- Summary
- Table Of Content
- Methodology
Paints and Coatings Market Size:
Paints and Coatings Market size is growing with a CAGR of 3.2% during the forecast period (2024-2031), and the market is projected to be valued at USD 251.17 Billion in 2031 from USD 195.90 Billion in 2023.
Paints and Coatings Market Scope & Overview:
Paint is a liquid or powered product consisting of pigments that are suspended in a liquid medium. They are also defined as a mixture of pigments and binders available in a liquid state. Paint is used to decorate, protect, and prolong the life of natural and synthetic materials, and acts as a barrier against environmental conditions.
Coating refers both to product and process. It is defined as a fluid that forms a solid, continuous, adherent film or barrier by some physical or chemical means when applied to a surface. This film is designed to enhance, beautify, or protect the surface to which it has been applied. It is also referred to as a method used to apply a protective layer on a surface.
Paints and coatings are broadly classified into three types oil oil-based, water-based, and powder-based. Oil-based paints involve the use of organic solvents in the makeup of the paint. Whereas water-based paints involve the use of water as the solvent. Powder Coating is a dry finishing process created by an electric charge that causes a dry powder to fuse to the surface.
Paints and coatings contain pigments for color and opacity, binders to create a film, solvents for application, and additives for specific properties. Architectural coatings are used for buildings, industrial coatings for machinery and vehicles, and specialty coatings for specific purposes like marine or fire-resistant applications. These products protect surfaces from damage, enhance their appearance, and provide specialized functions.
Paints and Coatings Market Dynamics - (DRO) :
Key Drivers:
Rise in New Constructions is Driving the Expansion of Paints and Coatings Market Share
Globally, due to urbanization and modernization, there is an increase in new construction every year. As more and more individuals are moving to urban areas, there is a growing need for new homes and offices. In the growing construction industry, paints and coatings act as a key element in protecting building structures and components. Thus to decorate and protect the new spaces there is a growing need for paints and coatings.
- In 2023 according to an article published in Economics Times, globally, 20% of the demand for decorative paints comes from new constructions, while the demand from repainting accounts for 80% of total decorative paint demand. This shows that there is an increase in the use of paints in construction.
Thus, as per the analysis of the market trend, due to the increase in construction, the paints and coatings market share is expanding.
Rising Vehicles Manufacturing is the Driving the Paints and Coating Market Expansion.
Globally, there is a rise in the use of paints and coatings in vehicle manufacturing, as they protect the vehicle or vehicle parts from exterior damage such as intense muddy waters or strong weather. Thus, as there is a rise in vehicle manufacturing there is an increased amount of paint and coating use. Moreover, the use of paints and coatings for automobiles also improves their resale value. Furthermore, paint specially designed for motor vehicles helps minimize the damage, caused due to rainwater. These types of paints are considerably brighter in color.
- According to the European Automobile Manufacturers Association, in 2022, 85.4 million motor vehicles were produced around the globe, demonstrating an increase of 5.7% compared to 2021. This rise in motor vehicle production has led to a corresponding increase in the demand for paints and coatings. These materials play a crucial role in enhancing the aesthetic appeal of vehicles and providing essential protection against corrosion, thereby significantly improving their overall durability.
Thus, due to rising vehicle manufacturing, the paints and coatings market demand is expanding.
Key Restraints :
Availability of Alternative is Limiting the Paints and Coating Market Size
Availability of Alternatives such as wallpapers, and vinyl wrapping, among others are limiting the growth of the paints and coatings market growth. These alternatives demonstrate easier application, greater durability, customizable design, and minimal maintenance. Additionally, interior designing is adopting quick and mess-free solutions such as wallpapers and vinyl wrapping among others. Furthermore, there is a rise in consumer preference towards cost-effective and aesthetically versatile options which is shown by this alternative.
Vinyl wrapping and wallpaper offer cost-effective alternatives to traditional paint and coating applications. Their installation process is generally quicker, reducing labor costs and project timelines. Additionally, these materials are easily removed and replaced, minimizing the need for extensive surface preparation and potential damage to the underlying substrate. This flexibility is particularly advantageous for frequent design changes or temporary installations.
Therefore, due to the availability of alternatives, the growth of paints and coatings market expansion is limited.
