Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Paints and coatings are used as decorative as well as protective coatings. Most of the paints are used to increase surface resistance from harsh environmental conditions. They are classified as waterborne coatings, solvent-borne coatings powder coatings, and specialty coatings. Marine, automobiles, packaging, furniture, aerospace, rail and construction are some of the major end-user of paints and coatings.

The global paints and coatings market is projected to surpass US$ 220 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.4% during the forecast period (2020 to 2027).

Drivers

The growing demand for paints and coatings from the automotive industry is projected to fuel the market growth. Increasing production of automobiles around the globe is creating demand for paints and coatings. Also, the various manufacturer is introducing paints to cater to rising demand from the automotive industry. Paint and coatings are applied to the component of the automobiles to create rust and corrosion-resistant component.

Growth in the construction and building industry due to increasing investment by the government is expected to drive the market growth of the paints &coating. Rapid urbanization and industrialization around the globe coupled with the increasing population is also raising demand for building and infrastructure. Paints and coatings are widely used on the building to provide resistant to harsh weather conditions and rust. Thus, growth in the construction and building industry is expected to augment the market growth. 

Regionally, Asia-pacific dominated the global paints and coatings market in 2019, reporting 36% market share in terms of revenue, followed by Europe and North America, respectively.

Figure 1. Global Paints and Coatings Market, Revenue Share (%), By Region, 2019

Paints & Coatings  | Coherent Market Insights

Market Restraints

The 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 used in the manufacturing of paints & coatings. The gap in supply and demand of the titanium dioxide has resultant in increase in the overall price of paints & coatings. Thus, hindering 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 act as a challenge for the market growth of paints & coatings.

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Paints and Coatings Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 140 Bn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.4% 2027 Value Projection: US$ 220 Bn
Geographies covered:
  • North America: U.S., Canada
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, Rest of Asia Pacific
  • Rest of the World
Segments covered:
  • By Product Type: High solids/radiation cure, Powder coating, Waterborne coating, Solvent-borne technologies, Others
  • By Application: Automotive & aviation, Medical & healthcare, Residential, Commercial, Others
Companies covered:

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.

Growth Drivers:
  • Growth of the construction and building industry due to increasing investment by the government
  • Increasing demand for paints and coatings from the automotive industry
Restraints & Challenges:
  • Fluctuating price of raw materials used in the manufacturing of paints & coatings

Market Opportunities

Growing demand for green coatings from the building & construction industry is expected to offer lucrative opportunities to the market of paints &coatings. For instance, in March 2017, PPG launched a new bio-based wall paint for the professional and consumer market. The new paint is based on DSM’s revolutionary Discovery bio-based technology. The paint enhances the indoor air climate of homes, offices and schools by removing up to 70 percent of the harmful formaldehyde from the indoor air.

Increasing use of polyurethane as a raw material for the manufacturing of paints and coatings as it offers long-term resistance properties to corrosion and scratch is projected to bring new market opportunities. For example, water-based polyurethane formulations are gaining popularity across the construction industry due to their durability. Thus, the growing use of polyurethane as a raw materials is expected to foster market growth. 

Figure 2. Global Paints and Coatings Market – Opportunity Analysis

Paints & Coatings  | Coherent Market Insights

Market Trends

Heavy-duty paints and coatings are gaining traction in the marine and aerospace industry. They provide protection for a longer time to the components and equipment. Aqua coatings are witnessing huge demand from the marine industry due to the growing marine industry around the globe. Growing sea-port trade coupled with the increasing demand for new formulation for the marine industry is also expected to foster the demand for heavy-duty paints, thereby fueling the market growth.

Supply and distribution agreement between manufacturers for expanding market presence is a growing trend. For instance, in December 2019, Dulux Protective Coatings has partnered with Fireshield Coatings to supply intumescent coating systems into Australia and New Zealand for both interior structural steel and timber surfaces.

Figure 3. Global Paints and Coatings Market, Revenue Share (%), By Product Type, in 2019

Paints & Coatings  | Coherent Market Insights

On the basis of product type, waterborne coating the global paints and coatings market in 2019 with around 40% of market share in terms of revenue, followed by solvent-borne coating and high solids/radiation cure, respectively.   

Global Paints and Coatings Market - Impact of Coronavirus (Covid-19) Pandemic

The paints and coatings market is facing a likelihood of a deep recession caused by the effect of lockdowns across the globe to slow the spread of Covid-19. The demand for paints and coatings depend on various end-use industries such as electrical & electronics appliances, furniture, and automotive industries. 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 were 7.4% less than the same period in the previous year. This is expected to hamper the growth of paints and coatings market in next few years till end of the 2021.

Competitive Section

Key players are operating in the global paints and coatings market are 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.

