USD 150.8 billion
Report ID: SQSG15E2012 | Region: Global | Published Date: October, 2022 | Pages: 157
Global Paints and Coatings Market was valued at USD 150.8 billion in 2021, and it is expected to reach a value of USD 222.4 billion by 2028, at a CAGR of more than 5.5% over the forecast period (2022- 2028).
To enhance and safeguard a surface, paints and coatings are applied to the substrate. When utilized as decorations, paints and coatings increase the surface's strength and beauty. Additionally, they guard against corrosive agents, corrosion, ageing, and chemical exposure. Depending on the application, paints and coatings can also offer certain qualities like anti-fouling, flame retardancy, and anti-microbial properties. Due to economic expansion and the consequent rise in people's living standards in the region's developing countries, the building and construction industry in Asia-Pacific has been growing quickly. As a result, Asia Pacific is seeing an increase in the demand for paints and coatings. The widespread use of paints and coatings in construction is one of the key drivers of the global market for paints.
The market for paints and coatings is anticipated to develop as a result of the introduction of new technologies such as OEM paints and advancements in powder coating technology. In addition, strict government regulations requiring the use of VOC-free coatings are probably going to boost demand for the paints and coatings market.
Global Market Size
USD 150.8 billion
more than 5.5% CAGR
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Global Paints and Coatings Market is Segmented based on the Resin, Technology, And Region. Based on the Resin, the global paints and coatings market is segmented as Polyester, Polyurethane, Acrylic, Epoxy, Alkyd, and Others. Based on Technology, the global paints and coatings market is segmented as Solvent-Based, Hot-Melt, Water-Based, Ultraviolet, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Resin
Based on the Resin, acrylic resin accounted for a maximum market share followed by polyurethane, epoxy, and other Paints and Coatings segments. Acrylic resins are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. Polyurethane coatings are long-lasting and provide surfaces with exceptional weather protection, gloss, and colour retention. As a result, they are commonly employed in topcoats of automobile coatings. Polyurethane coatings are also employed in high-performance wood finishes, marine coatings, architectural coatings, and other applications. They are available in one-, two-, or three-part compositions. They are also compatible with water-based coating processes.
Analysis by Technology
The global paints and coatings market has been segmented on the basis of technology as solvent-based, hot-melt, water-based, ultraviolet, and others. Among these, the water-based segment of the market dominated the market with more than 43% share in 2021. Further, the water-based segment of the market is followed by the ultraviolet, solvent-based, hot-melt, and others. Water-based coating is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint. Because of their low VOC content, these coatings are commonly used. This is due to the rising use of these versions in the aerospace industry, which provide high reactivity, rapid curing, long shelf life, low-temperature processing, almost no volatile organic compound (VOC) emission, and abrasion resistance. Furthermore, UV curing technology can be applied to industrial finishing applications such as wood coating, automobile coating, wire coating, package coating, metal ornamental coating, and floor finishing.
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Asia Pacific held the largest share of the Paints and Coatings market. Asia Pacific has a significant need for roof coatings, vinyl ester coatings, Clearcoat spray paint, epoxy paint, and waterproof paint. The region is projected to be one of the dominant regions in the market contributing to more than 40% share of the total market. The North American market growth is driven by the existence of a large number of manufacturers in the region. The region's improving economic conditions are fueling the demand for paints and coatings even more. Furthermore, the market in North America and Europe is mature and is forecasted to grow at a sluggish rate due to the implementation of rigorous VOC emission rules in these locations. Latin America and the Middle East and Africa accounted for a small portion of the worldwide market.
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The Global Paints and Coatings market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
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According to our Global Paints and Coatings Market Analysis, in terms of resin, the acrylic segment held the largest share over the forecast period as these are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. In terms of technology, water-based segment accounted for a maximum market share followed by ultraviolet and other Paints and Coatings segments as it is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint.
|Market size value in 2021||USD 150.8 billion|
|Market size value in 2028||USD 222.4 billion|
|Growth Rate||more than 5.5%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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