Paints And Coatings Market Size, Share, Growth Analysis, By Resin Type(Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin), By Technology(Waterborne Coatings, Solvent Borne Coatings, Powder Coatings, and Other Technologies), By End-User Industry(Architectural (Residential Sector [New construction, Remodel and repaint], Non-Residential [Commercial, Industrial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2489 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 94 |Figures: 76

Paints And Coatings Market Insights

Global Paints and Coatings Market was valued at USD 160.4 Billion in 2022 and is poised to grow from USD 169.2 Billion in 2023 to USD 259.7 Billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031). 

The paints and coatings market is experiencing a significant surge propelled by growing investment in infrastructure, urbanization trends, and improving economic conditions in emerging economies. While functional attributes remain cardinal, an increasing emphasis on visual appeal and protective properties across diverse applications such as construction, automotive, aerospace, and marine sectors is largely visible. Thus, the demand for high-performance coatings is projected to continually soar in tandem with these trends. Simultaneously, stringent environmental regulations are driving the development of green coating formulations, notably those based on water or very low volatile organic compounds (VOCs). This shift towards environmentally friendly alternatives has not only positively impacted the industry but has also resulted in increased adoption. 

Technological advancements, including nanotechnology-based coatings and smart coatings with multifunctional properties like self-healing and corrosion protection, are poised to significantly drive market growth. Moreover, the burgeoning demand for rehabilitation in both commercial and residential sectors serves as a key catalyst for the market expansion. As infrastructure ages and environmental concerns escalate, there is a growing need to renovate and protect existing structures. This drives the demand for paints & coatings capable of providing long-lasting protection and aesthetic enhancement, thus shaping the market’s upward trajectory. 

However, the market contends with the volatility of raw material prices, presenting a challenge for manufacturers aiming to maintain profitability. Further, geopolitical tensions, which are intertwined with trade disputes, further impedes the free flow of raw materials and destabilizes the market. Despite these challenges, the market players are actively working around with their strategic initiatives such as M&A deals, partnerships, and novel product offerings, to be able to outshine and grow their market presence. Market players are now focusing on sustainability concepts, innovation strategies and building strategic partnerships which are critical enablers for sustaining long-term growth.

US Paints And Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 160.4 billion

Largest Segment

Water-Based

Fastest Growth

Hot-Melt

Growth Rate

5.5% CAGR

Global Paints and Coatings Market ($ Bn)
Country Share for Asia Pacific Region (%)

To get more reports on the above market click here to Buy The Report

Paints And Coatings Market Segmental Analysis

Paints and Coatings Market is segmented based on Resin Type, Technology, End Use Industry and Region. Based on the Resin Type, the market is segmented into Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin, Polyurethane Resin, Fluoropolymer Resin, Vinyl Resin, and Others. Based on Technology, the market segmented into Waterborne Coatings, Solvent borne Coatings, Powder Coatings, and Other Technologies. Based on End Use Industry, the market is segmented into Architectural (Residential Sector [New Construction, Remodel and Repaint], Non-residential [Commercial, Industrial, Infrastructure]), Industrial (General Industrial, Protective, Automotive Refinish, Automotive OEM, Wood, Marine, Coil, Packaging, Aerospace, Rail). Based on Region market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. 

Analysis by Resin 

Based on the resin type, acrylic resin accounted for maximum market share followed by polyurethane, epoxy, and other resin segments. Acrylic are frequently utilized in architectural coatings, industrial coatings, and surface coatings because they can be employed in both, solvent-based and water-based formulations.  

Polyurethane has emerged as the fastest growing segment within the global paints and coatings market. 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 application areas. They are available in one-, two-, or three-part compositions.  

Analysis by Technology 

The water-borne coatings segment dominated the market with more than 43% share in 2023. Water-based coating technology represents an environmentally preferable surface treatment method that utilizes water as a solvent for dispersing the resin used in coating or paint formulation. These coatings are widely favored for their low volatile organic compound (VOC) content. The aerospace industry, in particular, has witnessed a notable surge in the adoption of water-based coatings. These formulations offer a myriad of benefits including high reactivity, rapid curing, extended shelf life, suitability for low-temperature processing, minimal VOC emissions, and impressive abrasion resistance, which drives their demand in the global market. 

