Paints and Coatings Market

Market Snapshot

Paints and Coatings Market: By Resin, Technology, Application, and Region

Market Synopsis

Paints and Coatings market is valued at USD 153.38 Billion and is projected to attain a market size of USD 204.57 Billion by 2028 at a CAGR of 4.2% during the forecast period, 2022–2028. The global paints and coatings market has been increasing consistently over the past few years. All developing markets have grown at a significant rate, particularly India, China and Brazil with the latter's paint consumption expected to grow by 9% in 2022. In North America, Mexico is expected to see increased demand from all key regions due to its construction industry that is growing at a rapid pace. With increasing investments in infrastructure development projects, there will be increased demand for Paints and Coatings from Eastern Europe region during the next few years.

Rapidly Growing Urbanization is Driving Growth of Paints and Coatings Market

Rapid urbanization across developing regions has led to a surge in construction activities that have created a growing demand for Paints and Coatings. This coupled with adverse weather conditions including heat waves, cold waves and hailstorms have adversely affected the paint quality required by building exteriors. This has added further impetus for an increased demand of high-quality Paints and Coatings from both developed and emerging markets globally. Paints are now being increasingly used as they offer better aesthetics when compared to other options such as coatings and textiles.

Paints are also used in various other applications, including marine coatings for ships, consumer electronics, automobiles and furniture among others. This has led to increased demand across several industries globally. Moreover, anti-corrosion paints are used in the oil and gas industry which further contributes to demand for Paints and Coatings. In addition, paints provide unmatched aesthetic value to various finished products such as automobiles, furniture and cell phones among others.

Segmentation

The global market is segmented on the basis of technology, resin type, and end user.

Based on technology the market is segmented into waterborne, solventborne, powder, and others. On the basis of resin, the market is segmented into acrylic, alkyd, epoxy, and others. On the basis of end user, the market is segmented into commercial and industrial.

Powder Coating to is Gaining Attention of End-users in the Paints and Coating Market

In today's competitive environment, powder coating manufacturers have a variety of opportunities to grow their businesses. Powder coatings are an important layer in the total assembly process and offer many advantages over conventional liquid paints and primers.

The current trend is towards automotive body shops performing color change or complete refinishing work using powder coating systems that provide faster throughput, fine line marking for high-end cars, durability and repeatability. In addition to speedier processing times, greater consistency in terms of color match and overall appearance is also gaining popularity due to its ability to give parts a more finished look more quickly. As a result, manufacturers of powder coating systems are seeing increasing demand for new technologies and techniques that can improve the quality level of powder coatings and their throughput capabilities.

Asia Pacific to Continue Leading the Global Paints and Coating Market

Industrialization combined with globalization are driving the revenue growth for the Global market. High demand from India, China, Malaysia and Indonesia is driving the global industry. For instance, GDP of Asian countries is rising which has resulted in increase in per capita spending on personal grooming. Increase in gross domestic product (GDP) is expected to provide opportunities for various industry participants over the forecast period. Similarly, shifting preference towards acrylic paint among consumers has boosted global demand. Moreover, increase in number of actors entering into new product launches and collaborations with famous firms is also expected to fuel global demand over the next five years.

Careful government regulations aimed at promoting environment friendly products, such as low VOC (volatile organic compound) paint formulations are expected to drive industry growth over the forecast period. Stringent environmental legislations around the world on paints containing harmful chemicals such as lead is expected to foster growth for green paints in Europe and North America during the forecast period.

Competitive Landscape

The global paints and coatings market has seen intense competition between various stakeholders with major players striving to capture a larger revenue share through innovative products and services. For instance, PPG Industries Inc leads North America paint & coatings industry with its popular brands such as Dutch Boy, Glidden, Helmsman Spar varnish among others. All key industry participants have entered into contracts with oil & gas companies such as Braskem S.A (Brazil), Axalta Coating Systems Ltd (U.S.), and Akzo Nobel N.V (Netherlands) among others to offer advanced anti-corrosion paints that can withstand high pressure and harsh weather conditions for the oil and gas industry.

The Paints and Coatings is Segmented as Follows: