Paints And Coatings Market
Paints and Coatings Market Forecasts to 2030 - Global Analysis By Product Type (Architectural Coatings, Industrial Coatings and Specialty Coatings), Resin Type (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester and Other Resin Types), Cure Type, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Paints and Coatings Market is accounted for $216.31 billion in 2024 and is expected to reach $280.08 billion by 2030, growing at a CAGR of 4.4% during the forecast period. Paints and coatings are liquid substances applied to surfaces to protect, enhance, or alter their appearance. Paints provide color and aesthetic appeal, while coatings offer functional benefits such as corrosion resistance, durability, and weatherproofing. Both are used in various industries, including automotive, construction, and manufacturing, to improve the performance and longevity of surfaces and structures.
According to the ACEA (European Automobile Manufacturers Association), in 2023, global car manufacturing reached nearly 76 million units, a substantial 10.2% increase from the previous year. European car production grew by 12.6%, reaching nearly 15 million units.
Market Dynamics:
Driver:
Rapid urbanization and infrastructure development
Rapid urbanization and infrastructure development are significant drivers for the paints and coatings market. As cities expand and new construction projects emerge, the demand for architectural coatings increases substantially. Infrastructure development, including roads, bridges, and public buildings, requires protective and decorative coatings. This trend is particularly strong in developing countries where urbanization is accelerating. The construction boom in residential, commercial, and industrial sectors fuels the need for various types of paints and coatings, driving market growth and innovation in product development to meet specific requirements of different construction projects.
Restraint:
Fluctuating raw material prices
Key ingredients such as pigments, resins, and solvents are often derived from petroleum products, making them susceptible to oil price volatility. Price fluctuations can impact profit margins and product pricing strategies for manufacturers. This instability can lead to challenges in maintaining consistent product quality while managing costs. Companies may need to adjust formulations or seek alternative raw materials, which can be time-consuming and costly. The unpredictability of raw material costs can also affect long-term planning and investment decisions in the industry.
Opportunity:
Demand for specialized coatings
The growing demand for specialized coatings presents a significant opportunity for the paints and coatings market. These coatings are designed to meet specific performance requirements such as extreme weather resistance, anti-microbial properties, or energy efficiency. Industries like automotive, aerospace, and electronics are increasingly seeking advanced coatings for improved product performance. The trend towards sustainable and eco-friendly coatings also opens new avenues for innovation. Manufacturers can capitalize on this demand by developing cutting-edge formulations, potentially commanding higher profit margins.
Threat:
Trade restrictions and tariffs
Trade restrictions and tariffs significantly impact the paints and coatings market by increasing costs and disrupting supply chains. Tariffs on raw materials and finished products can lead to higher prices for manufacturers, affecting their profitability and pricing strategies. Trade barriers may also restrict market access and limit international expansion opportunities for companies. Furthermore, these restrictions can cause delays in product delivery and reduce competitiveness in global markets, ultimately hindering market growth.
Covid-19 Impact:
The COVID-19 pandemic initially disrupted the paints and coatings market due to supply chain issues and reduced construction activities. However, it also spurred demand for antimicrobial coatings and DIY home improvement projects. As economies recover, there's increased focus on hygiene and sustainability in coatings, potentially driving long-term market growth and innovation in product development.
The acrylic segment is expected to be the largest during the forecast period
The acrylic segment dominates the paints and coatings market due to its versatility and wide range of applications. Acrylic coatings offer excellent durability, weather resistance, and color retention, making them popular in both architectural and industrial applications. They are widely used in exterior and interior paints for buildings, as well as in automotive refinishing and industrial maintenance coatings. The water-based nature of many acrylic coatings aligns with growing environmental regulations and consumer preferences for low-VOC products. Their ease of application and quick drying properties further contribute to their widespread use across various sectors.