Future Opportunities :
Innovation in Paints and Coatings is Expected to Create a Liquid Opportunity.
Innovations such as volatile organic compounds (VOC) free paint, fast drying paint, anti-bacterial paint, nanoparticles-based paints, and others are expected to foster exponential growth in upcoming years, due to its enhanced features such as durability, sustainability, longevity, and more.
Nanoparticle paints lead to improved functionality and performance. They also demonstrate, improved UV light absorption, toughness, and even anti-bacterial qualities. It is intended to enhance the paint’s durability, sustainability, and longevity.
Paints that dry quickly are designed with fast-drying ingredients and cutting-edge technology to cut down on the amount of time paint takes to set and dry on surfaces. There is an increase in interior and exterior projects utilizing this new innovative paint. Additionally, fast-drying paints reduce the need for prolonged heating and ventilation times, which helps save energy.
- In 2024, according to an article published at Fast Company & Inc, one of the leading progressive business media brands, nanoparticle-based paint is expected to make planes lighter and save billions of dollars. Due to this increased number of automotive and aerospace companies are opting for Nano based paints.
Thus, the development of innovative paints, due to their increased efficacy and efficiency is expected to drive the paints and coatings market opportunity in upcoming years.
Paints and Coatings Market Segmental Analysis :
By Technology Type:
Based on technology types the segment is categorized as oil-based, water-based, powder based.
Trends in the Technology Type:
- Increase in preference for powder coating in industrial and commercial applications due to its durable and sustainable nature.
- Water-based paints are rising in need due to their low Volatile Organic Compound (VOC) emission which makes them an eco-friendly option.
The water-based type accounts for the largest revenue of the total market share of 53.22% in the year 2023.
- Globally, there is an increase in the use of water-based paints and coatings, due to increasing focus on sustainability and environmental responsibility.
- Water-based paint and coating are products that consist of a pigment and a binder with water used as a carrier.
- Water-based types, have a low level of VOC, which makes them safe for both human and environmental health.
- Regulatory initiatives have aimed at reducing VOC emissions because VOC emissions cause headaches, loss of coordination, nausea, damage central nervous system, and more.
- According to Croma Coatings and Twenty-Two Service, one of the premier suppliers of high-performance wood coatings, globally, there has been an increased need for water-based coating due to environmental legislation concerning reduced solvent emissions.
- Thus, as per the analysis of segmental trends, globally water-based type is dominating the paints and coatings market trend.
The powder-type segment is anticipated to register the fastest CAGR during the forecast period.
- Globally, the use of powder-type coating is expanding rapidly, due to its durability, effectiveness, and environmentally friendly characteristics.
- These types are extensively preferred in industries such as automotive, construction, and more, as they don’t have VOC and produce minimal waste during application.
- Powder coating does not have a liquid carrier hence it produces thicker coatings. Furthermore, it produces minimal appearance differences between horizontally coated surfaces and vertically coated surfaces, and therefore preference is increasing among individuals globally.
- According to the American Coatings Association, powder coating technology is viewed as a sustainable option in many industrial coating applications. Additionally, It also states that powder coatings have achieved more widespread access in new applications. It is, specifically, lower baking temperatures that have permitted access to new substrates like plastic, MDF, and wood.
- Thus, as per the analysis of segmental trends, powder-type coatings are expected to rise, due growing need for sustainable solutions leading to paints and coating market growth.
By Resin Type:
Based on resin type the market is segmented into epoxy, acrylic, polyester, alkyd, polyurethane (PU), and others.
Trends in the Resin Type:
- Due to its environment-friendly nature, acrylic resins are rising in preference among industries.
The acrylic resin accounted for the largest revenue share in the year 2023.
- Globally, there is increased adoption of acrylic resin due to the high level of transparency among synthetic resins, superior weatherability, and more.
- They are the most commonly used binder in paint and coatings systems, as they are eco-friendly.
- These types of resin for coating are increasingly used with a combination of water-based paint has accelerated its adoption rate.
- Acrylic resins are extensively used in a wide range of applications, such as automotive tail lamp covers, electrical appliances, aquariums, outdoor signboards, liquid crystal displays, building materials, and more.
