023" - https://www.reportlinker.com/p06466657/?utm_source=GNW
, Ashland Global Chemical Company, RPM International Inc., Jotun Chemicals and Dow Chemicals.
The global construction paints and coatings market is expected to grow from $54.87 billion in 2022 to $57.56 billion in 2023 at a compound annual growth rate (CAGR) of 4.90%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The construction paints and coatings market is expected to reach $70.82 billion in 2027 at a CAGR of 5.32%.
The construction paints and coatings market consists of sales of polysiloxanes, zinc-rich primers, asphalt emulsion and aromatic azo-dyes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Construction paints refer to a mixture or dispersion of opaque pigments or powders in a liquid or solvent.Coatings include varnishes and inorganic binders which are examples of additional substances that can be related to paint in their application.
In construction paints and coatings are important to prevent and reduce corrosion in buildings, building components, and infrastructure.
North America was the largest region in the construction paints and coatings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products of construction paints and coatings are solvent-borne technologies, water-borne coating, powder coating, high solids, radiation cure, and others.A solvent-borne coating refers to a liquid protective layer that is placed on the surface of a material.
Polyurethane, acrylic, epoxy, polyester, and alkyd resins are used for various applications such as residential, commercial, automotive and aviation, medical, and healthcare.
The rising new construction projects is expected to propel the growth of the construction and paints and coatings market going forward.Construction projects refer to the systematic process of constructing, repairing, refurbishing, retrofitting, or adapting a building, or other built asset such as a tunnel or bridge.
In construction projects, paints and coatings are projected to be important to prevent water from penetrating, to prevent corrosion, rotting, and deteriorating. For instance, in March 2023, according to Zippia, a US-based technology, information, and internet company, in January 2023, 1.4 million new construction projects were completed, which is a 12.8% increase, compared to January 2022. Therefore, the rising number of new construction projects is driving the growth of the construction paints and coatings market.
Technological advancements are a key trend gaining popularity in the construction paints and coatings market.Companies operating in the construction paints and coatings market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Dow, a US-based plastics and chemical manufacturing company launched a new digital paint formulation platform.The digital coating formulation platform uses new digital tools to develop cutting-edge skills that will push the boundaries of innovation and deliver lasting value to markets and consumers.
This technology delivers data-driven capabilities intended to speed up innovation in the paints and coatings sector and simplify the formulation process.
In December 2022, Sherwin Williams, a US-based paint, and coating manufacturing company acquired Industria Chimica Adriatica SpA for an undisclosed amount. With this acquisition, Sherwin Williams company generates more than $164.81 million in annual revenue and includes activities and sales all over the world, including production facilities. This acquisition provides Sherwin Williams with cutting-edge waterborne and solvent liquid coatings technologies, including an award-winning line of ultra-matt protective coatings and a growing portfolio of BIO water-based coatings solutions that are manufactured from recycled raw materials. Industria Chimica Adriatica SpA is Italy-based chemicals and related products manufacturing company operating in the construction paints and coatings market.
The countries covered in the construction paints and coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The construction paints and coatings market research report is one of a series of new reports that provides construction paints and coatings market statistics, including the construction paints and coatings industry’s global market size, regional shares, competitors with a construction paints and coatings market share, detailed construction paints and coatings market segments, market trends, and opportunities, and any further data you may need to thrive in the construction paints and coatings industry. This construction paints and coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466657/?utm_source=GNW
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