Paints & Coatings Market

Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Waterborne, Solventborne, Powder), Application (Architectural [Residential, Non-residential], Industrial), and Region - Global Forecasts to 2024

Report Code: CH 3190 Aug, 2019, by

[175 Pages Report] The paints and coatings market size is projected to grow from USD 153.9 billion in 2019 to USD 199.9 billion by 2024, at a CAGR of 5.4%, during the forecast period. The growth of end-use industries such as architectural, general industrial, protective, and automotive & transportation is driving the paints and coatings market growth.

Paints & Coatings Market

Acrylic is estimated to account for the largest share of the paints and coatings market during the forecast period

Acrylics are available in various forms such as emulsions (latex), lacquers, enamels, and powders. The most common type of acrylic paint is latex. The chief components of acrylic polymers, acrylic, and methacrylic acid, provide a polymer structure that has little tendency to absorb UV light, which increases its resistance to weathering and oxidation than oil-based paints, alkyds, or epoxies. Acrylics possess good colors and gloss retention.

Acrylic powder coatings, ranging from thin-film clear coats to very smooth, provide a high-performance finish with outstanding weather resistance, high-gloss colors, making them ideal for outdoor applications with excellent exterior durability. Acrylic coatings are typically water-based, easy to handle, moderately priced, and exhibit superior performance in a wide variety of applications such as roof coating, wall coating, and others. They are cured by water evaporation, exhibiting a reasonable degree of cohesive strength, and provide excellent adhesion to most roof surfaces.

Ultraviolet (UV) and Electron beam (EB) to be the fastest-growing technology segments of the paints and coatings market during the forecast period.

UV- and EB-cured coating offers high reactivity, very rapid curing, long shelf life, low-temperature processing, virtually no VOC emission, high hardness, and abrasion resistance. UV curing technology can be used in industrial finishing areas such as wood coating, automotive coating, wire coating, packaging coating, metal decorative coating, and floor finishing. The demand for UV & EB-curing paints & coatings is expected to be high from the automotive segment as these types are suitable for automotive finishing. The strict environmental regulations lead to the declining usage of conventional coating processes, which primarily drives the global UV & EB cured coating market.

The architectural segment is estimated to be the fastest-growing end-use industry of the paints and coatings during the forecast period.

Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect the building from extremes of rain, sunlight, and wind. Architectural paints & coatings are applied either by building contractors or directly by customers as do-it-yourself (DIY).

Architectural coatings also find application in decorative interiors such as wall paintings, wood flooring, sculptures, and furniture. Increase in environmental awareness has led to innovations in the coating industry to provide affordable quality products, of high quality, possess value-added features, and meet global trends. Similarly, growing safety standards will raise the demand for fireproof and waterproof coatings on buildings. This is shifting the global focus towards architectural coatings.

Paints & Coatings Market

Key Market Players

AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Nippon Paint Holding Co. Ltd. (Japan), Axalta Coatings System LLC (US), Tikkurila Oyj (Finland), Jotun A/S (Norway), and RPM International Inc. (US) are some of the players operating in the global market.

Scope of the report

Report Metric


Years considered for the study


Base year


Forecast period


Units considered

Value (USD Million) and Volume (Kiloton)


Technology, Resin Type, and Application


APAC, North America, Europe, the Middle East & Africa, and South America


AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US).
A total of 25 players are covered.

This research report categorizes the paints and coatings market based on technology, resin type, application, and region.

Based on technology, the paints and coatings market has been segmented as follows:

  • Waterborne
  • Solventborne
  • Powder
  • Others (UV & EB)

Based on resin, the paints and coatings market has been segmented as follows:

  • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • Others (Silicone, amino, polyurea, polyolefin, nitrocellulose, plastisol, polyamide, vinyl-based, and hybrid coatings)

Based on end-use industries, the paints and coatings market has been segmented as follows:

  • Architectural
    • Residential
      • New construction
      • Remodel and repaint
    • Non-residential
  • Industrial
    • General Industrial
    • Protective
    • Automotive Refinish
    • Automotive OEM
    • Industrial Wood
    • Marine
    • Coil
    • Packaging
    • Aerospace
    • Rail

Based on the region, the paints and coatings market has been segmented as follows:

  • APAC
  • North America
  • Europe
  • Middle East & Africa
  • South America

Recent Developments

  • In June 2019, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provided a cost-effective solution to the problems faced in manufactured housing facilities.
  • In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG’s strategic growth plans by adding new products to its existing portfolio. 

Key Questions Addressed by the Report

  • What is the mid-to-long term impact of the developments undertaken in the industry?
  • What are the upcoming technologies used in the paints and coatings industry?
  • Which segment has the potential to register the highest market share?
  • What is the current competitive landscape in the paints and coatings market in terms of new technologies, production, and sales?
  • What will be the growth prospects of the paints and coatings market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

 Table of Contents

1 Introduction
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Markets Scope
           1.3.1 Year Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
           Key Data From Secondary Sources
           2.1.2 Primary Data
           Key Industry Insights
           Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Assumptions

3 Executive Summary

4 Premium Insights
    4.1 Attractive Market Opportunities
    4.2 Paints & Coatings Market, By Application
    4.3 Paints & Coatings Market: Developed vs Developing Nations
    4.4 APAC: Paints & Coatings Market, By Technology and Country
    4.5 Paints & Coatings Market Attractiveness

