Global paints and coatings market is estimated to surpass US$ 296.1 Bn by 2030, in terms of revenue, exhibiting CAGR of 6.64 % during the forecast period (2023 to 2030).
Wood, automotive & transportation, and construction industries uses paints and coatings. It is mainly used in the building and construction sector, where it provide shield to buildings from any damage from the outside. Also, it is used in industrial wood, automobiles and boats, residential and non-residential infrastructure and buildings, and other. High-tech coatings comprising of cationic electro coating elements are more popular. These coatings cover all the nooks and crannies of complex metal objects, and prevents corrosion. Both car and aircraft turbine engines' lifespans are extended by using high-performance ceramic. It is used to shield components from extreme heat, wear, and corrosion.
Global Paints and Coatings Market- Impact of Coronavirus (Covid-19) Pandemic
Global paints and coatings market was affected due to lockdowns implemented across the globe to slow the spread of COVID-19. Demand for paints and coatings depend on various end user industries such as electrical & electronics appliances, furniture, and automotive industries is decreased. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 was decreased by 7.4% as compared to sales in 2019. This is expected to hamper global paints and coatings market growth by 2022. However, increased demand for paints and coatings in the industrial and infrastructure in developing countries such as India and China is expected to drive the market growth during the forecast period. For instance, throughout the pandemic, HMG Paints, a U.K.-based manufacturer, maintained higher levels of finished goods supplies.
Global Paints and Coatings Market - Growth Drivers
Increasing demand for paints and coatings from the automotive industry is expected to drive the market growth. Rising production of automobiles around the globe is boosting demand for paints and coatings. Also, various manufacturers are introducing paints to cater the rising demand for paint and coating from the automotive industry. Paints and coatings are applied to the component of the automobiles to make rust and corrosion-resistant component.
Growing construction and building industry due to increasing investment by the government is expected to drive the market growth of the paints and coatings. Rapid urbanization and industrialization around the globe coupled with increasing population is boosting demand for building and infrastructure. Paints and coatings are widely used in buildings to provide resistant to harsh weather conditions and rust. Thus, growing construction and building industry is expected to drive the market growth.
Global Paints and Coatings Market - Restraints
Fluctuating price of raw materials is expected to hinder the market growth of paints & coatings. Oil derivatives and titanium dioxide are major key raw materials that are used in the manufacturing of paints & coatings. The delay in supply and demand for the titanium dioxide results in increase in the overall price of paints and coatings, and this is expected to hamper the market growth.
The difficulty in obtaining a thin layer in the powder coatings, and time-consuming drying process for waterborne technology is expected to create challenges for the market growth of paints and coatings. Moreover, rising demand for paints and coatings from automotive industry is expected to drive the market growth in the upcoming forecast period.
Global Paints and Coatings Market - Opportunities
Rising demand for green coatings from the building and construction industry is expected to offer lucrative opportunities to the global paints and coatings market. For instance, in the near future, the Indian government will promote numerous projects. By 2022, more than 20 million affordable dwellings for the urban poor are expected to be built as part of the government's Housing for All initiative. For instance, according to the U.S. Census Bureau, in December 2021, construction spending in the U.S would be US$ 1,639.9 billion annually, indicating an increase of 0.2% as compared to November 2021 estimate of US$ 1,636.5 billion. Construction spending increased in 2021, reaching US$ 1,589.0 billion, indicating 8.2% increase from US$ 1,469.2 billion in 2020. This increased demand for paints and coatings in construction applications.
Increasing Use of Polyurethane as a Raw Material for the Manufacturing of Paints and Coatings
Increasing use of polyurethane as a raw material for the manufacturing of paints and coatings, as it offers long-term resistance to corrosion and scratch, and this is expected to create new market opportunities. For example, water-based polyurethane formulations used in the construction industry due to its durability. Thus, rising use of polyurethane as a raw materials is expected to drive the market growth.
Paints and Coatings Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 177.0 Bn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.64 %||2030 Value Projection:||US$ 296.1 Bn|
Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc.
|Restraints & Challenges:||
Global Paints and Coatings Market – Trends
On the basis of product type, waterborne coatings held a dominant position in the global paints and coatings market in 2022 with 40% market share, in terms of revenue, followed by solvent-borne coatings and high solids/radiation cure, respectively. Architectural, automotive, and industrial coatings are some applications of the waterborne coating. These are used due to its low VOC emissions, quick drying times, and ease. Due to quick durations of aqueous coatings as compared to solvent-based coatings, manufacturing time can be shortened and efficiency can be increased in a variety of sectors. Moreover, these are easy to apply and clean-up that saves time.
Solvent-borne coating segment holds second largest market share after waterborne coatings in 2022 and it is expected to witness significant market growth during forecast period, owing to its high durability and resistance to chemicals and weather.
Figure 1. Global Paints and Coating Market, By Product Type, 2022
Global Paints and Coatings Market– Recent Developments
In November 2022, The Sherwin-Williams Company, a U.S.-based company that manufactures paints and coatings, acquired Oskar Nolte GmbH and Klumpp Coatings GmbH. This acquisition supports the company's acquisition of complementary, superior, and distinguishing businesses and offers opportunities to hasten their profitable expansion in the global industrial wood market.
Figure 2. Global Paints and Coatings Market, By Region, 2022
Global Paints and Coatings Market– Regional Insights
Asia Pacific dominated the global paints and coatings market in 2022, with 36% market share, in terms of revenue, followed by Europe and North America, respectively, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be fastest growing region in the Global Paints and Coatings Market during the forecast period. In 2022, Asia Pacific dominated the paints and coatings industry. According to the IMF and World Economic Outlook, China and Japan were the world's second- and third-largest economies in 2022, respectively. For instance, according to the United Nations Population Fund, the Asia Pacific region, 4.7 billion people live there, making approximately 60% of the world's population. The world's two most populated nations, China and India, are located in this region. Over the upcoming forecast period it is estimated that this will increase the prominence of the global building sector. The rapidly rising household income and the quickly rising demand from smaller towns and rural areas as a result of increased consumer awareness will also be driving the market.
Asia Pacific is has various numerous economies at various stages of development and across a wide range of industries. The market's expansion is linked to the strong economic growth rate followed by significant investment in a variety of industries including furniture, building & construction, and consumer electronics & appliances for the automotive industry. Companies are increasing the production of paints and coatings throughout Asia Pacific, particularly in China and India. Moving production there has advantages, including the opportunity to better serve the area's increasing local markets and the cheap cost of manufacturing.
Global Paints and Coatings Market – Key Players
Major players operating in the global paints and coatings market include Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc.
Frequently Asked Questions