European Paints and Coatings Market Size in 2023 To 2029 | Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), BASF Coatings GmbH (Germany), Jotun A/S (Norway), and Axalta Coating Systems LLC (US).

European Paints and Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyester, PU, Fluoropolymer, Vinyl), Technology (Waterborne, Solvent borne, Powder), End-use (Architectural and Industrial), and Country - Global Forecast to 2028

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The key companies profiled in this report are Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), BASF Coatings GmbH (Germany), Jotun A/S (Norway), and Axalta Coating Systems LLC (US).

"The European Paints and Coatings market is projected to register a CAGR of 2.3% between 2023 and 2028, in terms of value."

The European Paints and Coatings market is projected to grow from USD 37.2 Billion in 2023 to USD 41.6 Billion by 2028, at a CAGR of 2.3% between 2023-2028.The challenges related to the European Paints and Coatings market are stringent environmental regulations. With the increasing number of regulatory policies adopted by various governments, paints& coatings producers in the region have to improve their processes to comply with the new policies constantly.

"Acrylic resin is estimated to be the largest growing segment in the architectural end-use industry."

Acrylics are available in various forms, such as emulsions (latex), lacquers, enamels, and powders, out of which the most common form is acrylic latex. The chief acrylic polymers are acrylic and methacrylic acid, which provide a polymer structure with little tendency to absorb UV light and increase their resistance to weathering and oxidation compared to oil-based paints, alkyds, or epoxies. Acrylics possess good colors and gloss retention. Acrylic in powder coatings ranges from thin-film clear coats to very smooth coats and provides a high-performance finish with outstanding weather resistance and high-gloss colors, making them ideal for outdoor applications with excellent exterior durability. Acrylic coatings are waterborne, easy to handle, moderately priced, and perform well in various applications such as roof and wall coating. They are cured by water evaporation, exhibiting a reasonable degree of cohesive strength, and provide good adhesion to most roof surfaces. These resin-based coatings are used in numerous architectural applications.

"Polyurethane resin to gain the maximum market share of Industrial End-use industry during the forecast period."

Polyurethane resins are created by combining polyalcohol with organic di-isocyanate. Polyurethane resin paints have exceptional durability, toughness, and gloss and are easy to clean. Polyurethane resin paints are employed in a variety of applications around the world because of their qualities. Polyurethane paints are also employed in applications requiring great performance, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges. Heavy-duty exterior and interior structural coating, clean rooms, paper mills, power plants, offshore structures, oil field machinery, outside surfaces of steel tanks, handrails, conveyors, and chemical processing equipment are some further applications for polyurethane resin paints and coatings.

"Germany is estimated to be the largest and fastest-growing segment of the European Paints and Coatings market."

The automotive industry raised the demand for paints and coatings in the country. According to OICA, it has produced 212,527 light commercial vehicles and 3,096,165 passenger cars. The German automotive sector creates +60% R&D growth in Europe. The automotive industry generates 24% of total domestic industry revenue. 77% of cars manufactured in Germany in 2021 were destined for export markets. The industry is bouncing back from the pandemic as well as the economic recession, with the largest concentration of OEM plants in Europe. There are currently 44 OEM sites located in Germany. German OEM market share in the EU was more than 55 percent in 2021. German passenger car and light commercial vehicle OEM generated foreign market revenue of almost EUR 274 billion (USD 302.11 billion) in 2021 - a ten percent increase over 2020.

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European Paints and Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyester, PU, Fluoropolymer, Vinyl), by Technology (Waterborne, Solventborne, Powder), by End-use (Architectural and Industrial), and Country (Germany, Russia, UK, France, Italy, Spain, Turkey, Poland, Sweden, Denmark, Norway, Finland, Lithuania, Latvia, Estonia, and Rest of Europe).

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This release was published on openPR.