USD 160.4 billion
Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Acrylic, Alkyd, Epoxy, Polyester), By Technology(Solvent-Borne, Powder Coatings, Water-Borne, Hot Melt), By Application(Architectural, Industrial, Construction, Coil Segments), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2489 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
94
|Figures:
76
Paints And Coatings Market Insights
Global Paints and Coatings market was valued at USD 160.4 billion in 2022 and is poised to grow from USD 169.2 billion in 2023 to USD 259.7 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
The paints and coatings market are experiencing dynamic growth, with multiple factors including rapid urbanization, growing infrastructure and expanding automotive industry as urban areas continue to grow. This growth is not limited to new construction but also extends to repair and maintenance work, where protective and aesthetic coatings are essential. Automotive industry is increasingly driving market expansion, which requires advanced coatings in increased automotive manufacturing that provide durability and aesthetics, but markets meet environmental regulations if intensive aimed at reducing volatile organic compound (VOC) emissions. These regulations push manufacturers to innovate and develop sustainable, environmentally friendly products, such as low-VOC and water-based coatings. In addition, fluctuations in raw material prices, especially for key components such as titanium dioxide and resins, pose a risk to profitability, and end-product prices may rise. Despite these challenges, a key factor shaping the market is consumer preference for sustainable products, which is driving a shift towards green bio-based coatings. As the industry continues to innovate, balancing compliance with consumer demand in terms of environmentally friendly solutions will be crucial for the continued growth of the paints and coatings market.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Water-Based
Fastest Growth
Hot-Melt
Growth Rate
5.5% CAGR
Global Paints and Coatings Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Paints And Coatings Market Segmental Analysis
Global Paints and Coatings Market is Segmented based on the Resin, Technology, Application, and Region. Based on the Resin, the global paints and coatings market is segmented as Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, and others. Based on technology, the global paints and coatings market is segmented as Solvent-Based, Powder Coatings, Water-Based, Hot-melt, and Others. Based on Application, the market is segmented into Architectural, Industrial, Construction, Coil Segments, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Resin
Epoxy resin is the dominant segment in the market widely used in floor coverings, and the coating is made from a mixture of epoxy thinners and alcohol. Epoxy coatings are widely used for their low porosity, exceptional chemical resistance, corrosion resistance, tilt protection, adhesive strength, strong adhesion and durability. Epoxy resin plays an important role in the market due to its unique properties for coating performance and durability. Epoxy resins play a major role in high-performance coating manufacturing because they provide good adhesion, chemical resistance and mechanical strength.
Acrylic resins are expected to be the fastest growing segment in the paints and coatings market. The remarkable properties of acrylic resins, such as high hardness, durability, adhesion to various substrates, gloss, weather resistance and chemical resistance have made it one of the fastest growing segments in the market. These resins are widely used in construction and automotive coatings, especially in developing countries such as China and India where the need for high-quality paints is due to high raw material costs and rising living standards.
Analysis by Application
The construction segment is expected to dominate in terms of revenue and volume throughout the forecast period. Construction products include paints and coatings to repair non-residential and residential structures and to protect buildings from UV radiation and environmental damage among other things. Paints and coatings in the automotive industry will increase the market attention due to their corrosion resistance, continuous protective film formation, color fastness, scratch resistance, abrasion, durability and flexibility.
The growth of coil segments can be related to the mass production of sheets made of several materials such as metals, copper and polymers. Coils are used in domestic wiring, semiconductors, cables, construction, automotive and more. These materials are also used in commercial and military ships to protect from environmental factors such as UV rays, thermal instability, and water from industrial products. Also to coat them with paint, industrial and mechanical timbers are resistant to fire, heat and electricity. Increased demand for industrial and marine products will further drive the market growth.
Global Paints and Coatings Market By Resin (%)
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Paints And Coatings Market Regional Insights
Asia-Pacific is the dominant region in the market and is likely to maintain its position over the forecast period. This is due to the growing construction and construction activity as well as the automobile industry in China, India and Japan. The increasing use of coatings is due to non-residential and residential coatings. They have a great application in furniture, windows and walls. The main buyer is China, as the growing population is leading the growth in residential construction, which gives the market a boost affecting the users in the market which increases the market value in the region.
North America is predicted to witness impressive growth in the global market. U.S. is one of the largest consumers of construction and automotive coatings globally, which will support the growth of the market. These products are primarily used to replace older products in the US. are repaired and remanufactured coatings. Increased disposable income, continued technological innovation, and consolidation of used vehicles are major contributing factors develop the market.