Few Recent Developments

  • In July 2019, Asian Paints launched its organic paint line –Nilaya. Asian Paints. It is earth safe and formulated with over 95% natural ingredients.
  • In October 2019, Berger Paints IndiaNSE 0.23 % has acquired Kolkata-based STP Ltd (STPL), makers of construction and related materials for an enterprise value of Rs 167.5 crore.

Paints and coatings are widely used in industries for protecting machines and equipment from rusting and corrosion whereas decorative paints & coatings are used mainly applied on interior and exterior walls of residential and corporate buildings. Rising population and disposable income has been fuelling the demand for consumer goods and automotive, which in turn is boosting industrialization.

Market Dynamics

The global paints and coatings market has witnessed significant growth in recent past years, owing to the rising emergence and rampant adoption of new coating technologies such as waterborne coatings, high-solids coatings, two-component systems, powder coatings, and radiation-curable coatings. This is expected to foster the demand for paints and coatings in the next few years.

Major players in the global paints and coatings market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as transportation, automotive, furniture, packaging, metal manufacturing and others. This scenario is expected to fuel the market during the forecast period.

Key features of the study:

  • This report provides in-depth analysis of global paints and coatings market size (US$ Billion and Kilo Tons), and Compound Annual Growth Rate (CAGR %) for the forecast period (2020 – 2027), considering 2019 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights into market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
  • It profiles leading players in the global paints and coatings market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study includes 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.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding their future product launches, Product Type up-gradation, market expansion, and marketing tactics
  • The global Paints and coatings market report caters to various stakeholders in this industry including investors, suppliers, global paints and coatings manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analysing the global paints and coatings market

Detailed Segmentation:

  • Global Paints and coatings Market, By Product Type:
    • High solids/radiation cure
    • Powder coating
    • Waterborne coatings
    • Solvent-borne coatings
    • Others
  • Global Paints and coatings Market, By Application:
    • Automotive & Aviation
    • Medical & healthcare
    • Residential
    • Commercial
    • Others
  • Global Paints and coatings Market, By Region:
    • North America
      • U.S.
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Canada
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
    • Europe
      • France
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Germany
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • U.K.
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Russia
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Rest of Europe
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
    • Asia Pacific
      • China
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Japan
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Australia
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • India
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
      • Rest of the Asia-pacific
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
    • Rest of the World
        • By Product Type
          • High solids/radiation cure
          • Powder coating
          • Waterborne coatings
          • Solvent-borne coatings
          • Others
        • By Application
          • Automotive & Aviation
          • Medical & healthcare
          • Residential
          • Commercial
          • Others
  • Company Profiles
    • Akzo Nobel N.V.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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
    • PPG Industries Inc.

 “*” marked represents similar segmentation in other categories in the respective.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • PORTER’s Analysis
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
  4. Global Paints and Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Sodium Hypochlorite Market – COVID-19
    • Impact Analysis
  5. Global Paints and Coatings Market, By Product Type, 2017 - 2027 (US$ Billion and Kilo Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • High solids/radiation cure
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Powder coating
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Waterborne coatings
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Solvent-borne coatings
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Others
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
  6. Global Paints and Coatings Market, By Application, 2017 - 2027 (US$ Billion and Kilo Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Automotive & Aviation
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
    • Medical & healthcare
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
    • Residential
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
    • Commercial
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
    • Others
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
  7. Global Paints and Coatings Market, By Region, 2017- 2027 (US$ Billion and Kilo Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Region, 2020 - 2027
    • North America
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
    • Europe
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • France
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Spain
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Poland
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Rest of Europe
          • Sub-region/Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
    • Asia Pacific
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • China
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • India
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Australia
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
        • Rest of Asia Pacific
          • Sub-region/Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
    • Rest of the World
      • Market Share Analysis, By Country/ Sub-region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country/ Sub-region, 2020 - 2027
          • Country Trends
          • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Billion and Kilo Tons)
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Billion and Kilo Tons)
  8. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • Akzo Nobel N.V.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Asian Paints
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Axalta Coating Systems
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • BASF SE
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Berger Paints India Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Diamond Vogel Paints
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Helios Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • KCC Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Masco Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Nippon Paint
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • PPG Industries Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 45 market data tables* and 30 figures* on "Global Paints and Coatings Market” – global forecast to 2027

Frequently Asked Questions

The market for global paints and coatings is forecast to surpass US$ 220 billion by 2027 witnessing a CAGR of 5.4% between 2020 and 2027.
Growth of the construction and building industry due to increasing investment by the government is fuelling the growth of the global Paints and coatings market in the region.
Heavy-duty paints and coatings are gaining traction in the marine and aerospace industry which is expected to favor market growth over the forecast period.
Fluctuating price of raw materials used in the manufacturing of paints & coatings is expected to hamper the growth the market during the forecast period.
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.
The global paints and coatings market was estimated to be valued around US$ 140 billion in terms of revenue in 2019.
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