With the increasing use of smart coatings in different application areas, the paints and coatings market domain is expected to grow rapidly. Smart coatings are gaining traction worldwide due to their property changing capabilities in response to external stimuli, such as electric field or temperature. Furthermore, these coatings offer numerous benefits in a range of applications, such as in the repair of oil and gas platforms and damaged aero engines. This is why these coatings are being widely adopted in the aerospace, automobile, hospital, and military sectors.

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Further, owing to the surge in population and rise in the export of construction material, the construction sector is flourishing at a rapid pace in countries such as the U.S., India, China, Sweden, Canada, the U.K., and Australia. In addition, the huge investments in the construction of apartments, hotels, hospitals, offices, civic infrastructure, and retail centers are escalating the use of paints and coatings, resulting in the growth of the domain.

Talking about the resin type, the paints, and coatings marketed by epoxy, acrylic, polyester, polyurethane, and others (nitrocellulose lacquer, nylon, and polycarbonates). Out of these, the volume of polyurethane is projected to have the fastest CAGR (5.9%) in the market during the forecast period. The reason for this is that it offers therefore, it is a preferred choice for a majority of commercial and residential interior projects. With commercial construction, the demand for polyurethane is also expected to increase.

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Asia-Pacific (APAC) is anticipated to be the fastest growing market or coatings and paints during the forecast period with a sales volume and value CAGR of 7.2% and 8.3%, respectively. In this region, stringent air pollution regulations are expected to drive the adoption of eco-friendly coating resins and formulations. In addition, the growing construction industry due to increasing government and private spending is projected to accelerate the paints and coatings market growth.

Paints and coatings play an important role in decorating any house, office, restaurant, hotel, automotive gold. These also provide texture in addition to corrosion and abrasion resistance to the substrate. Further, these enhance the durability and adhesive properties of the material on which they are applied.