Global Paints and Coatings Market

Global Paints And Coatings Market Size, Share, Growth Analysis, By Resin(Acrylic, Alkyd), By Technology(Solvent-Borne, Hot-Melt), By Application(Architectural, Industrial and Others) - Industry Forecast 2024-2031


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

Global Paints And Coatings Market News

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

     

  • 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.

$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 2019 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 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. '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'

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. 

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.

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 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 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. 'Nippon Paint Holdings Co., Ltd.', 'Asian Paints', ' 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)    ', ' RPM International Inc. (United States)    ', ' 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 addition to the imperative to ban hazardous chemicals, and other harmful substances from paints and coatings, manufacturers are poised to confront significant challenges. Achieving compliance with these regulations may necessitate formulation revisions and substantial investments in environmentally friendly technologies, potentially driving up production costs and constraining profit margins. Furthermore, heightened awareness of the health risks associated with chemical residues in paint and coating products is prompting consumers to seek out greener alternatives, thereby restricting the growth potential of existing players in the market. 

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.

Asia Pacific commands the largest share of the Paints and Coatings market, driven by a substantial demand for various products including roof coatings, vinyl ester coatings, clearcoat spray paint, epoxy paint, and waterproof paint. With projections indicating its dominance, Asia Pacific is anticipated to contribute to over 40% of the total market share.

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

Global Paints and Coatings Market

Product ID: SQMIG15E2489

$5,300
BUY NOW GET FREE SAMPLE