According to the research report titled ‘Global Paints and Coatings Market (Value, Volume) - Analysis By Technology, Material, End-User, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global paints and coatings market was valued USD 161.27 billion in 2019 and is projected to register an appreciable growth rate during the forecast period 2020-2025.
 

As per the findings of the report, increasing utilization of paint and coating products in automotive and marine industries are the major growth promoters of global paints and coatings market. Moreover, escalating demand for elastomeric coating in concrete construction, benefit of improved product performance, and high adoption from several verticals are the other major rationales behind the industry growth.
 

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Based on technology, global paints and coatings market share from water-borne segment is increasing at a strong pace due to low environmental impact of these coatings, improving economic conditions, and expansion of the construction industry in developing countries.
 

In terms of material, acrylic segment captured significant market share and slated to gain considerable traction in the coming years, on account of rising demand in various application such as households, construction, automotive, and industrial. Owing its inertness and excellent color retention on exposure to outdoor condition, acrylic paints and coatings are highly favored for the aforementioned applications.
 

Considering end-user spectrum, decorative paints & coatings segment is expected to contribute significantly to global paints & coatings market remuneration, attributable to rise of end-use industries and technological innovations. Besides, improving economic scenery in developing nations, growing infrastructure investments, strict environmental regulations, increasing income levels, and emerging demand for eco-friendly coatings are further boosting the segmental share.
 

With respect to the geographical scope, Asia Pacific is a premier hub for global paints and coatings market growth, owing to easy availability of raw materials and lenient laws regarding laws regarding VOC emission as compared to Europe and North America. Further, low labor costs, and positive outlook of the construction sector due to increasing number of manufacturing facilities are supporting the regional market expansion.
 

Speaking of the competitive landscape, top contenders impacting global paints and coatings market dynamics are Henkel AG & Co. KGaA, Asian Paints Ltd., Masco Corp., BASF SE, Kansai Paint Co., Ltd., Axalta Coating Systems, RPM International, Inc., AkzoNobel N.V., PPG Industries, Inc., and Sherwin-Williams Co.