The global paints and coatings market size is poised to grow by USD 33.64 billion during 2020-2024, progressing at a CAGR of about 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Paints and Coatings Market 2020-2024 (Graphic: Business Wire)
The growth of the global automotive industry is one of the key factors driving the global paints and coatings market growth. Economic growth in emerging countries and rising foreign investments have increased per capita income. As a result, consumers’ capacity to purchase cars has increased. Also, the public transportation infrastructure is transforming along with fleet addition. These factors are increasing paints and coatings activities in the automotive industry.
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The major paints and coatings market growth came from water-based technology segment. Water-based paints and coatings comprise water-soluble resins such as polyesters, polyacrylates, alkyds, epoxy, and epoxy esters. These resins are produced by the process of polycondensation and polymerization in an organic solvent medium. As a result, water-based paints contain alcohols, glycol ethers, and other oxygen-containing solvents that are miscible with water. Therefore, these water-paints are meant to protect against corrosion and aesthetics to the surfaces on which they are applied. Moreover, these paints have a low content of volatile organic compounds.
APAC was the largest paints and coatings market