
Paints and Coatings Market Growth Analysis Report By Material (Polyester, Acrylic, Alkyd, Epoxy, Polyurethane, and Others), By Product (Solvent-borne Coatings, Waterborne Coatings, Powder Coatings, High Solids/Radiation Curing, and Others (Specialty Coatings)), By Application (Non-Architectural and Architectural & Decorative) - Market Growth, Trends, Segment Forecasts, Regional Outlook 2023 – 2030
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The Paints and Coatings Market Predictable at $168.98 billion in 2022, is estimated to increase at a CAGR of 3.75% from $178.56 billion in 2023 to $245.85 billion by 2030.
Paints and Coatings Market Overview
The Paints and Coatings industry can be delineated into two primary end-use categories: Decorative (Architectural) and Industrial Paints and Coatings. The decorative paint segment constitutes approximately 40% of the market share, encompassing ancillary products such as primers and putties. Within this category, various subcategories include exterior and interior wall paints, wood finishes, and enamels. The remaining 60% of the industry is occupied by industrial paints, serving diverse sectors such as automotive, marine, packaging, powder, protective, and general industrial coatings.
Given the stringent regulations governing the coatings sector globally, manufacturers have increasingly adopted low-solvent and solvent-less technologies. While there exists a multitude of coatings manufacturers, the landscape is predominantly composed of numerous small regional entities, juxtaposed with a handful of large multinational corporations. However, many of these major corporations have expanded their operational footprint in rapidly developing economies like India and mainland China. Notably, industry consolidation, especially among major manufacturers, has emerged as a prevailing trend.
Over the ensuing five years, housing and construction endeavors are projected to incrementally escalate across North America and Europe. Notably, the construction sector in China is anticipated to witness accelerated growth compared to its counterparts in Europe and North America, despite experiencing a notable deceleration over the preceding two to three years. Concurrently, construction activities are surging in nations such as India, Southeast Asia, and South America, in response to heightened rates of urbanization spurred by rural-to-urban migration driven by improved economic prospects. Infrastructure investments by governments worldwide continue to underpin economic recovery efforts post-COVID-19, fostering increased construction activity. Notably, civil engineering is expected to emerge as the fastest-growing segment within the construction market. Nevertheless, Australia’s construction output is forecasted to decline by approximately 3% in 2023, influenced by factors such as high inflation and rising interest rates, leading to diminished property values and escalating construction costs in the residential sector.
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Paints and Coatings Market Segment Analysis
Global Paints & Coatings market is segmented on the basis of resin type, technology and application.
On the basis of resin type, the paints and coatings market are segmented into acrylic, epoxy resin, alkyd, polyurethane, polyester and others. Others are further segmented into silicone, amino, polyurea, polyolefin, nitrocellulose, plastisol, polyamide, vinyl-based, and hybrid coatings.
On the basis of technology, the paints and coatings market are segmented into water-based technology, solvent-based technology, high solids, powder coating and others.
On the basis of application, the paints and coatings market are segmented into architectural application and industrial application. Architectural application is further segmented into residential and non-residential. Residential is further sub-segmented into new construction and remodel and repaint. Industrial application is further segmented into general industrial, protective, automotive refinish, automotive OEM, industrial wood, marine, coil, packaging, aerospace and rail.
Paints and Coatings Market Dynamics
Paints & Coatings Market Growth
The primary purpose of paints and coatings is to safeguard and enhance infrastructure and buildings. These architectural advancements consist of paints for both the interior and exterior, as well as sealants, primers, stains, and varnishes. Architectural paints allow for odorless painting options with increased durability and come in a variety of finishes, ranging from flat to satin.
It is anticipated that the construction sector will increase by approximately USD 8.0 trillion by the year 2032. An increase in construction work and public infrastructure investments by the government is expected to drive the market’s expansion. Furthermore, state-of-the-art technologies are increasingly being adopted as the norm in the construction industry. The increasing utilization of Building Information Modeling (BIM) cloud and collaboration computing is also contributing to the expansion of the construction sector.
The industry’s expansion resulted in a significant increase in product need for various uses, including commercial and residential building projects. Furthermore, the increasing popularity of these items is due to their use in coils, wood, industrial metals, and transportation and automotive sectors, leading to a rise in market expansion.
Restraints:
Water-based coatings need more time to dry and cure compared to solvent-based coatings. Moreover, the excellent flow properties of water-based coatings change depending on the humidity levels, affecting how the coating is applied. High humidity conditions make it difficult for water to evaporate, resulting in ineffective curing and reduced effectiveness.
Paints & Coatings Market Players
AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), RPM International (US), and Nippon Paint (Japan) are the major players in the Paints & Coatings market.
Recent Development:
AkzoNobel N.V. is a chemical company. It works in the decorative paints, performance coatings, and specialty chemicals industries. AkzoNobel N.V. has a large customer base and operates in several European, North American, Asian, South American, and Middle Eastern nations. The organisation conducts business in over 80 countries throughout the world.
