The global paints and coatings market revenue was around US$ 192.7 billion in 2023 and is estimated to reach US$ 291.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2024 to 2032.
The term paint and coatings describes a type of material that is broadly used for applying to the exterior of specific objects to shield the surface against sunlight exposure and oxidation. This covering also assists in enhancing the durability of the object life and it is also used for functional and decorative objectives.
Market Driving Factors
The surge in demand for environment-friendly coating products boosted the market growth. The paints & coatings industry is witnessing a trend of use of low-VOC and environment-friendly products such as powder coatings, water-based coatings, and UV-curable coatings. The shift is due to the enactment of strict rules on VOC emissions in different regions, mainly in Europe and North America. Furthermore, an increase in awareness about the impact of coating products on human health and the environment, and a surge in concentration on sustainable alternative technologies are increasing the demand for water-based paints & coatings.
An increase in construction activities is estimated to drive the market growth. The construction industry is estimated to increase at an immediate pace in the next few years owing to the increase in population and urbanization. In addition, urbanization and altering lifestyles are predicted to boost the global construction industry in the next few years. Furthermore, growth in population and enhancement in economic conditions increase the expense of infrastructure and housing development across the world which will increase the usage of paints & coatings to decorate and safeguard buildings and infrastructure.
Some health hazards associated with the usage of volatile organic compounds (VOC)-containing paints & coatings. For instance, high levels of VOCs in the paint could especially affect sinusitis and asthmatic patients. Furthermore, VOCs can cause extreme irritation to the eyes & throat and a burning sensation to the nasal membranes. These elements may hinder the buyers from purchasing VOC-containing paints & coatings and restrain the market growth.
Regional Analysis
Asia-Pacific dominates the market in terms of the highest growth rate. This is owing to the increase in electronics, automotive, and other sectors improving the performance of the paints and coatings in the region. Additionally, China's industrial sector is surging immediately, which in turn enhances the performance of the market in the region. Furthermore, countries such as Australia, India, Malaysia, and Indonesia, have witnessed an immediate surge in the construction & building sector where paints and coatings are employed as protective coatings in different commercial and residential buildings & construction sites. It includes hospitals, hotels, flats, homes, warehouses, offices, and garages.
Segmentation Insights
Resin Insight
The acrylic segment is estimated to dominate the market in terms of the growth rate. This is due to acrylic paints provide various benefits such as it dries rapidly. It is less toxic, it is water-soluble, safer around pets & children, and it is durable & flexible. These elements have made customers more linear toward utilizing acrylic resin-based paints for home decor and different applications which will increase the paints and coatings market growth.
Product Type Insight
The waterborne coatings segment dominated the market in terms of the largest revenue. This is attributed to the surge in demand for a broad range of furniture items, which, in turn, have increased the popularity of waterborne coatings due to their good pigmentation and high gloss characteristics. Furthermore, customers in both developing and developed economies have become more linear toward utilizing sustainable products, which in turn boosts the waterborne coatings popularity among different end-use sectors. Such factors are predicted to drive the market growth.
Application Insight
The architectural segment is expected to dominate the market in terms of shares. This is due to the governments of developing economies such as India, China, and others, having a surge in spending on township development, built-up infrastructure, and construction of development projects where paints and coatings are broadly utilized for interior and exterior coating applications.
Prominent Companies
Segmentation Outline
The global paints and coatings market segmentation focuses on Resin, Product Type, Application, and Region.
By Resin
By Product Type
By Application
By Region
[ TABLE OF CONTENT ]
1 INTRODUCTION OF GLOBAL PAINTS AND COATINGS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PAINTS AND COATINGS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PAINTS AND COATINGS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PAINTS AND COATINGS MARKET, BY RESIN
5.1 OVERVIEW
5.2 ACRYLIC
5.3 ALKYD
5.4 EPOXY
5.5 POLYESTER
5.6 POLYURETHANE
5.7 VINYL
5.8 OTHERS
6 GLOBAL PAINTS AND COATINGS MARKET, BY PRODUCT TYPE
6.1 OVERVIEW
6.2 WATERBORNE COATINGS
6.3 SOLVENT-BORNE COATINGS
6.4 POWDER COATINGS
6.5 OTHERS
7 GLOBAL PAINTS AND COATINGS MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 ARCHITECTURAL
7.3 INDUSTRIAL
7.4 OTHERS
8 GLOBAL PAINTS AND COATINGS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL PAINTS AND COATINGS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ASIAN PAINTS LTD
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 AKZO NOBEL N.V.
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AXALTA COATING SYSTEMS LLC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 RPM INTERNATIONAL INC
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 THE SHERWIN-WILLIAMS COMPANY
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 INDIGO PAINTS LTD
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 KANSAI PAINT CO. LTD
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 KWALITY PAINTS AND COATINGS PVT LTD
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 PPG INDUSTRIES INC
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 NIPPON PAINT HOLDINGS CO. LTD
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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