Paints and Coatings Market Overview

“The Paints and Coatings Market Predictable at $168.98 billion in 2022, is estimated to increase at a CAGR of 3.75% from $178.56 billion in 2023 to $245.85 billion by 2030.”

The market for paints and coatings is expected to expand due to rising demand in the automotive, construction, and general industries. The Asia Pacific region's surge in automobile manufacturing and personal mobility demand are expected to further boost the market. Additionally, growing industrialization and urbanization in developing nations like China, India, and Southeast Asia will drive demand for various applications.

Paints and coatings are expected to be highly in demand in the architectural industry due to expanding construction production, urbanization, and population growth. The Asia Pacific region's ambitious projects, launched by emerging nations, are expected to drive residential construction activity, further boosting the demand for these materials in the architectural sector.

The paints and coatings market comprises raw material suppliers, manufacturers, distribution networks, and end-use industries. The main ingredients include pigments, resins, solvents, extenders, and additives. Pigments offer color, corrosion resistance, and mechanical strength, while additives like thickeners, ultraviolet stabilizers, and anti-foaming agents are used in manufacturing. Key resins like acrylic, epoxy, polyurethane, polyester, and alkyd are used in formulations, while solvents control the viscosity and drying qualities of the final products.

Basic materials rely on oil and natural gas feedstock, causing price instability. Essential raw material suppliers collaborate with paint and coating producers under predetermined agreements.

The value chain starts with suppliers of raw materials for paints and coatings, including major players like Kamsons Chemicals Pvt. Ltd., Mitsubishi Chemicals Corporation, Adhesives Technology Corporation (ATC), Gellner Industrial LLC, and MegaChem (UK) Ltd.

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Market Dynamics

Growth Factors

Paints and coatings are in high demand

The market expansion of the paints and coatings sector is driven by the growing use of fluoropolymers in the building and construction industries, as well as the demand for powder coatings in shipbuilding and pipeline industries. Polyvinylidene difluoride (PVDF) is a popular choice due to its solvent insoluble nature in ester and ketone solvents and its ability to be converted into solvent dispersion coatings. The rise in residential and commercial buildings is also a key factor in this expansion.

Increased Demand in the Semiconductor Industry

The semiconductor industry, valued at $426.4 billion in 2018, is expected to grow at a CAGR of 5.88% from 2019 to 2025. A new spray paint covering semiconductors offers magnetic response and electrical conductivity, benefiting paints and coatings vendors.

The paints and coatings industry is expected to grow due to urbanization and industrialization in emerging nations like India, China, and Southeast Asia, as well as increased use of powder coatings in the automotive industry.

Trends

The architectural industry is experiencing a surge in demand

Architectural paints and coatings are the primary market for paints and coatings, designed to protect and enhance surface elements on structures and residences. They are typically labeled for specific applications like roof coatings, wall paints, or deck finishes, and must perform specific ornamental, long-lasting, and protective tasks.

Architectural coatings are used in commercial structures like office buildings, warehouses, retail stores, shopping malls, and residential structures, including sealers and specialist materials, to protect both exterior and interior surfaces.

Because of the aforementioned factors, the paints and coatings market is predicted to increase significantly during the forecast period.

Competitive Landscape of the Paints and Coatings Market

• Henkel AG & Company, KGaA
• BASF SE
• Kansai Paint Co., Ltd.
• Hempel A/S
• Nippon Paint Holdings Co., Ltd.
• Sika AG
• Beckers Group
• 3M
• The Chemours Company
• Akzo Nobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Jotun
• Axalta Coating Systems, LLC
• RPM International Inc.

Recent Developments in Recent Developments in

In February 2022, The Sherwin-Williams Company signed an agreement with the state of North Carolina, Iredell County, and the city of Statesville to significantly expand its architectural paint and coatings manufacturing capacity and establish a larger distribution facility in Statesville, North Carolina. Sherwin-Williams plans to invest a minimum of USD 300 million in the project.

In February 2022, PPG announced to acquire Powder Coating Manufacturing Business in Arsonsisi, an industrial coating company based in Milan, Italy. This acquisition will help the company in backward integration.

Regional Insights

Asia Pacific is expected to dominate global sales in 2022 due to rising construction activities and automotive industry demand in emerging markets like India, China, Korea, and Southeast Asia. The region's easy availability of raw materials and less stringent VOC emission legislation offer significant growth opportunities, paving the way for further market expansion in the coming years.

Europe leads the global construction industry, accounting for over 28% of global revenue in 2021. The growing building activity in countries like the Netherlands, UK, Hungary, Germany, Sweden, Poland, and Ireland is expected to increase demand for paints and coatings. The EU's increased funding and supportive policies are driving the industry forward.

Segments Covered in the Paints and Coatings Market

Paints and Coatings Market By Material

• Polyester
• Acrylic
• Alkyd
• Epoxy
• Polyurethane
• Others

Paints and Coatings Market By Product

• Solvent-borne Coatings
• Waterborne Coatings
• Powder Coatings
• High Solids/Radiation Curing
• Others (Specialty Coatings)

Paints and Coatings Market By Application

• Non-Architectural
• Wood
• Automotive & Transportation
• General Industrial
• Protective
• Marine
• Others
• Architectural & Decorative

Paints and Coatings Market By Regiona

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Frequently Asked Questions:

What is the current size of the global paints and coatings market?

The Paints and Coatings Market Predictable at $168.98 billion in 2022, is estimated to increase at a CAGR of 3.75% from $178.56 billion in 2023 to $245.85 billion by 2030.

What is the paints and coatings market growth rate?

The global paints and coatings market is growing at a CAGR of 3.75% during the forecast period 2023 to 2030.

Who are the key players in paints and coatings market?

Some of the key players operating in the market are Akzo Nobel N.V.; PPG Industries, Inc.; The Sherwin-Williams Company; Jotun; Axalta Coating Systems, LLC; RPM International Inc.; Henkel AG & Company, KGaA; BASF SE; Kansai Paint Co., Ltd.; Hempel A/S; Nippon Paint Holdings Co., Ltd.; Sika AG; Beckers Group; 3M; and The Chemours Company among others.

Why paints & coatings are?

Paints & coatings are the decorative and glossy finishes that enhance the aesthetic appearance of the surface of walls, equipment, metal component, or other products. They also protect the product from corrosion & abrasion along with this it enhances the durability of the product surface. Basic raw materials used for the production of paints & coatings include curing agent, solvent, pigments, additive, resin, and dispersant.