USD 184.03 billion
Global Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Polyester, Polyurethane), By Technology(Solvent-Based, Hot-Melt) - Industry Forecast 2023-2030
Report ID: SQSG15E2012 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 68 | Figures: 75
Global Paints And Coatings Market Insights
Global Paints And Coatings Market size was valued at USD 184.03 billion in 2021 and is poised to grow from USD 190.1 billion in 2022 to USD 254.62 billion by 2030, growing at a CAGR of 3.3% in the forecast period (2023-2030).
To enhance and safeguard a surface, paints and coatings are applied to the substrate. When utilized as decorations, paints and coatings increase the surface's strength and beauty. Additionally, they guard against corrosive agents, corrosion, ageing, and chemical exposure. Depending on the application, paints and coatings can also offer certain qualities like anti-fouling, flame retardancy, and anti-microbial properties. Due to economic expansion and the consequent rise in people's living standards in the region's developing countries, the building and construction industry in Asia-Pacific has been growing quickly. As a result, Asia Pacific is seeing an increase in the demand for paints and coatings. The widespread use of paints and coatings in construction is one of the key drivers of the global market for paints.
The market for paints and coatings is anticipated to develop as a result of the introduction of new technologies such as OEM paints and advancements in powder coating technology. In addition, strict government regulations requiring the use of VOC-free coatings are probably going to boost demand for the paints and coatings market.
US Paints And Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot
Global Market Size
Largest Segment
Hot-Melt
Fastest Growth
Hot-Melt
Growth Rate
3.3% CAGR
Global Paints and Coatings Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Paints and Coatings Market Size By Technology , 2021-2028($ Bn)
Global Paints and Coatings Market Size By Technology , 2021-2028 (%)
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Global Paints And Coatings Market Segmental Analysis
Global Paints and Coatings Market is Segmented based on the Resin, Technology, And Region. Based on the Resin, the global paints and coatings market is segmented as Polyester, Polyurethane, Acrylic, Epoxy, Alkyd, and Others. Based on Technology, the global paints and coatings market is segmented as Solvent-Based, Hot-Melt, Water-Based, Ultraviolet, Others. Based on Region Paints and Coatings Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Paints and Coatings Market Analysis by Resin
Based on the Resin, acrylic resin accounted for a maximum market share followed by polyurethane, epoxy, and other Paints and Coatings segments. Acrylic resins are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. Polyurethane coatings are long-lasting and provide surfaces with exceptional weather protection, gloss, and colour retention. As a result, they are commonly employed in topcoats of automobile coatings. Polyurethane coatings are also employed in high-performance wood finishes, marine coatings, architectural coatings, and other applications. They are available in one-, two-, or three-part compositions. They are also compatible with water-based coating processes.
Paints and Coatings Market Analysis by Technology
The global paints and coatings market has been segmented on the basis of technology as solvent-based, hot-melt, water-based, ultraviolet, and others. Among these, the water-based segment of the market dominated the market with more than 43% share in 2021. Further, the water-based segment of the market is followed by the ultraviolet, solvent-based, hot-melt, and others. Water-based coating is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint. Because of their low VOC content, these coatings are commonly used. This is due to the rising use of these versions in the aerospace industry, which provide high reactivity, rapid curing, long shelf life, low-temperature processing, almost no volatile organic compound (VOC) emission, and abrasion resistance. Furthermore, UV curing technology can be applied to industrial finishing applications such as wood coating, automobile coating, wire coating, package coating, metal ornamental coating, and floor finishing.
Global Paints and Coatings Market By Technology , 2021(%)
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Global Paints And Coatings Market Regional Insights
Asia Pacific held the largest share of the Paints and Coatings market. Asia Pacific has a significant need for roof coatings, vinyl ester coatings, Clearcoat spray paint, epoxy paint, and waterproof paint. The region is projected to be one of the dominant regions in the market contributing to more than 40% share of the total market. The North American market growth is driven by the existence of a large number of manufacturers in the region. The region's improving economic conditions are fueling the demand for paints and coatings even more. Furthermore, the market in North America and Europe is mature and is forecasted to grow at a sluggish rate due to the implementation of rigorous VOC emission rules in these locations. Latin America and the Middle East and Africa accounted for a small portion of the worldwide market.
Global Paints and Coatings Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Paints And Coatings Market Dynamics
Paints and Coatings Market Driver
- Nowadays, semiconductors are covered with unique spray paint that provides magnetic response and electrical conductivity. As the semiconductor industry grows, vendors in the paints and coatings business will gain. Furthermore, growing urbanization and industrialization in emerging nations such as India, China, and Asia Pacific would accelerate the growth rate of the paints and coatings industry.
