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The paints and coatings market size is estimated to grow at a CAGR of 3.15% between 2023 and 2028. The market size is forecast to increase by USD 42.14 billion. The growth of the market depends on several factors, including the growing real estate and construction industry, and the availability of coatings designed to enhance the fuel efficiency of automotive and the growing marine industry.
The report includes a comprehensive outlook on the paints and coatings market offering forecasts for the industry segmented by Technology, which comprises water-based, solvent-based, and high-solid paints and others. Additionally, it categorizes Resin Type into acrylic resins, epoxy resins, polyurethane resins, alkyd resins, and others, and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Paints and coatings form a protective layer on a wide variety of objects and are mainly used to resist corrosion, weather conditions, hardness, and stains. Coatings are applied over concrete porches, wooden floors, metal surfaces, garages, and decks, among others, to develop durable, polished, tough, and aesthetically beautiful surfaces. The global paints and coatings market is broadly classified into segments such as architectural coatings, high-performance coatings, specialized coatings, marine coatings, and others.
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The growing real estate and construction industry is notably driving the market growth. The growth in the global real estate and construction industry has led to an increase in office spaces, commercial complexes, and residential buildings. This has led to a surge in demand for paints and coatings, such as architectural paints and coatings, which are widely preferred and used in construction and structural applications. Rapid urbanization and significant investments in infrastructure development are aiding in the growth of the construction industry in developing countries. The surging global population is fueling the demand for housing and other infrastructure. The highly reflective and seamless characteristics of architectural paints and coatings enhance their preference in construction applications.
Moreover, architectural paints and coatings possess strong reflectivity, which helps in lowering temperatures inside buildings and reducing the energy consumption of air conditioners. These coatings can be applied on a wide range of roofing substrates, including metal, plastic, and concrete. They can be applied easily by using brushes, sprays, and rollers. China and India are among the key emerging countries in APAC that are witnessing rapid growth and infrastructure development, which is aiding in driving the growth of the market during the forecast period.
Increasing focus on bio-based and eco-friendly products is an emerging trend shaping the market growth. Consumer preference for environment-friendly and sustainable products is trending in the global paints and coatings market. Several research works have found significant commercial uses of bio-based resins and polymers in coatings. Increasing demand for bio-based recyclable and renewable coating materials in the US and Europe is driving the market for bio-based products. Also, growing environmental, food, and drug regulations are fostering the consumption of bio-based polymer coatings in food packaging, consumer goods, and other products. For instance, Arkema Group provides bio-based raw materials such as resins and polymers to the paints and coatings industry.
Similarly, other raw material suppliers and companies are also focusing on the adoption of sustainable processes that have a minimal impact on the environment. Such activities include the development of eco-friendly products that help vendors in gaining a competitive edge. Hence, the growing focus of vendors on the development of bio-based and eco-friendly paints and coatings is likely to encourage the growth of the market during the forecast period.
Increasing the use of glass in buildings is a significant challenge hindering market growth. Glass is also an environment-friendly material, unlike cement and paint. It is extensively used in modern-day architecture, especially in the construction of offices and shopping malls, as it provides significant energy savings and improves aesthetic appearance. In recent years, manufacturers have been offering glass with unique features that are suitable for specific constructions. Thermal insulation, solar control, fire resistance, noise control, electric resistance, and flexibility of moldings are some of the other benefits provided by the glass. Construction glass is used in a variety of applications in buildings, such as double and triple-glazed flat glass. These glasses are composed of two layers of glass containing an inert gas, typically argon or Krypton. This layer of glass provides insulation from sunlight and heat transfer, while the multiple layers of glass make it stronger and more durable than standard flat glass.
Moreover, the development of regions such as APAC and MEA offers the greatest potential for new construction glass demand in the near future, with the North American and European markets leading the way in terms of refurbishment and replacement demand. Glass in buildings, replacing the traditional bricks and mortar wall structure, eliminating the need for paint and coatings. Hence, the increased preference for glass in buildings will have a negative impact on the market during the forecast period.
The market share growth by the water-based segment will be significant during the forecast period. Water-based paints and coatings consist of water-soluble resins. These resins are produced by the process of polycondensation and polymerization in an organic solvent medium. These resins include polyesters, polyacrylates, alkyds, epoxy, and epoxy esters.
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The water-based segment was the largest and was valued at USD 69.90 billion in 2018. These water paints are meant to provide protection against corrosion and aesthetics to the surfaces on which they are applied. Water-based paints have a low content of volatile organic compounds. Therefore, they are predominantly used in developed countries, such as the US, Germany, the UK, and France, for coating purposes in the automotive and architecture industries. However, epoxy-based, water-soluble paints are commonly used as functional coatings for substrate protection. Epoxy-based paints and coatings offer efficient corrosion protection, impact resistance, and adhesion. The major drawback of epoxy-based water-based paints is their poor weather sustainability. Major applications include paints and coatings for industrial equipment, automotive underbody components, metal furniture, and appliances. These factors will positively impact the growth of the global paints and coatings market during the forecast period.
Based on resin type, the market has been segmented into acrylic resins, epoxy resins, polyurethane resins, alkyd resins, and others. The acrylic resins segment will account for the largest share of this segment. Acrylic resins, also known as acrylic elastomer coatings, are highly molecular-weight resins that are typically derived from acrylic acid or methacrylic acid and other substances. The intrinsic durability of acrylic provides an advantage to acrylic resins, as they are designed to be highly elastic and flexible over a broad temperature range.
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is expected to account for the major share of the global paints and coatings market during the forecast period, mainly due to the growth in industries such as construction, automotive and aerospace, and defense in the region. China, India, Japan, and Australia are the major contributors to the market growth in the region. Many automotive manufacturing companies are shifting their manufacturing bases to APAC, owing to the easy availability of low-cost labour. Countries such as Indonesia, Malaysia, and Thailand started providing tax subsidies to these companies. For instance, in India, government initiatives such as Make in India, foreign direct investments (FDIs), funding, and loans are encouraging automotive manufacturers to invest in India and set up their manufacturing bases. Increased focus on development, rapid industrialization, and the flourishing housing and construction sector, especially in China and India, are anticipated to drive market growth in APAC.
Additionally, in China, many government-driven projects, such as airports, sewer systems, and renewable energy, have been included for funding in 12-year and 15-year cycles. India is also focusing on strengthening its infrastructure; it witnessed a reform in its legal and fiscal system owing to the increase in foreign capital inflows, which will strengthen its economic condition. This can pave the way for improved and better infrastructure throughout the country. Such factors are expected to drive the growth of the paints and coatings market in APAC during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Akzo Nobel NV - The company offers paints and coatings under the brand names Alba, Armstead, Astral, Awlgrip and Bruguer.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The paints and coatings market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
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Paints and Coatings Market Scope |
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Report Coverage |
Details |
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Page number |
183 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.15% |
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Market Growth 2024-2028 |
USD 42.14 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.23 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and Co., Berger Paints India Ltd., Diamond Vogel, Dow Chemical Co., Dunn Edwards Corp., H.B. Fuller Co., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., Masco Corp., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin Williams Co., Sika AG, and Wacker Chemie AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Resin Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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