Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial),Region - Global Forecast to 2029
The paints & coatings market is projected to grow from USD 194.5 billion in 2024 to USD 227.5 billion by 2029, at a CAGR of 3.2% between 2024 and 2029. The worldwide paints & coatings market has been expanding steadily, and this development pattern is anticipated to continue. Important industries include architecture, car manufacture, automotive repair, and construction are the main drivers of demand. The paint & coatings market is dominated by China and India. The major markets are in Asia Pacific, followed by North America and Europe. The robust economic performance and significant investments made in a range of industries in the Asia Pacific region are credited with this expansion. The manufacturing sector has prospered due to the global economic recovery, and the need for new infrastructure and building has increased due to rising urbanization.
Attractive Opportunities in the Paints & Coatings Market
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Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis
Paints & Coatings Market Dynamics
Drivers: Environmental regulations boosting the demand for VOC-free coatings
One of the most significant developments in the coatings industry over the past ten years has been the growing demand for environmentally friendly features. This trend has been largely driven by strict EU regulations pertaining to the reduction of volatile organic compound (VOC) emissions throughout the coating life cycle. This has caused a shift in consumer demand from solventborne coatings to more environmentally friendly goods like powdered and aqueous paints and coatings.
Federal government agencies and the European Commission develop new legislation and guidelines, like the Eco-product Certifcation Scheme (ECS). These rules guarantee a sustainable and green environment with negligible or no emissions of hazardous volatile organic compounds. Additionally, in 2016, the Quality Council of India (QCl, Pollutom Control Board Authorities) introduced regulations for lead control in houses and paints and coatings.
The Government of India (GO1) was strongly advised by the National Referral Centre for Lead Projects in India (NRCLPi) to set the lead content limit for all household and decorative paints at 90 parts per million. These rules incentivize producers of paints and coatings to make investments in bio-based raw materials, resulting in more environmentally friendly finished goods. The adoption of new, low-polluting coating technologies will also be influenced by government restrictions in the US and Western Europe, particularly those pertaining to air pollution.
Restraints: Requirement of more drying time for waterborne coatings
More drying time is needed for aqueous coatings
Waterborne coatings require longer drying and cure times than solventborne coatings. Furthermore, the outstanding flow characteristics of aqueous coatings vary with humidity, impacting the coating application. Water does not evaporate easily in high humidity conditions, which leads to poor cure and decreased effectiveness. Waterborne paints are not functional.
Opportunities: Increasing applications of fluoropolymers in the building & construction industry
Fluoropolymers are being used in the building and construction sector more and more.Fluoropolymers, such as polyvin/lidene difluoride (PVDF), are utilized in architectural and industrial coatings in the building and construction sector. PVDF is employed in architectural applications where long-term substrate protection and outstanding appearance are required. Because it can be formed into solvent dispersion coatings and has sufficient solubility in ester and ketone solvents, PVDF is the most desirable fluoropolymer.
PVDF-based coatings can be baked at temperatures between 230°C and 250°C after being applied by spray coating or traditional coil processes. They may self-extinguish, have good weather resistance, and a high dielectric strength. PVDF is also stable in the presence of sunshine and other UV radiation sources.
Challenges: Difficulties: Strict regulations
Paint and coating manufacturers are required to continuously enhance their processes in order to comply with the growing number of regulatory laws that are being implemented by different governments. North America and Western Europe are two examples of nations with severe environmental standards that do not allow products that do not comply with the law.
Regrettably, some lawmakers still base their emission limits only on the amount of volatile organic compounds (VOCs) in exhaust emissions. This may result in the approval of processes that produce high mass emissions but only require extremely low airflows, as opposed to procedures that produce low mass emissions but demand high airflows. The lower atmospheric emissions that result from the use of low-VOC coatings are also disregarded by the concentration technique.
Paints & Coatings Market Ecosystem
Prominent companies in this market include well established, financially stable manufacturers of paints & coatings. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in the market include Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems LLC. (US), Jotun A/S (Norway).
“Growing share of waterborne coatings to support eco-friendly coatings”
The increasing need for eco-friendly products is driving a substantial growth in the market for waterborne coatings. The decorative coatings market is the main industry witnessing the trend of waterborne paints and coatings replacing solventborne paints and coatings. Manufacturers are making paint in a greener manner as a result of growing public awareness of the negative effects of volatile organic compounds (VOCs). Waterborne coatings are predicted to continue to grow in market share within the paints and coatings industry.