- in 2021 according to Sumitomo Chemical Co., Ltd., one of the leading Japanese chemical companies, the global need for acrylic resins exceeded 1.3 million tons in 2020. The incorporation of acrylic resin in paints and coating, construction, and other industries has led to an increase in the market need
- Thus, the segmental paints and coatings market analysis concludes that acrylic resin is dominating globally.
The polyurethane resin is anticipated to register the fastest CAGR during the forecast period.
- Globally, there rising use of polyurethane resin, due to its excellent insulating characteristic.
- They are widely used in applications such as automotive, construction, and more, as they demonstrate excellent water resistance, chemical resistance, and toughness.
- According to Tianjin Jinhai Special Coatings & Decoration Co., Ltd., one of the leading industrial paint coating companies, polyurethane's use in corrosion prevention for steel structures is growing globally, due to high cross-linking which creates a hard, dense protective membrane.
- Thus, the segmental trend of paints and coating market analysis depicts that polyurethane resin type is expected to demonstrate a substantial rise in upcoming years.
Regional Analysis:
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2023, Asia Pacific accounted for the highest market share at 36.85 % and was valued at USD 72.19 Billion, and is expected to reach USD 92.41 Billion in 2031. In Asia Pacific, China accounted for the highest market share of 23.15 % during the base year of 2023. In Asia Pacific, due to the rise in urbanization, there is an increase in the use of paints and coatings catering to new construction. The rapidly increasing population in the region is driving the need for new homes and offices. Furthermore, government initiatives in India like Housing for All and PM Awas Yojana further contribute to the market's growth of paints and coatings by stimulating construction and catering to the increasing need for affordable housing.
Due to the rising population and rapidly growing economic strength, in countries such as India, China, and Japan among others, there is an increase in consumer preference for premium paints and coatings.
- In 2024 according to an article published in Construction Times, there is a rise in the use of decorative paints in India during festive seasons. During these periods, many Indians undertake home renovations and redecorations, fueling the demand for decorative paints.
Thus, due to government policy and the rise in urbanization, the paints and coatings market opportunity is expected to demonstrate a substantial rise in the Asia Pacific region.
North America is expected to witness the fastest CAGR over the forecast period of 3.8% during 2024-2031. In North America, there is an increase in the use of paints and coating for revitalizing the space to improve the aesthetic look of the space. Furthermore, painting the space improves the resale value of the space. Residents in states such as Alaska, Hawaii, Florida, and California among others with significant temperature variations and extreme weather conditions, require more frequent repainting. Furthermore, consumers in the United States Canada, and Mexico are increasingly seeking brands that provide sustainable paints and coatings.
- In 2024 according to the Federal Reserve Bank of St Louis, there has been an exponential rise in manufacturing of paints and coatings from 2021 to 2022 in the United States. This shows that in the United States, there is an increased adoption rate of paints and coatings.
Thus, due to its increased manufacturing, the paints and coating market trend is rising in North America.
In Europe, the paint and coatings industry is under strong pressure from the European Commission to reduce Volatile organic compound (VOC) emissions. The EU already has sophisticated chemicals laws in place, to reduce the use of hazardous chemicals. The European government has adopted a strategy for Ecolabel paints and coatings that are manufactured to eliminate harmful compounds. This European Ecolabel helps guide consumers to choose environmentally friendly products such as premium-quality waterborne paints. Furthermore, there is an increase in the number of consumers in the United Kingdom, Germany, and Netherlands, among others preferring Ecolabel paint and coating products. Additionally, the paints and coatings industries are trying to cope with increasing regulatory and consumer preferences. Due to the regulation, there is an increase in the adoption rate of eco-friendly paints. Thus, as per the regional trend analysis, because of the increase in consumer preference and government laws, the paints and coatings industry is rising in the European region.
There is an increase in the use of powder coating and industrial paints in Latin America due to the rise in manufacturing industries and construction industries. This rise in rise in manufacturing and construction industry has created an increasing need for durable and aesthetic coatings. Powder coating is increasingly being adopted in countries such as Brazil, Chile, and more, due to its low VOC emission. Moreover, powder coating provides a more durable, long-lasting finish. Furthermore, due to growing automotive and electrical appliance manufacturing in Brazil, the use of industrial paints is rising in the sector. Additionally, powder coating is extensively used for coating automotive components such as wheels, chassis, engine parts, and more. Thus, as per the regional trend analysis, due to its growing adoption of powder coatings and industrial paints, the paints and coatings market demand is expected to rise in Latin America.
