Unveiling the Global Paints & Coatings Market: Trends and Forecasts

At a predicted CAGR of 3.3% from 2022 to 2027, the size of the global Paints & Coatings Market is expected to increase from USD 190.1 billion in 2022 to USD 223.6 billion by 2027.

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What are paints and coatings?

Paints and coatings are both types of surface finishes applied to various materials, primarily to protect and enhance the appearance of the underlying surface. While they share similarities, they have distinct characteristics and purposes:

Paints:

• Paints are liquid or semi-liquid substances that consist of pigments, binders (also known as resins or film formers), solvents, and additives. When applied to a surface, the pigments provide color, while the binders hold the pigments together and adhere them to the surface. Solvents are used to control the viscosity and application properties of the paint, and additives may be included to modify specific properties like drying time, gloss, and durability.
• Paints are commonly used on surfaces like walls, wood, metal, and concrete. They serve both decorative and protective purposes, providing an aesthetically pleasing finish while also safeguarding the substrate from weathering, corrosion, and wear.

Coatings:

• Coatings, on the other hand, are more generic and broader in scope. A coating is a material that covers a surface to create a barrier or protective layer. Coatings can include paints, varnishes, lacquers, sealants, and other formulations. The primary function of coatings is to provide protection against environmental factors such as UV radiation, moisture, chemicals, abrasion, and corrosion.

Coatings can be applied to a wide range of materials and products, including metals, plastics, ceramics, glass, and fabrics. They are used in various industries, such as automotive, aerospace, marine, construction, electronics, and textiles, to enhance the durability and performance of products and surfaces.

In summary, paints are a specific type of coating that contains pigments and binders and is primarily used for decorative and protective purposes on surfaces like walls and furniture. Coatings, on the other hand, encompass a broader category of materials applied to different surfaces for protective and functional purposes.

Recent Developments

• In December 2022, AkzoNobel N.V. has completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio. The acquired business will complement AkzoNobel’s existing powder coatings offering and expand the range of innovative products the company supplies.
• In April 2022, PPG today announced that it has completed its acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.
• In November 2022, The Sherwin-Williams Company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH. This acquisition creates opportunities to accelerate their profitable growth in the global industrial wood market and fits company strategy of acquiring complementary, high-quality and differentiated businesses.

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Paints & Coatings Market Key Players

PPG Industries , Inc: PPG Industries, Inc. is a US-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments, namely, performance coatings, industrial coatings, and glass. It caters to the needs of a number of end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coatings under its industrial coatings segment. It has a presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.

THE SHERWIN-WILLIAMS MANUFACTURING COMPANY : Sherwin-Williams is a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio, which includes brands, such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson's Water Seal.

In summary, Paints and coatings are a versatile and important material that is used in a variety of applications. They offer a number of benefits, including protection, decoration, and functionality.

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