Global Paints and Coatings Market By Geography
- Largest
- Fastest
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Paints And Coatings Market Dynamics
Driver
Rising Urbanization and Infrastructure Development
- The global paints and coatings market is driven by increased urbanization and infrastructure development, especially in emerging economies. Demand in the residential, commercial and industrial sectors has increased, leading to an increase in the use of protective, aesthetic and durable paints and coatings.
Growth in Automotive Industry
- The expansion of the global paints and coatings market has also significantly increased the demand for paints and coatings. With the increasing number of vehicles being manufactured worldwide, there is an increasing need for high-performance coatings that offer excellent protection and aesthetics.
Restraint
Strict Environmental Regulations
- The paints and coatings industry faces challenges due to stringent environmental regulations. Many countries limit the use of volatile organic compounds (VOCs) and other hazardous chemicals, increasing the costs for manufacturers to comply with these standards.
Changes in Raw Material Prices
- Fluctuations in the prices of raw materials such as titanium dioxide, resins, solvents, etc. are a major restriction in the market and these fluctuations can affect manufacturers’ profits. And increase material costs, which may be a hinder market development approach.
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Paints And Coatings Market Competitive Landscape
The global paints and coatings market exhibits a semi-fragmented nature, characterized by intense competition among key players. A notable example of a strategic partnership in the paints and coatings market is the collaboration between BASF SE and PPG Industries, Inc.; these two giants formed a joint venture to develop and market advanced automotive coatings. This partnership enabled the two companies to leverage their strengths, with BASF contributing in-depth expertise in materials manufacturing. They worked together to develop products coatings that provide long-lasting strength, environmental benefits and aesthetic excellence, and thus satisfied the growing demand for durable and high-quality automotive finishes by strategic alliances.
Top Player's Company Profiles
- Indigo Paints Pvt. Ltd (India)
- Akzo Nobel N.V. (Netherlands)
- PPG Industries, Inc. (United States)
- Sherwin-Williams Company (United States)
- Axalta Coating Systems Ltd. (United States)
- Nippon Paint Holdings Co., Ltd. (Japan)
- RPM International Inc. (United States)
- Asian Paints (India)
- Kansai Paint Co., Ltd. (Japan)
- Hempel A/S (Denmark)
- Jotun (Norway)
- Sika AG (Switzerland)
- Berger Paints India Limited (India)
- Masco Corporation (United States)
- Dunn-Edwards Corporation (United States)
- Tikkurila Oyj (Finland)
- DAW SE (Germany)
- Benjamin Moore & Co. (United States)
- KCC Corporation (South Korea)
- H-I-S Coatings & Paint Manufacturing Co. (Thailand)
Recent Developments
- December 2023: AkzoNobel collaborated with Coating AI to create Flightpath, a software designed to enhance paint application and minimize carbon emissions. This technology optimizes mechanical design to reduce errors and overspray, improving powder handling, cutting costs, and saving time and energy by avoiding rework.
- October 2022: Asian Paints announces investment of Rs 2,650 crore to set up a vinyl acetate plant monomer production facility in India. The company will benefit from investments in the backlog integration sector.
- In June 2022, The Sherwin-Williams Co. recently announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany-based developer, manufacturer and distributor of coatings primarily for the heavy equipment and transportation industries.
Paints And Coatings Key Market Trends
Growing Consumer Awareness
- A major trend in the paints and coatings market is the shift towards environmentally friendly and sustainable products. With increased consumer awareness and increasing regulatory pressure, manufacturers are increasingly focusing on the development of low VOC, waterproof, bio-based paint coatings. This trend aligns with the global push towards sustainability and is expected to shape the future of the market.
Paints And Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the market seems to experience further expansion in view of the forthcoming growth of urbanization and infrastructure development, and the increasing demand for the high-performance coatings in different industries across the world. Nevertheless, volatile raw material prices create a pitfall for stakeholders, since they undermine the profit margins. Despite this, two of the most prominent trends, namely the adoption of environmentally friendly formulations and innovation in the domain of smart coatings, are promising signs for the market growth. While industry players negotiate through obstacles and grab the chances, being strategic in sustainability, innovation, and strategic collaborations will be the part of the path to gaining profits and maintaining competitiveness in the evolving environment of the global paints and coatings market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 160.4 billion |
| Market size value in 2031 | USD 259.7 billion |
| Growth Rate | 5.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Paints And Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Paints And Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Paints And Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Paints And Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Paints And Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Paints And Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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