Paints & Coatings Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Water based, Solvent based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Sales Channel (Direct, Indirect), By End Use (Architectural, Industrial, Infrastructure), By Region 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Infrastructure | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationPaints & Coatings Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Water based, Solvent based), By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Sales Channel (Direct, Indirect), By End Use (Architectural, Industrial, Infrastructure), By Region 2018-2028
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The global paints and coatings market size was estimated at USD 200.3 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030.
Paints and coatings are commonly used in the construction, automotive, transportation, and wood industries. They are mainly used in the building and construction industry to protect structures from external damage. The product is also used in a variety of applications in the decoration of residential and non-residential infrastructure and buildings, industrial facilities, automobiles and ships, and industrial wood, etc. Paints and coatings are also widely used in various applications owing to their properties such as environmental friendly, anti-corrosion, reflection absorption, friction reduction, and hardness. High-tech coatings with cationic electrophoretic paints that coat multi-faceted metal parts and protect them against corrosion are becoming more and more popular. High-performance ceramics extend the service life of aircraft turbine engines and automobiles. Above all, it protects components from high temperatures, wear and corrosion.
The use of low VOCs (Volatile Organic Compounds) and eco-friendly technologies such as waterborne, powder and UV curable paints are becoming more and more common in the paints and coatings sector. This change is primarily due to stringent regulations on VOC emissions in many regions of North America and Europe. The demand for water-based paints and coatings is growing as people understand how coating products affect the environment and human health and turn to sustainable alternative technologies. Water-based paints and varnishes are becoming more popular among manufacturers because they are more affordable than the more common solvent-based paints and varnishes. Water-based paints are often used for painting buildings. Technologies such as powder coating and high solids are becoming increasingly popular due to their lower VOC content, making them more environment-friendly than solvent-based paints. Therefore, the use of environment-friendly coating materials is expected to rise. Rapid urbanization has led to significant growth in the global real estate and construction industry, leading to an increase in office space, commercial premises and housing. Industrial coatings such as polyurethanes, acrylics, polyesters, epoxies, and alkyds are used in a variety of end-use sectors including oil and gas, general industry, aerospace, automotive and vehicle detailing, resource extraction, power generation, marine, and semiconductors.
Industrial acrylic coatings are used in general industry, aerospace, automotive and vehicle refinishing, and other end-use industries for their adhesion, corrosion resistance, and quick drying properties. As people become more aware of the negative effects of solvent-borne surface coatings and the many regulations surrounding VOCs and other hazardous air pollutants (HAPs), waterborne industrial coatings may gain popularity in the projected time frame there is. The automotive industry is expected to develop further as the increasing focus on electric vehicle manufacturing due to rising CO2 emissions is expected to increase the demand for industrial coatings in the coming years. For example, the Chinese government has set a goal that by 2025, at least 20% of all cars sold in the country would be electric. the paints and coatings market throughout the forecast period.
Expansion of Construction Industry
It is estimated that the growing application of fluoropolymers in the construction and pipeline industries would pave the way for market growth. Fluoropolymers are used in polyvinylidene difluoride (PVDF) such as industrial and architectural coatings in the construction industry. PVDF is often used in architectural applications where both substrates are required. PVDF is a fluoropolymer choice because it is insoluble in ester and ketone solvents and may not form a solvent dispersed. The main factors behind the growth of the coatings industry are the increase in residential and commercial projects around the world.
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Sustainable Growth in the Coatings Sector
Having Trouble Getting Thin Films for Powder Coating
The ability to produce thick, smooth coatings with the powder coating method is outstanding. However, producing thin coatings is challenging. The velocity and volume of powder application to the substrate are challenging to regulate. Surface flaws are easily concealed by thicker coatings. Due to inadequate powder addition, insufficient temperature or curing time, and insufficient pre-treatment, thinner coatings frequently exhibit more orange-peeled textures.
Recent Developments
- In 2022, PPG announced a USD11 million investment to doublethe capacity of its powder coating facility in San Juan del Rio, Mexico. Theexpansion project is expected to be completed by mid-2023, allowing the plantto meet the anticipated future demand for powder coatings in Mexico. Theproject includes installing new production lines, upgrading existing equipmentand expanding application possibilities. The increased production would alsoallow PPG to manufacture on-site new innovative powder coating products thatare now shipping from the United States.
- AsianPaints would invest USD243.9 million toestablish a 400 kiloliters per year water-based paint manufacturing facility.The company is evaluating the possibility of establishing a manufacturingfacility in Madhya Pradesh, subject to the granting of government incentivesand other permits and approvals. We plan to start operations three years afterthe acquisition of the property. The company also announced plans to investapproximately USD 32.31 billion in manufacturing key raw materials such asvinyl acetate-ethylene emulsion (VAE) and white cement.
Market Segmentation
Market players
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Attribute |
Details |
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Base Year |
2022 |
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Historic Data |
2018– 2024-2032 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Million and CAGR for 2024-2032-2024-2032 and 2022-2027 |
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Report coverage |
Revenue forecast, company share, growth factors, and trends |
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Segments Covered |
Technology Resin Sales Channel End Use Region |
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Regional scope |
North America, Asia-Pacific, Europe, South America, Middle East & Africa |
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Country scope |
United States, Canada, Mexico, China, Indian, Japan, South Korea, Australia, Germany, United Kingdom, France, Italy, Spain, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE |
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Key companies profiled |
PPG Industries, Akzo Nobel N.V., BASF Coatings, The Sherwin-Williams Company, RPM International Inc., Nippon Holdings, The Valspar Corporation, Axalta Coating Systems, Asian Paints Limited, and Kansai Nerolac Paints Limited. |
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Customization scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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