Powder coating is the fastest growing in paints and coatings market. Powder coating is a dry finishing process where finely ground pigment and resin particles are electrostatically charged and sprayed onto electrically grounded parts. This method, which emits low VOCs, offers superior performance and cost efficiency for applications requiring high abrasion resistance and hardness. Comprising 100% solid components (binders, pigments, additives), powder coatings lack solvents. Powder coatings are versatile, used in various commercial and industrial products including mailboxes, bathroom fixtures, ornamental fencing, vacuum cleaners, etc.

Global Paints and Coatings Market By Technology (%)

To get detailed analysis on other segments, Request For Free Sample Report

Paints And Coatings Market Regional Insights

In 2023, Asia-Pacific will remain the largest market for paints and coatings due to increasing economic giants such as China and Japan in the Asia-Pacific region that is the second largest economy in world and third largest economy respectively. Containing 60 percent of the worldwide population or 4. 7 billion people China, India, and other nations will have a profound effect on the global construction industry in the decades to come. Increasing income per capita and demand for these products from tier-two and tier-three cities and rural areas due to changing consumer behavior are the main factors spurring the market’s expansion. With developing to developed Asia Pacific economy these industries are facing high economic growth and large investment for automotive, consumer goods, construction and Furniture industries. Major paint makers are increasing their production capacity in China and India to take advantage of relatively cheaper production and ever-growing domestic markets. 

The market for paints and coatings in North America is expected to grow from many players and improving economic conditions which leads to increased demand. But still, the markets that can be observed in North America and Europe are relatively saturated, and they are expected to grow at a slower pace. Most of this slow growth is due to the adoption and enforcement of measures to reduce the emission of volatile organic compounds. Although these regulations are meant to minimize the negative effects on the environment, they sometimes slow down-market growth. However, the established markets remain as a stable market base for the manufacturers with new innovative and environmentally compliant products as the regional market continues to be put under pressure by the stricter regulatory frameworks and consumer demands.

Global Paints and Coatings Market By Geography
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Paints And Coatings Market Dynamics

Paints and Coatings Market Driver

 

Urbanization and Infrastructure Development – Catalysts for Market Growth:

  • Since rapid urbanization is being witnessed across the globe, the need for more construction projects like residential buildings, commercial structures, and infrastructures like roads and bridges is on the rise. In this context, product quality stands out as a key motivator of demand for superior paints & coatings. Superior paints & coatings are not only required for new building constructions but also for the refurbishment of many structures. These products serve a particularly important purpose of providing protection to surfaces and improving appearance, which means that they are essential elements of the built environment. 

Tech Transformation Powering Market Growth:

  • Digital technologies are revolutionizing the entire life cycle of coatings – their creation, application, and even monitoring, making the processes faster and more environmentally friendly. With the help of data analysis and machine learning, the manufacturers are capable of optimizing the recipes or formulas, reducing the portion of rejects, and offering tailored solutions in accordance with the needs of the customers. The advancement in technology has created an unrivalled level of dynamism within the paints and coatings industry that will determine the future growth of the sector. 

Restraints 

Environmental Regulations and Health Concerns:

  • Apart from the need to eliminate dangerous chemicals and other volatile compounds from paints and coatings, manufacturers stand ready to address compelling pressures. Adherence to these regulations could thus require reformulation of products and large investments in green technologies, factors that can add cost to production and limit profit margins. In addition, existing consumers are becoming more aware of the dangers of chemical residues in paint and coating products and are beginning to demand environmentally friendly products that will limit the expansion of market participants. 

Fluctuating Raw Material Prices:

  • A significant factor that affects the paints and coatings industry is the prices of the raw materials that include pigments, resins, solvents, and additives. These prices vary greatly depending on factors such as demand and supply position, geopolitics, and shifts in currency values. Fluctuations in raw material price are unfavorable to producers as they lead to the increase in cost of production or higher charges to clients.