Its product portfolio includes Dulux, Sikkens, Butanox, Elotex, International, and Interpon, among others. China, India, the United States, Germany, Brazil, and the United Arab Emirates are just a few of the nations where the corporation has offices and production facilities.
February 2023: AkzoNobel Powder Coatings introduced the Interpon Futura Collection, which includes three new, on-trend color palettes such as Merging World, Healing Nature, and Soft Abstraction. The collection emits no solvents or volatile organic compounds and contributes to AkzoNobel’s overall sustainability program.
February 18, 2022: PPG today announced it was recognized on the CLEAN200™ global list as the top paints, coatings and specialty materials manufacturer with the greatest percent of 2020 revenue from sustainably advantaged products. PPG ranked 74th overall on the list in green revenue, reporting 35% of sales from sustainably advantaged products in
2020. The company’s goal is to achieve 40% of sales from sustainably advantaged products by 2025.
Who Should Buy? Or Key Stakeholders
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Chemical manufacturers
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Infrastructure industry Suppliers
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Automobile companies
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Market Investors
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Transportation companies
Regional Insights Paints and Coatings Market
The Paints & Coatings Market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
- Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
- South America: includes Brazil, Argentina and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
Asia Pacific including China and Southeast Asia dominated the market, accounting for more than 48% of worldwide sales. Over the projected period, the market is expected to be driven by rising construction activities and increased demand from the automotive sector in emerging nations such as China, India, Japan, and Southeast Asia.
The easy availability of raw materials, coupled with less strict laws regarding VOC emissions, has provided huge growth opportunities to the market. Low labor costs in Asia Pacific’s growing economies have attracted many foreign investors to locate industrial operations in the region.
Segments Covered in the Paints and Coatings Market
By Material
- Polyester
- Acrylic
- Alkyd
- Epoxy
- Polyurethane
- Others
By Product
- Solvent-borne Coatings
- Waterborne Coatings
- Powder Coatings
- High Solids/Radiation Curing
- Others (Specialty Coatings)
By Application
- Non-Architectural
- Wood
- Automotive & Transportation
- General Industrial
- Protective
- Marine
- Others
- Architectural & Decorative
Frequently Asked Questions:
What is the current size of the global paints and coatings market?
The Paints and Coatings Market Predictable at $168.98 billion in 2022, is estimated to increase at a CAGR of 3.75% from $178.56 billion in 2023 to $245.85 billion by 2030.
What is the paints and coatings market growth rate?
The global paints and coatings market is growing at a CAGR of 3.75% during the forecast period 2023 to 2030.
Who are the key players in paints and coatings market?
Some of the key players operating in the market are Akzo Nobel N.V.; PPG Industries, Inc.; The Sherwin-Williams Company; Jotun; Axalta Coating Systems, LLC; RPM International Inc.; Henkel AG & Company, KGaA; BASF SE; Kansai Paint Co., Ltd.; Hempel A/S; Nippon Paint Holdings Co., Ltd.; Sika AG; Beckers Group; 3M; and The Chemours Company among others.
Why paints & coatings are?
Paints & coatings are the decorative and glossy finishes that enhance the aesthetic appearance of the surface of walls, equipment, metal component, or other products. They also protect the product from corrosion & abrasion along with this it enhances the durability of the product surface. Basic raw materials used for the production of paints & coatings include curing agent, solvent, pigments, additive, resin, and dispersant.