The necessity for environmentally friendly goods has led to a demand for environmentally friendly raw materials, especially for waterborne resins like epoxy, acrylic, and alkyd. For example, improvements in waterborne alkyd technology have made it possible to produce alkyd resins with almost no volatile organic compounds (VOCs) and comparable performance to solventborne alkyd resins.
“Acrylic Resins is projected to be the fastest growing resin type of paints & coatings market .”
Acrylic resins' remarkable qualities, such as their superior hardness, durability, adherence to a variety of substrates, gloss, weather resistance, and chemical resistance, have made them the one of the fastest-growing segment in the coatings business. These resins are widely utilized in architectural and automobile coatings, especially in developing nations like China and India where the need for premium paints has been fueled by rising infrastructure spending and rising living standards. One major factor predicted to propel infrastructure growth in Asia and increase demand for acrylic resins in the coatings sector is China's Belt and Road Initiative, a huge infrastructure development initiative that spans Asia, Africa, the Middle East, and Europe.
“Asia Pacific leads the paints & coatings market with global growth trends and regional shifts”
The paint and coatings industry is changing quickly, and the largest market worldwide is currently in the Asia Pacific region, followed by North America and Europe. The region's strong economic growth and significant investments in industries like building, architecture, automotive, and industry are major factors contributing to this expansion. The demand for new residential and infrastructural projects has been fueled by expanding urbanization, and the global economic recovery has greatly boosted manufacturing. The requirement for paints and coatings has grown even more as a result of the construction and repair of smart cities, water and sewage systems, highways, and bridges. On the other hand, the market has grown in industrialized nations including the US, Germany, the UK, France, and Japan. As a result, businesses are concentrating on areas with consistent demand to make up for falling revenues in their established sectors.
In developed regions, manufacturers have several obstacles like unstable economies, erratic prices for raw materials, unstable exchange rates, slow economic expansion, and disparities in supply and demand. In order to tackle these problems, businesses are expanding into emerging markets, investing in R&D, and diversifying their product offerings in order to meet the increasing demand that exists throughout the world.
In order to prosper in a constantly changing global market, players in the sector must strike a balance between innovation, sustainability, and strategic relationships as it adjusts to these changes.
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Key Market Players
Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company. (US), Jotun A/S (Norway), Axalta Coating Systems (US) are the key players in the global paints & coatings market.
Axalta Coating Systems Ltd. is a diversified coatings company. It majorly operates through Performance Coatings and Transportation Coatings segments. The Performance Coatings segment is further sub segmented into refinishing and industrial segments. In contrast, the transportation segment is sub segmented into light and commercial vehicles. The company manufactures liquid and powder coatings used for various applications by automotive OEMs in automotive refinish, transportation, general industrial, and architectural & decorative coatings.
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Report Metric |
Details |
Market size available for years |
2018-2029 |
Base year considered |
2023 |
Forecast Period |
2024-2029 |
Forecast Units |
Value (USD million/billion) |
Segments Covered |
By Resin Type, By Technology, By End-use Industry, By Region |
Geographies Covered |
Asia Pacific, Europe, North America, Middle East & Africa and South America |
Companies covered |
The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India). |
Based on resin type, the paints & coatings market has been segmented as follows:
- Acrylic
- Alkyd
- Epoxy
- Polyester
- Polyurethane
- Vinyl
- Fluoropolymer
- Others
Based on technology, the paints & coatings market has been segmented as follows:
- Water-borne Coatings
- Solvent-borne Coatings
- Powder-based
- Others
Based on end-use industry, the paints & coatings market has been segmented as follows:
-
Architectural
-
Residential
- New Construction
- Remodel & Repaint
-
Non-Residential
- Commercial
- Industrial
- Infrastructure
-
Residential
-
Industrial
- General Industrial
- Protective
- Automotive Refinish
- Automotive OEM
- Wood
- Marine
- Coil
- Packaging
- Aerospace
- Rail
Based on the region, the paints & coatings market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In May 2021, Axalta completed the expansion of its waterborne coatings plant in Jiading, Shanghai, China. The expanded site is designed to meet the rising demand for sustainable coating solutions for automotive, commercial vehicle, and industrial markets in China and the Asia Pacific region.
Frequently Asked Questions (FAQ):
What are the growth driving factors of paints & coatings market?
Application growth in automotive oem industry.
What is the major resin type?
The major resin type of paints & coatings is acrylic resin.
What are the major end-use industry of paints & coatings?
The major end-use industry of paints & coatings are architectural, general industrial, new construction, and automotive oem.
Who are the major manufacturers?
Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems LLC. (US), Jotun A/S (Norway) are some of the leading players operating in the global paints & coatings market.
Which is the largest region in the paints & coatings market?
Asia Pacific is the largest region paints & coatings market. .
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The study involved four major activities in order to estimate the current size of the paints & coatings market. Exhaustive secondary research was conducted to gather information on the market. The next step was to conduct primary research to validate these findings, assumptions, and sizing with the industry experts across the value chain. Both top-down and bottom-up approaches were used to estimate the total market size. The market size of segments and subsegments was then estimated using market breakdown and data triangulation.
Secondary Research
Secondary sources include annual reports of companies, press releases, investor presentations, white papers, articles by recognized authors, and databases, such as D&B, Bloomberg, Chemical Weekly, and Factiva; and publications and databases from associations.
Primary Research
Extensive primary research was carried out after gathering information about paints & coatings market through secondary research. In the primary research process, experts from the supply and demand sides have been interviewed to obtain qualitative and quantitative information and validate the data for this report. Questionnaires, emails, and telephonic interviews were used to collect primary data. Primary sources from the supply side include industry experts, such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the paints & coatings market. Primary interviews were conducted to elicit information such as market statistics, revenue data collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also assisted in comprehending the various trends associated to resin type, technology, end-use industry, and region.
The Breakup of Primary Research:
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COMPANY NAME |
DESIGNATION |
The Sherwin-Williams Company |
Sales Manager |
PPG Industries, Inc. |
Project Manager |
AkzoNobel N. V. |
Individual Industry Expert |
RPM International, Inc. |
Manager |
Market Size Estimation
The following information is part of the research methodology used to estimate the size of the paints & coatings market. The market sizing of the paints & coatings market was undertaken from the demand side. The market size was estimated based on market size for paints & coatings in various technology.
Global Paints & Coatings Market Size: Bottom-Up Approach
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Global Paints & Coatings Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size, the market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Paints & coatings are generally applied to surfaces of stationary structures, such as bridges, buildings, and roads, or parts of stationary structures that include facades, pavements, and pre-fabricated materials. These coatings can be used for protection and esthetic purposes.
Key Stakeholders
- End User
- Raw Material Suppliers
- Senior Management
- Procurement Department
Report Objectives
- To define, describe, and forecast the size of the paints & coatings market in terms of value and volume
- To provide detailed information about the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To forecast the market size by Resin Type, Technology, and End-use Industry
- To forecast the market size with respect to five main regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
- To analyze competitive developments in the market, such as Merger, Acquisitions, and expansions
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the paints & coatings market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the paints & coatings market
Growth opportunities and latent adjacency in Paints & Coatings Market
Fer sections from Paints & Coatings Market needed
Market estimation of additives used in coating applications and growth trends present in the market
General information on global coating industry
Paints & Coatings high-growth niche segments, and financial details of key players
architectural coatings segment for academic work
Information on coating Euipments market by type in south america
Coating market and FDA regulation
Interested in Nordic, Baltics and China
Interested to know the Paints & Coatings Market analysis - 2030 which should cover the market sizes and growth forecast divided into different geographies, applications, technologies and substrates.
The countries with detailed data need are: Finland, Sweden, Russia, Poland, Baltics, China, Denmark and Norway.
In addition, we would need the global and European total figures for applications, technologies and substrates.
The industry coatings we are interested are: * Wood * Doors & windows, Claddings, Joinery * Metal * OEM (ACE, Robotics, Material handling equipment, Engines, Transformators) * PC (Infrastructure, Power generation, Oil&Gas, Passive Fire Protection) In addition we are interested in: * Market drivers * Regulations * Relevant competitors * Megatrends and trends, especially: * Robotics * Construction market * Industrial manufacturing trends * China Information on Paints& Coatings Market Report - 2030 and part of Conductive Ink Report.
Need customized report, based on integral Paints & Coatings report to add following Conductive Ink Report contents.
The contents as bellow: 1 Executive Summary
2 Premium Insights
3 Conductive Inks Market, By Type
4. Carbon/Graphene Inks
5. Conductive Inks Market, By Application
6. Conductive Inks Market, By Region
Industrial water base & Solvent base paint market and market insights
Trends and the future of the Paints & Coatings industry
Report title not mentioned
Information on product portfolio of top players along with competitive leadership mapping of key players present in the market
General information on global paints and coatings industry
Global Paint & Coating market insights
Requires clarification of segmentation
Paints & Coatings Market
Specific interest on paints & catings usage in automotive industry
want the background for Coatings Market for PHD thesis work