In the Middle East and Africa, the paints and coatings market has experienced phenomenal growth due to an increase in the use of innovative paints and coatings such as UV resistance paints and coatings. This increase in the adoption of UV resistance paints and coatings is driven by the intense high temperature. They help protect surfaces from sun damage. It helps extend the life span of buildings, vehicles, and more. Due to these increased benefits, a large number of individuals in the Middle East and Africa are increasingly opting for these types of innovative paints and coatings. Thus, due rise in adoption, the paints and coatings market is expected to rise in demand in the Latin America region.
Top Key Players & Market Share Insights:
The paints and coatings market is highly competitive with major players providing products and services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global paints and coatings market. Key players in the paints and coatings industry include-
- The Sherwin-Williams Company (United States)
- PPG Industries, Inc. (United States)
- BASF (Germany)
- Asian Paints (India)
- Jotun (Norway)
- Akzo Nobel N.V. (Netherlands)
- Nippon Paint (Japan)
- Kansai Paint Co., Ltd. (Japan)
- RPM International Inc. (United States)
- Axalta Coating Systems, LLC (United States)
Recent Industry Developments :
Investment:
- In 2024, announced investments of approximately USD 15 million to expand the production capacity of industrial liquid paints in Brazil by 2024. In addition to the construction of a new unit for industrial liquid paint production, which is expected to increase the current production capacity by approximately 70%, the project includes a new logistics distribution center, with approximately 6,400 m² of built area, designed to allow for gradual and continuous capacity expansion to meet the company's growth needs in the coming years.
Acquisition:
- In May 2024, Kansai Helios Coatings GmbH, a European consolidated subsidiary of Kansai Paint Co., Ltd., announced the acquisition of WEILBURGER Coatings GmbH and WEILBURGER Asia Ltd., which are under the umbrella of GREBE Holdings GmbH and are responsible for the industrial paint manufacturing and sales business. With the acquisition of WEILBURGER, Kansai Paint Group will greatly enhance its position in the Industrial coatings market, introducing and expanding WEILBURGER’s unique technologies, such as non-stick coatings used in frying pans and irons, and heat-resistant paints used in stoves and fireplaces, and important business of railway coatings.
Launches:
- In August 2024, Akzo Nobel N.V. launched of new high-performance internal coating technology that is free of all bisphenols, styrene, PFAS, and formaldehyde. The new technology has been approved by the US Food and Drug Administration (FDA) and key beverage brands and is also compliant with current and future EU regulations restricting the presence of intentionally added bisphenols, such as bisphenol A (BPA) and bisphenol F (BPF).
- In March 2023, Axalta Coating Systems Ltd., a leading supplier of coatings solutions to the architectural and design segment, launched its latest ICONICA collection of Alesta® SD powder coatings as part of an exclusive global line to the United States market. This newest edition of ICONICA reflects how Axalta continues to innovate smarter surface solutions for better living and a sustainable future. Axalta’s ICONICA coatings are based on a super-durable polyester resin system. The collection combines higher-grade pigments and stabilizers with outstanding exterior durability that extend the life cycle of architectural projects.
Paints and Coatings Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 251.17 Billion |
| CAGR (2024-2031) | 3.2 % |
| By Technology Type |
|
| By Resin Type |
|
| By Region |
|
| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the Global Paints and Coatings Market? +
In 2023, the Global Paints and Coatings Market was USD 195.90 Billion.
Which is the Largest region in the Global Paints and Coatings Market? +
Asia Pacific is the largest region in the Global Paints and Coatings Market.
Which holds the fastest-growing market share for the Global Paints and Coatings Market? +
North America is the fastest-growing region in the Global Paints and Coatings Market.
What specific segmentation details are covered in the Global Paints and Coatings Market? +
Product Type and Material Type are the segments that have been covered in the Global Paints and Coatings Market.
Who are the major players in the Global Paints and Coatings Market? +
The Sherwin-Williams Company (United States), PPG Industries, Inc. (United States), Akzo Nobel N.V. (Netherlands), Nippon Paint (Japan), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (United States), Axalta Coating Systems, LLC (United States), BASF (Germany), Asian Paints (India), Jotun (Norway).