- As urbanization and population growth continue, the building and construction industry is anticipated to expand quickly in the next years. Urbanization and shifting lifestyles are projected to drive the global building industry in the upcoming years. Global investment in housing and infrastructure construction has increased as a result of improving economic conditions and population growth. In order to decorate and protect buildings and infrastructure, paints and coatings are frequently used. House paint, epoxy floor paint, primers, sealers, varnishes, and stains are just a few of the architectural alterations utilized to enhance a home's appearance. Architectural paints come in a range of textures and sheens, from semi-gloss to high-gloss, and are low-VOC, odorless, and scrub-resistant.
Paints and Coatings Market Restraint
- Paint and coatings producers should keep streamlining their procedures in order to comply with the growing number of regulatory laws that different governments are enforcing. In nations with severe environmental rules, like those in Europe and North America, products that do not meet legal requirements are outlawed. Unfortunately, some legislators continue to base their emission limitations solely on the quantity of VOCs contained in exhaust gases. As a result, procedures that require high airflows but produce low mass emissions might be accepted more readily than those that require low airflows but do so. When low-VOC coatings are employed, the concentration approach ignores the decreased air emissions. Attempts to hasten the expansion of the paints and coatings industry are hampered by the protracted approval process brought on by these stringent requirements.
- The drying and curing processes for different kinds of water-borne paints and coatings take a little longer than they do for solvent-borne coatings. Aqueous coatings are also widely known for having excellent flow characteristics that help to alter how humidity influences the application of paint. When the humidity is excessive, water does not evaporate, which results in a poor cure and a subsequent loss in performance. Waterborne paints and varnishes are well known for being sensitive to cold temperatures. After being frozen, many aqueous coatings cannot be utilised safely.
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Global Paints And Coatings Market Competitive Landscape
The Global Paints and Coatings market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Paints and Coatings Market Top Player's Company Profiles
- PPG Industries, Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- BASF SE
- Axalta Coating Systems LLC
- Kansai Paint Co., Ltd.
- RPM International Inc.
- Nippon Paint Holdings Co., Ltd.
- Asian Paints
- Jotun Group
- Hempel A/S
- The Valspar Corporation
- Tikkurila Oyj
- Berger Paints India Limited
- Masco Corporation
- Dunn-Edwards Corporation
- DAW SE
- Dymax Corporation
- Diamond Vogel Paints
- DuluxGroup Limited
Paints and Coatings Market Recent Developments
- In June 2022, AkzoNobel has invested in a new production line for water-based texture paints at its Songjiang site in Shanghai, China – boosting capacity for supplying more sustainable products. The site is one of four water-based decorative paints plants in China and among the company’s largest globally. The new 2,500 square meter facility will produce Dulux products for various markets, such as interior decoration, architecture and leisure.
- In June 2022, The Sherwin-Williams Co. recently announced an agreement to acquire Gross & Perthun GmbH, a Mannheim, Germany-based developer, manufacturer and distributor of coatings primarily for the heavy equipment and transportation industries.
Global Paints And Coatings Key Market Trends
- Smart coatings are capable of changing their characteristics in response to external stimuli like temperature and electric field. They offer numerous benefits in a variety of other applications, including mending damaged oil and gas platforms and aircraft engines, and are increasingly used in commercial applications. Smart coatings have been more popular recently since people are ready to pay higher costs for them due to their self-cleaning, self-healing, and self-stratifying qualities. Consequently, the market for paints and coatings is heading toward an increased acceptance of these solutions.
- Nanotechnology is one new area of interest, with tens of thousands of patents already been awarded for the coatings sector alone. In highly specialized applications, very minute ceramic or metallic particles can be added to paint compositions to change certain attributes, such as scratch, abrasion, wear, corrosion, and UV resistance. Nanoparticles typically range in size from 10 to 70 nanometers and have fewer than 6.5 million atoms in them. These sizes result in large surface area to mass ratios, which endow the particles with distinctive features. For instance, at 2 nanometers, metal particle conductivity changes, while at 20 nanometers, ceramic particle transparency changes. Gold particles lose their flexibility and turn red at a wavelength of 20 nanometers.
Global Paints And Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Paints and Coatings Market Analysis, in terms of resin, the acrylic segment held the largest share over the forecast period as these are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in solvent-based and water-based formulations. In terms of technology, water-based segment accounted for a maximum market share followed by ultraviolet and other Paints and Coatings segments as it is an environmentally acceptable surface treatment that employs water as a solvent to disperse the resin used to create the coating or paint.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 184.03 billion |
| Market size value in 2030 | USD 190.1 billion |
| Growth Rate | 3.3% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Paints And Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Paints And Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Paints And Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Paints And Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Paints And Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Paints And Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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