Paints and Coatings Market Size,Trends & Forecast 2024-2032
Paints and Coatings Market Size, Share, Analysis Report, 2024-2032

Paints and Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Ceramic, Others); By Technology; By End-Use; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 115
  • Format: PDF
  • Report ID: PM1303
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global paints and coatings market was valued at USD 169.29 billion in 2023 and is expected to grow at a CAGR of 4.90% during the forecast period.

Paints and coatings are used in various industries, including automotive, transportation, wood, and construction. In the construction sector, these materials play a crucial role in safeguarding structures from external damage. Moreover, they are employed for decorative purposes in both residential and non-residential buildings, as well as in infrastructure projects, marine environments, industrial plants, and various other applications.

Paints and Coatings Market Size

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Several factors are driving the growth of the paints and coatings market. The rise in population accompanied by rapid urbanization has surged the growth of the construction & architecture sector in both developing and developed countries such as the U.S., India, Japan, and China, where paints and coatings are utilized for flooring, roofing, and wall finishing applications. This is anticipated to boost the demand for paints and coatings in the increasing construction and architecture sector. 

For instance, PPG Industries, Inc. has declared a global price hike for its protective and marine coatings in response to rising operational costs and increased expenses associated with raw materials like epoxy resins, titanium dioxide, zinc powders, and solvents.

Raw material trends play a crucial role in influencing the paints and coatings market due to their high dependence on raw materials. The expenses associated with raw materials hold significant importance for manufacturers in this industry, constituting 50% of their overall costs. Key raw materials essential for the production of paints and coatings contain pigments, solvents, additives, and resins. Exceptionally, resins like acrylic, epoxy, polyurethane, alkyd, and polyesters play a predominant role in the manufacturing process of paints and coatings.

The COVID-19 pandemic has significantly impacted the global paints and coatings market. The lockdowns and economic downshift give rise to disruptions in the supply chain, which cause raw material shortages and challenges. This resulted in production slowdowns and increased costs for manufacturers. The construction sector, a key consumer of paints and coatings, experienced delays and cancellations of projects as social distancing measures were executed, further affecting the demand for these products.

On the other side, the pandemic also highlighted the importance of hygiene and cleanliness, leading to an increased focus on antimicrobial and antiviral coatings. The demand for coatings with these properties increased as businesses and consumers aimed ways to enhance safety in various environments. Additionally, the shift towards remote working and online retailing prompted a renewed interest in home improvement projects, causing a rebound in demand for architectural paints.

Paints And Coatings Market Size

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As the world started healing, the paints and coatings industry is adapting to new trends and consumer preferences. Sustainable and eco-friendly coatings are gaining traction as environmental consciousness becomes a more significant factor in purchasing decisions. Furthermore, the industry is likely to witness increased investments in research and development to address emerging challenges and capitalize on evolving market dynamics.

Product innovations, technological advancements, and the introduction of regulatory policies have been detailed in the report to enable businesses to make more informed decisions. Furthermore, the impact of the COVID-19 pandemic on the Paints And Coatings Market demand has been examined in the study. The report is a must-read for anyone looking to develop effective strategies and stay ahead of the curve.

From past years, advanced formulation technologies have significantly empowered the fulfillment of diverse and emerging consumer needs. Innovations such as anti-corrosive protection, coatings with low volatile organic compound (VOC) content, and nano coatings have become prominent in the market. The incorporation of nanotechnology has been demonstrated to be a key factor in the industry's advancements.

Industry Dynamics

Growth Drivers

  • Development of the construction industry and enlargement of smart coatings will drive the growth of the market

The developing construction industry drives the demand for paints and coatings in the construction sector. Construction coatings enclose protective coatings and sealants applied to distinct surfaces to enhance their visual appeal, corrosion resistance, adhesion, and scratch resistance. Commonly employed construction coatings include acrylic, epoxy resin, and polyurethane coatings.

Smart coatings are used in various industries such as medical, military, textile, transportation, construction, electronics, and more, offering protection against corrosion and abrasion, among other threats. Specifically, anti-corrosion smart coatings play a crucial role in shielding metal surfaces by inhibiting the interaction with corrosive chemicals. These coatings act as a barrier, safeguarding substrates from corrosion even in conditions involving high temperatures and exceptionally corrosive environments. Primarily, smart coatings incorporate polymer-filled microcapsules, contributing to the development of self-healing coatings. The versatility of smart coatings is clear in their utilization across diverse sectors, ranging from cosmetics to construction.

Report Segmentation

The market is primarily segmented based on resin type, technology, end-use, and region.

By Resin Type

By Technology

By End-Use

By Region

  • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • Ceramic
  • Others

 

  • Water-based Coatings
  • Solvent-based Coatings
  • Powder Coatings
  • UV-based Coatings

 

  • Architectural
  • Residential
  • Industrial
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Resin Type Analysis

  • The acrylic segment accounted for the largest revenue share in 2022

The acrylic segment accounted for the largest revenue share. Owing to their superior performance properties, such as superior adhesion, flexibility, durability, and resistance to UV radiation and chemicals, they are excellent for an extensive range of applications in architectural, automotive, and industrial coatings. The versatility of acrylic resins is apparent in their capacity to be formulated into different coatings, including solvent-borne, powder-coatings, and water-borne, making them appropriate for various substrates and applications.