Table of Contents
- Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
- Research Methodology
2.1. Research Approach
2.2. DataSources
2.3. Assumptions& Limitations
- Executive Summary
3.1. Market Snapshot
- Paints and Coatings Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
- COVID 19 Impact on Paints and Coatings Market
5.1. Covid-19: Paints and Coatings Industry Impact
5.2. Paints and Coatings Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Paints and Coatings Opportunities in the COVID-19 Landscape
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Paints and Coatings Manufacturers to deal with Covid-19 Pandemic Scenario
- Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
- Global Paints and Coatings Market: Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. Paints and Coatings MarketRevenue (USD Million) by Manufacturer
7.1.1.2. Paints and Coatings MarketRevenue (USD Million) Market Share by Manufacturer
7.1.1.3. Paints and Coatings MarketProduction (tons) by Manufacturer
7.1.1.4. Paints and Coatings MarketProduction (tons) Share by Manufacturer
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio Expansion, Capacity Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
- Global Paints and Coatings Market, By Product Type
8.1. Paints and Coatings Market, by Product Type,
8.1.1. Polyester
8.1.1.1. Market Revenue (USD Million) and Forecast
8.1.1.2. Market Production (tons) and Forecast
8.1.2. Acrylic
8.1.2.1. Market Revenue (USD Million) and Forecast
8.1.2.2. Market Production (tons) and Forecast
8.1.3. Alkyd
8.1.3.1. Market Revenue (USD Million) and Forecast
8.1.3.2. Market Production (tons) and Forecast
8.1.4. Epoxy
8.1.4.1. Market Revenue (USD Million) and Forecast
8.1.4.2. Market Production (tons) and Forecast
8.1.5. Polyurethane
8.1.5.1. Market Revenue (USD Million) and Forecast
8.1.5.2. Market Production (tons) and Forecast
- Global Paints and Coatings Market, By Application
9.1. Paints and Coatings Market, by Application,
9.1.1. Solvent-borne Coatings
9.1.1.1. Market Revenue (USD Million) and Forecast
9.1.1.2. Market Consumption (tons) and Forecast
9.1.2. Waterborne Coatings
9.1.2.1. Market Revenue (USD Million) and Forecast
9.1.2.2. Market Consumption (tons) and Forecast
9.1.3. Powder Coatings
9.1.3.1. Market Revenue (USD Million) and Forecast
9.1.3.2. Market Consumption (tons) and Forecast
9.1.4. High Solids/Radiation Curing
9.1.4.1. Market Revenue (USD Million) and Forecast
9.1.4.2. Market Consumption (tons) and Forecast
9.1.5. Others (Specialty Coatings)
9.1.5.1. Market Revenue (USD Million) and Forecast
9.1.5.2. Market Consumption (tons) and Forecast
- Global Paints and Coatings Market, By End-User
10.1. Paints and Coatings Market, by End-User,
10.1.1. Non-Architectural
10.1.1.1. Market Revenue (USD Million) and Forecast
10.1.1.2. Market Consumption (tons) and Forecast
10.1.2. Architectural & Decorative
10.1.2.1. Market Revenue (USD Million) and Forecast
10.1.2.2. Market Consumption (tons) and Forecast
- Global Paints and Coatings Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue (USD Million) and Production (tons) Forecast by Product
11.1.2. Market Revenue (USD Million) and Consumption (tons) Forecast by Application
11.1.3. Market Revenue (USD Million) and Consumption (tons) Forecast by End-User
11.2. Europe
11.2.1. Market Revenue (USD Million) and Production (tons) Forecast by Product
11.2.2. Market Revenue (USD Million) and Consumption (tons) Forecast by Application
11.2.3. Market Revenue (USD Million) and Consumption (tons) Forecast by End-User
11.2.7. Rest of EU
11.2.7.1. Market Revenue (USD Million) and Production (tons) Forecast
11.2.7.2. Market Revenue (USD Million) and Consumption (tons) Forecast
11.3. Asia Pacific (APAC)
11.3.1. Market Revenue (USD Million) and Production (tons) Forecast by Product
11.3.2. Market Revenue (USD Million) and Consumption (tons) Forecast by Application
11.3.3. Market Revenue (USD Million) and Consumption (tons) Forecast by End-User
11.3.7. Rest of APAC
11.3.7.1. Market Revenue (USD Million) and Production (tons) Forecast
11.3.7.2. Market Revenue (USD Million) and Consumption (tons) Forecast
11.4. LATAM
11.4.1. Market Revenue (USD Million) and Production (tons) Forecast by Product
11.4.2. Market Revenue (USD Million) and Consumption (tons) Forecast by Application
11.4.3. Market Revenue (USD Million) and Consumption (tons) Forecast by End-User
11.4.5. Rest of LATAM
11.4.5.1. Market Revenue (USD Million) and Production (tons) Forecast
11.4.5.2. Market Revenue (USD Million) and Consumption (tons) Forecast
11.5. Middle East and Africa (MEA)
11.5.1. Market Revenue (USD Million) and Production (tons) Forecast by Product
11.5.2. Market Revenue (USD Million) and Consumption (tons) Forecast by Application
11.5.3. Market Revenue (USD Million) and Consumption (tons) Forecast by End-User
11.5.7. Rest of MEA
11.5.7.1. Market Revenue (USD Million) and Production (tons) Forecast
11.5.7.2. Market Revenue (USD Million) and Consumption (tons) Forecast
- Company Profiles
12.1. Akzo Nobel N.V.
12.2. PPG Industries, Inc.
12.3. The Sherwin-Williams Company
12.4. Jotun
12.5. Axalta Coating Systems, LLC
12.6. RPM International Inc.
12.7. Henkel AG & Company, KGaA
12.8. BASF SE
12.9. Kansai Paint Co., Ltd.
12.10. 3M
12.11. Beckers Group
12.12. Nippon Paint Holdings Co., Ltd.
12.13. The Chemours Company.
12.14. Sika AG
12.15. Hempel A/S
13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
- Appendix
14.1. About Us
14.2. Glossary of Terms
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[…] purposes of this analysis are: To characterize, portray, and check the Global Paints and Coatings Market based on product type, application, and region. To estimate and inspect the size of the […]