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The paints and coatings market size is forecast to increase by USD 38.25 billion at a CAGR of 4.02% between 2023 and 2028. The market experiences robust growth driven by the expansion of real estate and construction, heightened demand for paints & coatings, particularly in architectural, marine, automotive refinish, coil, and packaging sectors. Polyvinylidene difluoride (PVDF) and other thermoplastic and thermosetting materials find extensive application, including in cationic galvanic coating materials and high-performance ceramics. The industry witnesses a shift towards sustainable practices, with a focus on reducing volatile organic compounds (VOCs) and adopting bio-based resins like vegetable resin and polyurethane (PU) resin. Additionally, advancements in solvent borne coatings and waterborne coatings enhance performance while addressing environmental concerns. This trend aligns with the growing emphasis on eco-friendly products across sectors like healthcare facilities and electric car sales, thereby promoting sustainability and reducing oil consumption.
The water-based segment is estimated to witness significant growth during the forecast period. Water-based comprises water-soluble resins. In addition, these resins are produced by the process of polycondensation and polymerization in an organic solvent medium. Furthermore, these resins include polyesters, polyacrylates, alkyds, epoxy, and epoxy esters.
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The water-based segment was the largest segment and was valued at USD 73.65 billion in 2018. Moreover, these water paints are meant to provide protection against corrosion and aesthetics to the surfaces on which they are applied. In addition, 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. Hence, such factors are fuelling the growth of this segment which in turn will drive the 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 referred to as acrylic elastomer coatings, are highly molecular-weight resins that are typically derived from acrylic acid or methacrylic acid and other substances. In addition, 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. Hence, such factors are fuelling this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 53% to the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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APAC is expected to account for the major share of the market in the coming years fuelled by the growth in industries such as construction, automotive and aerospace, and defense in the region. In addition, China, India, Japan, and Australia are the major contributors to the market growth in the region. Moreover, many automotive manufacturing companies are shifting their manufacturing bases to APAC, owing to the easy availability of low-cost labor. In addition, 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. Furthermore, 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. Hence, such factors are driving the market growth in APAC during the forecast period.
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The market experiences robust growth driven by the expansion of the real estate and construction sector. This demand extends to various segments, including exterior and interior wall paints, wood finishes, enamels, automotive, marine, packaging, and powder coatings. A notable trend in the market is the growing emphasis on bio-based and eco-friendly products, reflecting the industry's commitment to sustainable development.
However, challenges arise from the increasing use of glass in buildings, which reduces the demand for traditional coatings on surfaces. To address this, innovations such as low-solvent and solventless technology, thin-film powder coatings, and protective coatings made from polyurethane resins, fluoropolymers, and polyvinylidene difluoride are being developed. Multinationals in the coatings industry are focusing on consolidation to strengthen their market position and meet evolving consumer demands. Despite challenges, the paints and coatings market remains dynamic, driven by innovation, sustainability, and the ever-expanding construction sector.
The expansion of the real estate and construction sector is prominently fueling market growth. This growth has led to an upsurge in office spaces, commercial complexes, and residential buildings globally. Consequently, there's an increased demand for paints & coatings, particularly architectural paints and coatings, which find wide usage in construction and structural applications. These coatings encompass a range of functionalities, including abrasion resistance and corrosion resistance, meeting the diverse needs of the construction industry. Moreover, the market witnesses a growing adoption of low-solvent and solventless technology along with solvent-based coatings, sealants, primers, stains, varnishes, and other specialized coatings like polyester resin and UV coatings. Additionally, specific segments such as the marine, automotive refinish, coil, and packaging sectors contribute significantly to this demand.
Moreover, rapid urbanization and significant investments in infrastructure development are aiding in the growth of the construction industry in developing countries. In addition, the surging global population is fueling the demand for housing and other infrastructure. Furthermore, the highly reflective and seamless characteristics of architectural paints & coatings enhance their preference in construction applications. Similarly, in maritime sectors, including yacht painting and maintenance, there's a parallel demand for specialized coatings that offer durability and aesthetic appeal. The need for regular maintenance and protection against marine environments drives growth in this niche market. As coastal developments increase and leisure boating expands globally, the demand for professional yacht painting and maintenance services is expected to rise, supported by affluent lifestyles and a growing appreciation for marine recreational activities.
