The use of paints and coatings is growing for automotive, packaging, construction, electronics, and others.

MarketsandMarkets’ report, "Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial),Region - Global Forecast to 2029," project the market to reach $227.5 billion by 2029 from $194.5 billion in 2024, at a CAGR of 3.2%.

The Asia Pacific is one of the prominent consumers of paints & coatings across the globe. Currently, the requirement for paints and coatings is growing for automotive, packaging, construction, electronics, and others. The growth of the emerging economies as China, India, Brazil and Mexico among others contribute significantly for the development of the global paints & coatings market.

Fluoropolymers are being used in the building and construction sector more and more. Fluoropolymers, such as polyvin/lidene difluoride (PVDF), are utilized in architectural and industrial coatings in the building and construction sector.

PVDF is employed in architectural applications where long-term substrate protection and outstanding appearance are required. Because it can be formed into solvent dispersion coatings and has sufficient solubility in ester and ketone solvents, PVDF is the most desirable fluoropolymer.

The acrylic resin segment is expected to register the highest growth of the architectural paints and coatings market during the forecasted period. These resins are widely used as clear coatings in the automobile industry. The acrylic resin market is rapidly developing in the coatings business.

The epoxy resin type segment holds the largest share in the overall industrial paints and coatings market during the forecast period in terms of value. Epoxy resins are used in the production of adhesives, plastics, paints, coatings, primers, sealants, floors, and other construction and building products.

Epoxies are used in the paints and coatings business to form insulating and protective layers for maritime vessels, satellite systems, spacecraft, and airplanes. Epoxy resins are valuable in a variety of sectors because they may be used as adhesives, laminating resins, grinding wheel coatings, fire-retardant coatings, and insulating materials. Their resistance to heat stress and water makes them very good in preventing corrosion.