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A05750 | Pages: 375 | Charts: 78 | Tables: 261 |
The global paints and coatings market size was valued at $175.8 billion in 2021, and is projected to reach $278.4 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
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Introduction
Paints and coatings are protective and decorative substances applied to surfaces to enhance aesthetics, durability, and resistance to environmental factors such as moisture, UV radiation, and corrosion. Composed of pigments, binders, solvents, and additives, paints provide color and opacity, while coatings serve functional purposes such as waterproofing, fire resistance, and anti-fouling properties. These materials are widely used in industries including construction, automotive, aerospace, marine, and industrial manufacturing to improve surface longevity, reduce maintenance costs, and meet safety and regulatory standards.
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Market Dynamics
Rise in population coupled with rapid urbanization has surged the growth of the architecture & construction sector in both developed and developing economies such as the U.S., China, India, and others where paints and coatings growth where paints and coatings are used for flooring, wall finishing, and roofing applications. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021. This is expected to boost the demand for paints and coatings in the growing architecture & construction sector. Furthermore, factors such as surge in disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive sector to witness a significant growth where paints and coatings are used for corrosion protection applications in under hood parts, engine components, interior of containers, and storage vessels. For instance, according to a report published by India Brands Equity Foundation, the domestic automobile production increased by a compound annual growth rate (CAGR) of 2.36% from 2016-20 with 26.36 million vehicles being manufactured in India in 2020.
However, there are certain health hazards associated with the use of volatile organic compound (VOC)-containing paints & coatings. For instance, high levels of VOC's in paint could particularly affect asthmatic and sinusitis patients. Furthermore, VOCs can cause severe irritation to the throat & eyes, and a burning sensation to the nasal membranes. These factors may refrain the customers from purchasing VOC-containing paints & coatings; thus hampering the paints and coatings industry growth.
On the contrary, the emergence of high solid paints and coatings that produces little or no volatile organic compounds (VOCs) has surged the potential applications of paints and coatings among several end-use sectors. For instance, high solid epoxies are widely used in decking, hull, cargo tanks, and others. Furthermore, high solid paints and coatings require less drying and are easy to apply. These factors make high solid paints and coatings highly preferred for coating applications in various end-use sectors. This is anticipated to increase the sales of high solid paints and coatings; thus creating lucrative opportunities for the market.
The paints and coatings market is segmented into Resin, Product Type, Application and Region. On the basis of resin type, the market is fragmented into acrylic, alkyd, epoxy, polyester, polyurethane, vinyl, and others. By product type, the market is classified into waterborne coatings, solvent-borne coatings, powder coatings, and others. Depending on the application, it is fragmented into architectural, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
[REGIONGRAPH]
The Asia-Pacific paints and coatings market is projected to grow at the highest CAGR of 5.2% during the forecast period and accounted for 48.2% of paints and coatings market share in 2021. This is attributed to the rise in building & construction, automotive, electronics, and other sectors have enhanced the performance of the paints and coatings in the Asia-Pacific region. In addition, China's industrial sector is increasing rapidly, which in turn has enhanced the performance of the paints & coatings market in the region. Furthermore, countries such as India, Australia, Indonesia, and Malaysia have witnessed a rapid increase in the building & construction sector where paints and coatings are employed as protective coatings in various residential and commercial building & construction sites, such as hotels, hospitals, homes, flats, warehouses, showrooms, garages, and offices.
[RESINGRAPH]
By resin type, the acrylic segment contributed the most to the paints and coatings market size globally and is anticipated to grow at a highest CAGR of 5.1% during the forecast period. This is attributed to the fact that acrylic paints offer numerous advantages such as it dries quickly, it is water-soluble, it is less toxic as well as safer around children & pets, and it is flexible & durable. These factors have made customers become more linear toward using acrylic resin-based paints for home decor and other applications.
[PRODUCTTYPEGRAPH]
In 2021, the waterborne coatings segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.8% during the forecast period. This is attributed to the increase in demand for a wide range of furniture items, which in turn have surged the popularity of waterborne coatings owing to their high gloss and good pigmentation characteristics. Furthermore, customers in both developed and developing economies have become more linear toward using sustainable products, which in turn fosters the popularity of waterborne coatings among various end use sectors.
[APPLICATIONGRAPH]
By application, the architectural segment was the largest revenue generator and is anticipated to grow at a CAGR of 5.0% during the forecast period. This is attributed to the fact that governments of developing economies such as China, India, and others, have increased spending on the development of townships, housing, built-up infrastructure, and construction of development projects where paints and coatings are widely used for exterior and interior coating applications. For instance, according to a report published by the National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill, in March 2021, to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India.
The major companies profiled in this report include Akzo Nobel N.V, Asian Paints, Axalta Coating Systems, LLC, Indigo Paints Ltd, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Nippon Paint Holdings Co., Ltd, PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company.
Recent Key Strategies and Developments
In October 2024, PPG Industries, Inc. completed the sale of its architectural coatings business in the U.S. and Canada to American Industrial Partners (AIP) for $550 million.
In October 2024, AkzoNobel N.V. announced plans to exit its India business after 70 years, citing rising competition. The company is seeking an all-cash deal valued between $2.5-3 billion, with potential buyers including JSW Group, Adani Group, Aditya Birla Group, and Asian Paints Ltd.
Key Market Segments
Key Market Players