The growing emphasis on bio-based and eco-friendly products constitutes an emerging trend shaping market growth. Numerous research studies have identified multiple commercial applications of bio-based resins and polymers in coatings. Additionally, in developed regions, stringent regulations overseeing the environmental impact of products promote the growth of the bio-based and eco-friendly market. This regulatory framework ensures the proliferation of environmentally conscious practices across various sectors, including the marine segment, automotive refinish, packaging segment, and coil segment. Furthermore, coatings featuring abrasion-resistant and corrosion-resistant properties are gaining momentum, especially in solvent-borne coatings, catering to the diverse needs of these market segments.
Moreover, increasing demand for bio-based recyclable and renewable coating materials in the US and Europe is driving the market for bio-based products. In addition, growing environmental, food, and drug regulations are fostering the consumption of bio-based polymer coatings in food packaging, consumer goods, and other products. Hence, such factors are driving the market growth during the forecast period, with methyl acetate playing a crucial role as a versatile solvent and intermediate in the production of these bio-based coatings.
Increasing the use of glass in buildings is a significant challenge hindering market growth. Unlike cement and paint, glass is also an environment-friendly material. In addition, 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.
Moreover, in recent years, manufacturers have been offering glass with unique features that are suitable for specific constructions. Furthermore, thermal insulation, solar control, fire resistance, noise control, electric resistance, and flexibility of moldings are some of the other benefits provided by the glass. Hence, such factors are negatively impacting the market which in turn hinders the market growth during the forecast period.
Companies are implementing various market growth and forecasting 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:
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
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 caters to diverse sectors including the automotive, wood industry, and transportation industries, offering a wide range of decorative (architectural) and industrial paints & coatings. Whether it's exterior wall paints for residential construction or high-tech coatings for the oil industry, these products provide protection against environmental factors such as corrosion protection and friction. Different resin (acrylic, alkyd, polyurethane, epoxy, polyester, other resin types) are employed in various applications, each offering specific properties like hardness and reflection absorption. Technological advancements have led to the development of technology (water-borne, solvent-borne, powder coating, UV-cured coating), addressing concerns over VOC concerns and environmental impact.
The paints and coatings market growth analysis report predicts a significant transformation driven by high-performance ceramics and sustainability aspects. With applications in aircraft turbine engines and various industries including automotive OEM, refinish, marine, and architectural coatings, the market is expanding rapidly. Resins like acrylic, alkyd, and epoxy, along with pigments, additives, and binders, play crucial roles in the formulation. The market also caters to diverse sectors such as low-cost housing, commercial construction, and packaging coatings. Evaporation is a key consideration in coatings development, ensuring optimal performance and longevity. As demand grows, innovation in coatings for general industries, coil, and industrial wood coatings is essential to meet evolving customer needs and regulatory requirements.
The paints and coatings market forecast report also predicts a surge in demand for high-performance ceramics, driven by the sustainability aspect. Resins like acrylic, alkyd, and epoxy are crucial in formulating coatings for various sectors, including marine, automotive OEM, refinish, general industries, and coil coatings. In the furniture market and architectural industry, paints & coatings serve commercial purposes, enhancing aesthetics while ensuring durability. The automotive industry benefits from coatings that provide both protection and visual appeal, while the transportation industry relies on coatings for maintenance and longevity. As the market continues to evolve, innovation drives the creation of coatings tailored to specific needs, ensuring continued growth and sustainability in various sectors.
The paints and coatings market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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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 4.02% |
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Market Growth 2024-2028 |
USD 38.25 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.63 |
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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 53% |
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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, paints and coatings market worth |
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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 analysis inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period, paints and coatings market share |
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Customization purview |
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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
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