Request Free Customization of this report to help us to meet your business objectives.

Paints And Coatings Market Competitive Landscape

The paints and coatings market exhibits a semi-fragmented nature, characterized by intense competition among key players. These prominent players continuously employ diverse growth strategies to maintain their competitiveness. Product launches, innovations, mergers, acquisitions, collaborations, partnerships, and intensive research and development efforts are among the strategies adopted by these industry leaders to succeed in this competitive landscape.

Paints and Coatings Market Top Player's Company Profiles

 

  • Indigo Paints Pvt. Ltd (India) 
  • Akzo Nobel N.V. (Netherlands) 
  • PPG Industries, Inc. (United States) 
  • Sherwin-Williams Company (United States) 
  • Axalta Coating Systems Ltd. (United States) 
  • Nippon Paint Holdings Co., Ltd. (Japan) 
  • RPM International Inc. (United States) 
  • Asian Paints (India) 
  • Kansai Paint Co., Ltd. (Japan) 
  • Hempel A/S (Denmark) 
  • Jotun (Norway) 
  • Sika AG (Switzerland) 
  • Valspar Corporation (United States) 
  • Berger Paints India Limited (India) 
  • Masco Corporation (United States) 
  • Dunn-Edwards Corporation (United States) 
  • Tikkurila Oyj (Finland) 
  • DAW SE (Germany) 
  • Benjamin Moore & Co. (United States) 
  • KCC Corporation (South Korea)

Paints and Coatings Market Recent Developments

  • In December 2023, DuPont announced that in Taipei Building Show, the largest building materials exhibition in Taiwan, Coryor Surface Treatment Company Ltd. and Nippon Paint Taiwan have introduced a series of new offerings, which include printed Tedlar PVF solutions and PVF coating. 

  • In September 2023, Grasim Industries Limited, a flagship company of the Aditya Birla Group, unveiled the brand name of its paints business, ‘Birla Opus’. The market launch of Birla Opus is scheduled for Q4FY24. Grasim will offer a full suite of high-quality products in the decorative paints segment. 

  • In May 2024, Nippon Paint, the leading paint brand in the Asia Pacific region, unveiled its latest innovation, Weatherbond 8. It is a high-performance exterior paint designed to endure the harshest weather conditions.

Paints And Coatings Key Market Trends

  • Rising Demand for Smart Coatings in the Paints and Coatings Market: Smart coatings are extraordinary in that they can alter their properties according to the changing environment conditions such as temperature and electric fields. It has a myriad of advantages in different uses, such as treating of damaged oil and gas platforms and aircraft engines and as the commercial applications are involvement. This trend indicates that the demand for smart coatings is relatively increasing since consumers are willing to incur extra costs to obtain coatings with self-cleaning, self-healing, and self-stratifying properties. As a result, the paints and coatings market is experiencing increased adoption of these solutions. 

  • Nanotechnology's Impact on the Coating Industry: Nanotechnology is an emerging field of interest, with the coating industry showing significant interest in the last few years; in fact, thousands of patents have been issued on nanotechnology. In very specialized, tailoring applications nano-sized ceramics or metallic particles are dispersed in paints to adjust some peculiar parameters including scratch, abrasive, wear, corrosion and UV-resistances. Nanoparticles can be defined as belonging to any material in the size range of 10-70 nm with relatively large area to mass ratios. For instance, when the metal particles are about 2 nanometers or less, their conductivity changes whereas the ceramic particles of 20 nanometers or larger change their transparency. For instance, gold particles maintain their softness and appear red when their size reaches 20 nanometers.

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. 

Based on our analysis of the paints and coatings market it is clear that the market continues to grow adding towards the development of urbanization and infrastructure coupled with a growing demand for high performance coatings across industries in the world. However, fluctuating prices of raw materials present a loophole for the stakeholders since they erode the profit base. Still, two of the major trends which indicate a favourable market outlook are the shift to greener formulations and developments in the sphere of intelligent coatings While industry players negotiate through obstacles and grab the chances, being strategic in sustainability, innovation, and strategic collaborations will be the part of the path to gaining profits and maintaining competitiveness in the evolving environment of the global paints and coatings market.