The industrial coatings segment is expected to have the highest CAGR during the forecast period
The industrial coatings segment is experiencing rapid growth due to increasing industrialization and the need for protective coatings in various sectors. These coatings are essential in automotive, aerospace, marine, and general industrial applications for corrosion protection, chemical resistance, and improved durability. The growing emphasis on extending the lifespan of industrial equipment and infrastructure is driving demand. Technological advancements in coating formulations, such as nano-coatings and smart coatings, are opening new applications and improving performance.
Region with largest share:
The Asia Pacific region dominates the paints and coatings market due to rapid industrialization, urbanization, and infrastructure development, particularly in countries like China and India. The region's booming construction industry, coupled with growing automotive and manufacturing sectors, drives substantial demand for various coatings. Increasing disposable incomes and changing lifestyles contribute to higher consumption of decorative paints. The presence of major manufacturing hubs and supportive government policies for industrial growth further solidify Asia Pacific's leading position in the global paints and coatings market.
Region with highest CAGR:
Asia Pacific is experiencing the highest growth rate in the paints and coatings market. This rapid growth is fueled by ongoing urbanization, rising middle-class population, and continuous infrastructure investments. Emerging economies in the region are witnessing increased construction activities and industrial expansion, driving demand for both architectural and industrial coatings. The automotive sector's growth, particularly in electric vehicles, is boosting demand for specialized coatings. Additionally, the region's focus on sustainable development is encouraging innovation in eco-friendly coating solutions, further accelerating market growth.
Key players in the market
Some of the key players in Paints and Coatings market include AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, BASF SE, RPM International Inc., Axalta Coating Systems Ltd., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Asian Paints Ltd., Jotun A/S, Valspar Corporation, Hempel A/S, Masco Corporation, Sika AG, Benjamin Moore & Co., 3M Company, Tikkurila Oyj, and Berger Paints India Limited.
Key Developments:
In September 2023, PPG announced that it has completed an expansion of its powder coatings plant in Sumaré, Brazil. The $2.7 million (13 million Brazilian reals) project increased the production capacity of the facility by 40%. The unit is expected to reach full capacity this month. The plant has been equipped with new, state-of-the-art, highly automated equipment, allowing for better process control and quality and less setup time for color matching and production. Additional investments in automation are planned at the site, including the integration of connectivity devices and process synchronization technology.
Product Types Covered:
• Architectural Coatings
• Industrial Coatings
• Specialty Coatings
Resin Types Covered:
• Acrylic
• Epoxy
• Polyurethane
• Alkyd
• Polyester
• Other Resin Types
Cure Types Covered:
• Oven Curing
• Air Drying
• Radiation Curing
• Other Cure Types
Technologies Covered:
• Water-based
• Solvent-based
• Powder Coatings
• UV-cured
Applications Covered:
• Architectural
• Construction
• Automotive
• Marine
• Consumer Goods
• Wood
• Aerospace
• Industrial Equipment
• Other Applications
End Users Covered:
• Residential
• Commercial
• Industrial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Paints and Coatings Market, By Product Type
