The high-tech paints and coatings market is projected to reach USD 267.5 billion by 2030, advancing at a 10.4% CAGR over this decade, according to P&S Intelligence.
Nanotechnology is being utilized to produce antimicrobial coatings, which can support in the prevention of contamination by bacteria.
Furthermore, vinyl wraps, also known as self-healing wraps, comprise high-tech coatings, and they can be utilized instead of normal paints. In addition, crack discovery paints can support in conducting visual tests, thereby making it simpler to discover cracks in wind turbines, bridges, and other structures.
Water-Borne Technology Set To Experience Fastest Development
On the basis of technology, the water-borne category is projected to develop at the fastest pace, of approximately 9.6%, in the coming few years. This is because these variants are widely utilized in architectural applications in North America and Europe, because of the stringent VOC regulations here.
As health and environmental concerns are mounting and Asia-Pacific nations are experiencing rapid urbanization, which has caused an enormous demand for new homes, the utilization of water-borne alternatives in architectural applications is now rising.
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Increasing Expenditure in Automobile Industry Boosts Market
The government is supporting the automobile industry in several ways, such as offering grants for businesses and formulating strategies for its restructuring.
The rising expenditure in technological enhancements is leading to better manufacturing processes and designs, surge in the acceptance of digital driving systems, and advent of electric vehicles.
Moreover, to reduce manufacturing prices and increase revenue, the key automakers around the world are constantly increasing their investments in production plants in developing markets, particularly India, China, Thailand, Malaysia, and Vietnam.
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APAC Is Dominating Industry
In 2022, APAC was the highest revenue generator. Furthermore, the largest market for architectural paints and coatings in APAC is China, and the second largest is India, followed by Japan.
The requirement for architectural coatings in such countries will increase mainly because of the growing living space needs in city areas, because of urbanization and the desire of middle-class people to advance their living standards.
When it comes to India, house building is vigorously supported by the government. As per NITI Aayog, in the coming few decades, around 50% population will move to urban areas. Such factors will contribute to the growth in high-tech paint and coating demand for various aesthetic and practical purposes.
