Global Paints and Coatings Market to Reach USD 251.17 Billion by 2031 | CAGR of 3.2%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Paints and Coatings Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Paints and Coatings Market size was valued at USD 195.90 billion in 2023 and is projected to grow at a CAGR of 3.2%, reaching USD 251.17 billion by 2031. Paints and coatings are mixtures of pigments and binders, available in liquid or powdered form, that provide decorative, protective, and functional benefits. Widely used across construction, automotive, and industrial sectors, they act as a barrier against environmental conditions and enhance surface appearance and durability.
The report comprises the Paints and Coatings Market Share, Size & Industry Analysis, based on Technology Type (Oil-Based, Water-Based, Powder-Based), Resin Type (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane (PU), Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Paints and Coatings Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Segmental Analysis :
Based on technology type, the market is segmented into Oil-Based, Water-Based, and Powder-Based.
- The water-based segment held the largest market share of 53.22% in 2023, driven by its low VOC emissions and eco-friendly nature, making it a preferred choice in construction and automotive applications.
- The powder-based segment is projected to grow at the fastest CAGR during the forecast period, owing to its durability, minimal waste production, and suitability for industrial applications.
Based on resin type, the market is segmented into Epoxy, Acrylic, Polyester, Alkyd, Polyurethane (PU), and Others.
- The acrylic resin segment accounted for the largest revenue share in 2023, supported by its superior weatherability and eco-friendly properties, making it ideal for construction and automotive applications.
- The polyurethane resin segment is anticipated to register the fastest CAGR, driven by its excellent insulating and corrosion-resistant characteristics, expanding its use in automotive and steel structure applications.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Dominated the market in 2023 with a 36.85% share, valued at USD 72.19 billion, driven by rapid urbanization, construction activities, and government initiatives like India’s PM Awas Yojana.
- North America: Expected to witness the fastest CAGR of 3.8% during 2024–2031, fueled by rising demand for sustainable paints and coatings and frequent home renovations in extreme weather states like Alaska and Florida.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 251.17 Billion |
| CAGR (2024-2031) | 3.2% |
| Technology Type | Oil-Based, Water-Based, Powder-Based |
| Resin Type | Epoxy, Acrylic, Polyester, Alkyd, Polyurethane (PU), Others |
| By Region | North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Spain, Italy, Russia, BENELUX, Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN, Rest of APAC), LATAM (Brazil, Argentina, Chile, Rest of LATAM), MEA (GCC, Turkey, South Africa, Rest of MEA) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Paints and Coatings Industry:
- 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)
Recent Industry Developments :
- 2024: WEG announced a USD 15 million investment to expand industrial liquid paint production in Brazil, increasing production capacity by 70%.
- May 2024: Kansai Helios Coatings GmbH acquired WEILBURGER Coatings, expanding its portfolio in non-stick and heat-resistant industrial coatings.
- August 2024: Akzo Nobel launched high-performance internal coatings free of bisphenols and other harmful chemicals, aligning with FDA and EU regulatory compliance.
- March 2023: Axalta Coating Systems introduced ICONICA, a global line of durable powder coatings, in the United States, emphasizing sustainability.