5.1 Introduction
5.2 Architectural Coatings
5.3 Industrial Coatings
5.4 Specialty Coatings
6 Global Paints and Coatings Market, By Resin Type
6.1 Introduction
6.2 Acrylic
6.3 Epoxy
6.4 Polyurethane
6.5 Alkyd
6.6 Polyester
6.7 Other Resin Types
7 Global Paints and Coatings Market, By Cure Type
7.1 Introduction
7.2 Oven Curing
7.3 Air Drying
7.4 Radiation Curing
7.5 Other Cure Types
8 Global Paints and Coatings Market, By Technology
8.1 Introduction
8.2 Water-based
8.3 Solvent-based
8.4 Powder Coatings
8.5 UV-cured
9 Global Paints and Coatings Market, By Application
9.1 Introduction
9.2 Architectural
9.3 Construction
9.4 Automotive
9.5 Marine
9.6 Consumer Goods
9.7 Wood
9.8 Aerospace
9.9 Industrial Equipment
9.10 Other Applications
10 Global Paints and Coatings Market, By End User
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 Industrial
11 Global Paints and Coatings Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 AkzoNobel N.V.
13.2 PPG Industries, Inc.
13.3 Sherwin-Williams Company
13.4 BASF SE
13.5 RPM International Inc.
13.6 Axalta Coating Systems Ltd.
13.7 Nippon Paint Holdings Co., Ltd.
13.8 Kansai Paint Co., Ltd.
13.9 Asian Paints Ltd.
13.10 Jotun A/S
13.11 Valspar Corporation
13.12 Hempel A/S
13.13 Masco Corporation
13.14 Sika AG
13.15 Benjamin Moore & Co.
13.16 3M Company
13.17 Tikkurila Oyj
13.18 Berger Paints India Limited
List of Tables
1 Global Paints and Coatings Market Outlook, By Region (2022-2030) ($MN)
2 Global Paints and Coatings Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Paints and Coatings Market Outlook, By Architectural Coatings (2022-2030) ($MN)
4 Global Paints and Coatings Market Outlook, By Industrial Coatings (2022-2030) ($MN)
5 Global Paints and Coatings Market Outlook, By Specialty Coatings (2022-2030) ($MN)
6 Global Paints and Coatings Market Outlook, By Resin Type (2022-2030) ($MN)
7 Global Paints and Coatings Market Outlook, By Acrylic (2022-2030) ($MN)
8 Global Paints and Coatings Market Outlook, By Epoxy (2022-2030) ($MN)
9 Global Paints and Coatings Market Outlook, By Polyurethane (2022-2030) ($MN)
10 Global Paints and Coatings Market Outlook, By Alkyd (2022-2030) ($MN)
11 Global Paints and Coatings Market Outlook, By Polyester (2022-2030) ($MN)
12 Global Paints and Coatings Market Outlook, By Other Resin Types (2022-2030) ($MN)
13 Global Paints and Coatings Market Outlook, By Cure Type (2022-2030) ($MN)
14 Global Paints and Coatings Market Outlook, By Oven Curing (2022-2030) ($MN)
15 Global Paints and Coatings Market Outlook, By Air Drying (2022-2030) ($MN)
16 Global Paints and Coatings Market Outlook, By Radiation Curing (2022-2030) ($MN)
17 Global Paints and Coatings Market Outlook, By Other Cure Types (2022-2030) ($MN)
18 Global Paints and Coatings Market Outlook, By Technology (2022-2030) ($MN)
19 Global Paints and Coatings Market Outlook, By Water-based (2022-2030) ($MN)
20 Global Paints and Coatings Market Outlook, By Solvent-based (2022-2030) ($MN)
21 Global Paints and Coatings Market Outlook, By Powder Coatings (2022-2030) ($MN)
22 Global Paints and Coatings Market Outlook, By UV-cured (2022-2030) ($MN)
23 Global Paints and Coatings Market Outlook, By Application (2022-2030) ($MN)
24 Global Paints and Coatings Market Outlook, By Architectural (2022-2030) ($MN)
25 Global Paints and Coatings Market Outlook, By Construction (2022-2030) ($MN)
26 Global Paints and Coatings Market Outlook, By Automotive (2022-2030) ($MN)
27 Global Paints and Coatings Market Outlook, By Marine (2022-2030) ($MN)
28 Global Paints and Coatings Market Outlook, By Consumer Goods (2022-2030) ($MN)
29 Global Paints and Coatings Market Outlook, By Wood (2022-2030) ($MN)
30 Global Paints and Coatings Market Outlook, By Aerospace (2022-2030) ($MN)
31 Global Paints and Coatings Market Outlook, By Industrial Equipment (2022-2030) ($MN)
32 Global Paints and Coatings Market Outlook, By Other Applications (2022-2030) ($MN)
33 Global Paints and Coatings Market Outlook, By End User (2022-2030) ($MN)
34 Global Paints and Coatings Market Outlook, By Residential (2022-2030) ($MN)
35 Global Paints and Coatings Market Outlook, By Commercial (2022-2030) ($MN)
36 Global Paints and Coatings Market Outlook, By Industrial (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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