On the other hand, the epoxy segment is anticipated to witness substantial growth. Due to their extensive use in floor coatings, epoxy coatings are characterized by outstanding chemical resistance, resistance to sagging, strong adhesion, high bond strength, and low porosity. These coatings also indicate prolonged resistance to erosion and gloss retention, making them the favored choice for industrial-grade floor coatings.

By Technology Analysis

  • The powder coatings segment accounted for the highest market share during the forecast period

The powder coatings segment accounted for the highest market share during the forecast period. These coatings are applied as a dry powder finish through an electrostatic spray gun and then cured in an oven, delivering a robust and enduring coating. Their environmentally friendly nature stems from their solvent-free composition, reducing emissions of volatile organic compounds (VOCs), thereby facilitating both human health and environmental well-being. Furthermore, powder coatings exhibit outstanding performance attributes such as remarkable adhesion, durability, and resistance to chemicals, corrosion, and UV radiation.

On the other hand, solvent-based coatings are anticipated to experience significant growth throughout the forecast period. This growth can be attributed due to the use of solvents such as aliphatic hydrocarbons, lacquer thinner, toluene, and xylene find applications across diverse industries. Leading corporations are shifting their usage from conventional pigments to environmentally friendly formulations, even though the latter may entail a somewhat higher expense.

Regional Insights

  • Asia Pacific dominated the largest market in 2022

Asia Pacific dominated the largest market contributor in the paints and coatings market. The surge in construction activity is generating an increased need for paints and coatings. Furthermore, the advancing disposable incomes in the area are bolstering expansion, with consumers pursuing top-notch paints and coatings for various purposes. Additionally, a surging awareness of aesthetics and an increasing interest in home improvement among consumers in the Asia Pacific region is increasing the demand for decorative paints and coatings.

Europe is accounted for the fastest growth in paints and coatings market. Expanding construction activities in diverse nations like the U.K, Germany, Hungary, Poland, Sweden, Ireland, and Netherlands are anticipated to boost the need for paints and coatings in the forecast period. The construction industry in the region is experiencing growth, driven by extended funding from the European Union (EU) and favorable governmental policies. These policies encompass tax breaks, subsidies, and incentives implemented by the governments of several European countries, further stimulating the construction sector.

Key Market Players & Competitive Insights

The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.

Some of the major players operating in the global market include:

  • AkzoNobel N.V.
  • Asian Paints Limited
  • Axalta Coating System LLC
  • BASF Coatings GmbH
  • Beckers Group
  • Berger Paints India Limited
  • Diamond Vogel Paints
  • Dunn-Edwards Corporation
  • Hempel A/S
  • Indigo Paints Pvt Ltd
  • Jotun A/S
  • Kansai Paints Co., Ltd.
  • Kelly-Moore Paints
  • Masco Corporation
  • Nippon Paint Holdings Co., Ltd.
  • PPG Industries
  • RPM International Inc
  • Sacal International Group Ltd.
  • S K Kaken Co., Ltd
  • Shalimar Paints
  • Sherwin-Williams Company
  • Tiger Coatings GmbH & Co. Kg
  • Tikkurila OYJ
  • Valspar Corporation
  • Vista Paints Corporation

Recent Developments

  • In June 2022, Sherwin-Williams Company recently revealed its acquisition of Gross & Perthun GmbH, a German firm specializing in the development, manufacturing, and distribution of coatings, with a primary focus on the heavy equipment and transportation sectors. This strategic step not only introduces innovative waterborne and solvent liquid coatings technology to Sherwin-Williams but also establishes robust connections with both local and multinational clientele. The amalgamation of these enterprises presents numerous avenues for expansion across Europe and into global markets.
  • In May 2022, Sika AG, a Switzerland-based multinational corporation, has completed the acquisition of United Gilsonite Laboratories (UGL) in the United States. UGL, renowned for its production of consumer and do-it-yourself waterproofing solutions, is anticipated to enhance Sika's footprint in the U.S. market.
  • In April 2022, PPG has recently acquired the powder coatings manufacturing business of Arsonsisi, an industrial coatings company located in Milan, Italy.

Paints and Coatings Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 176.48 billion

Revenue forecast in 2032

USD 259.00 billion

CAGR

4.90% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Resin Type, By Technology, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization    

Report customization as per your requirements with respect to countries, region and segmentation.

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FAQ's

The global paints and coatings market size is expected to reach USD 259.00 billion by 2032

Key players in the market are AkzoNobel N.V., Asian Paints Limited, Axalta Coating System LLC, BASF Coatings GmbH

Asia Pacific contribute notably towards the global paints and coatings market

The global paints and coatings market is expected to grow at a CAGR of 4.8% during the forecast period.

The paints and coatings market report covering key segments are resin type, technology, end-use, and region.