5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
           Green Environmental Regulations
           Provision of Durable Coatings With Better Performance and Aesthetics
           Growing Popularity of Elastomeric Coating in Tilt-Up Concrete in Building & Construction
           Increasing Demand From End-Use Industries
           5.2.2 Restraints
           Difficulty in Obtaining Thin Films in Powder Coating
           Requirement of More Drying Time for Waterborne Coatings
           Difficulty in Transportation of Coil Coatings in the Developing Countries
           5.2.3 Opportunities
           Increasing Applications of Fluoropolymer in the Building & Construction Industry
           Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline Industries
           5.2.4 Challenges
           Stringent and Regulatory Policies
           Environmental Challenges With Respect to Wastewater Discharge
    5.3 Porter’s Five Forces Analysis
           5.3.1 Threat of New Entrants
           5.3.2 Threat of Substitutes
           5.3.3 Bargaining Power of Buyers
           5.3.4 Bargaining Power of Suppliers
           5.3.5 Intensity of Competitive Rivalry

6 Paints & Coatings Market, By Resin Type
    6.1 Introduction
    6.2 Acrylic
    6.3 Epoxy
    6.4 Alkyd
    6.5 Polyurethane
    6.6 Polyester
    6.7 Others

7 Paints & Coatings Market Analysis, By Technology
    7.1 Introduction
    7.2 Waterborne
    7.3 Solventborne
    7.4 Powder
    7.5 Others

8 Paints & Coatings Market, By Application (Page No. - 61)
    8.1 Introduction
    8.2 Architectural Application
           8.2.1 Residential
   New Construction 
    Remodel and Repaint
           8.2.2 Non-Residential
    8.3 Industrial Application
           8.3.1 General Industrial
           8.3.2 Protective
           8.3.3 Automotive Refinish
           8.3.4 Automotive OEM
           8.3.5 Industrial Wood
           8.3.6 Marine
           8.3.7 Coil
           8.3.8 Packaging
           8.3.9 Aerospace
           8.3.10 Rail

9 Paints & Coatings Market, By Region
    9.1 Introduction
    9.2 Asia Pacific (APAC)
           9.2.1 China
           9.2.2 Japan
           9.2.3 India
           9.2.4 Indonesia
           9.2.5 Thailand
           9.2.6 Rest of APAC
    9.3 Europe
           9.3.1 Germany
           9.3.2 Russia
           9.3.3 France
           9.3.4 UK
           9.3.5 Italy
           9.3.6 Turkey
           9.3.7 Spain
           9.3.8 Rest of Europe
    9.4 North America
           9.4.1 US
           9.4.2 Canada
           9.4.3 Mexico
    9.5 Middle East & Africa
           9.5.1 Saudi Arabia
           9.5.2 South Africa
           9.5.3 Rest of Middle East & Africa
    9.6 South America
           9.6.1 Brazil
           9.6.2 Argentina
           9.6.3 Rest of South America

10 Competitive Landscape
     10.1 Introduction
     10.2 Dive Analysis for Paints & Coatings
     10.3 Competitive Benchmarking
             10.3.1 Product Offerings
             10.3.2 Business Strategy

11 Company Profiles
(Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, MnM View)*
     11.1 Akzonobel N.V.
     11.2 PPG Industries
     11.3 Sherwin-Williams Company
     11.4 Axalta Coating System LLC
     11.5 Jotun A/S
     11.6 Nippon Paint Holdings Co., Ltd.
     11.7 Asian Paints Limited
     11.8 Kansai Paints Co., Ltd.
     11.9 RPM International Inc
     11.10 Valspar Corporation
     11.11 Tikkurila OYJ
     11.12 Hempel A/S
     11.13 Berger Paints India Limited
     11.14 Shalimar Paints
     11.15 S K Kaken Co., Ltd
     11.16 Masco Corporation
     11.17 Beckers Group
     11.18 Dunn-Edwards Corporation
     11.19 Tiger Coatings GmbH & Co. Kg
     11.20 Sacal Inetrnational Group Ltd.
     11.21 Diamond Vogel Paints
     11.22 Vista Paints Corporation
     11.23 Indigo Paints Pvt Ltd
     11.24 Kelly-Moore Paints
     11.25 BASF Coatings GmbH

*Details on Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 169)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets Subscription Portal
     12.3 Introducing RT: Real-Time Market Intelligence
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details

The study involved four major activities in estimating the current market size of paints and coatings. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methods were used to estimate the size of the segments and subsegments of the overall market.

Secondary Research

This research report involves the use of extensive secondary sources, directories, and databases, such as Bloomberg, BusinessWeek, Factiva, ICIS, and OneSource to identify and collect information useful for the technical, market-oriented, and commercial study of the paints and coatings market. The secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, and articles from recognized authors, authenticated directories, and databases.

Primary Research

The paints and coatings market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations. The demand side of this market is characterized by the development of the architectural, packaging, industrial, and automotive & transportation industries. The supply side included industry experts, such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Following is the breakdown of primary respondents:

Paints & Coatings Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the paints and coatings market. These methods were also used extensively to estimate the sizes of various sub-segments in the market. The research methodology used to estimate the market size includes the following steps:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size-using the estimation processes explained above-the market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • To analyze and forecast the paints and coatings market, in terms of value and volume
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To analyze and forecast the size of the market based on technology, resin type, and application
  • To estimate and forecast the market size based on five regions, namely, Asia Pacific (APAC), North America, Europe, the Middle East & Africa, and South America
  • To estimate and forecast the paints and coatings market at the country-level in each of the regions
  • To analyze the market opportunities and competitive landscape of the market leaders and stakeholders
  • To analyze the competitive developments, such as new product launch and merger & acquisition, in the paints and coatings market
  • To strategically identify and profile the key market players and analyze their core competencies

Available Customizations

MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.

The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • A further breakdown of the paints and coatings market, by country

Company Information

  • Detailed analysis and profiling of additional market players (up to five)
Report Code
CH 3190
Published ON
Aug, 2019
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