Report Metric Details
Market size value in 2022 USD 160.4 Billion
Market size value in 2031 USD 259.7 Billion
Growth Rate 5.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Resin Type
    • Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin, Polyurethane Resin, Fluoropolymer Resin, Vinyl Resin, and Others
  • Technology
    • Waterborne Coatings, Solvent Borne Coatings, Powder Coatings, and Other Technologies
  • End-User Industry
    • Architectural (Residential Sector [New construction, Remodel and repaint], Non-Residential [Commercial, Industrial, Infrastructure]), Industrial (General Industrial, Protective, Automotive Refinish, Automotive OEM, Wood, Marine, Coil, Packaging, Aerospace, and Rail)
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
  • Indigo Paints Pvt. Ltd (India) 
  • Akzo Nobel N.V. (Netherlands) 
  • PPG Industries, Inc. (United States) 
  • Sherwin-Williams Company (United States) 
  • Axalta Coating Systems Ltd. (United States) 
  • Nippon Paint Holdings Co., Ltd. (Japan) 
  • RPM International Inc. (United States) 
  • Asian Paints (India) 
  • Kansai Paint Co., Ltd. (Japan) 
  • Hempel A/S (Denmark) 
  • Jotun (Norway) 
  • Sika AG (Switzerland) 
  • Valspar Corporation (United States) 
  • Berger Paints India Limited (India) 
  • Masco Corporation (United States) 
  • Dunn-Edwards Corporation (United States) 
  • Tikkurila Oyj (Finland) 
  • DAW SE (Germany) 
  • Benjamin Moore & Co. (United States) 
  • KCC Corporation (South Korea)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

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 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
  • 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 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
  • 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
  • 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(%)

Methodology

For the 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 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 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 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Paints and Coatings Market was valued at USD 160.4 Billion in 2022 and is poised to grow from USD 169.2 Billion in 2023 to USD 259.7 Billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031). 

The paints and coatings market exhibits a semi-fragmented nature, characterized by intense competition among key players. These prominent players continuously employ diverse growth strategies to maintain their competitiveness. Product launches, innovations, mergers, acquisitions, collaborations, partnerships, and intensive research and development efforts are among the strategies adopted by these industry leaders to succeed in this competitive landscape. 'Indigo Paints Pvt. Ltd (India) ', 'Akzo Nobel N.V. (Netherlands) ', 'PPG Industries, Inc. (United States) ', 'Sherwin-Williams Company (United States) ', 'Axalta Coating Systems Ltd. (United States) ', 'Nippon Paint Holdings Co., Ltd. (Japan) ', 'RPM International Inc. (United States) ', 'Asian Paints (India) ', 'Kansai Paint Co., Ltd. (Japan) ', 'Hempel A/S (Denmark) ', 'Jotun (Norway) ', 'Sika AG (Switzerland) ', 'Valspar Corporation (United States) ', 'Berger Paints India Limited (India) ', 'Masco Corporation (United States) ', 'Dunn-Edwards Corporation (United States) ', 'Tikkurila Oyj (Finland) ', 'DAW SE (Germany) ', 'Benjamin Moore & Co. (United States) ', 'KCC Corporation (South Korea)'

In 2023, Asia-Pacific will remain the largest market for paints and coatings due to increasing economic giants such as China and Japan in the Asia-Pacific region that is the second largest economy in world and third largest economy respectively. Containing 60 percent of the worldwide population or 4. 7 billion people China, India, and other nations will have a profound effect on the global construction industry in the decades to come. Increasing income per capita and demand for these products from tier-two and tier-three cities and rural areas due to changing consumer behavior are the main factors spurring the market’s expansion. With developing to developed Asia Pacific economy these industries are facing high economic growth and large investment for automotive, consumer goods, construction and Furniture industries. Major paint makers are increasing their production capacity in China and India to take advantage of relatively cheaper production and ever-growing domestic markets. 

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Report ID: SQMIG15E2489

$5,300
BUY NOW GET FREE SAMPLE