[2028] Paints & Coatings Market future, outlook, outlook, segments

Market Research Consultants

Updated on Nov 22, 2023

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Global Paints & Coatings Market is expected to grow at a robust pace during the forecast period, 2024-2028 owing to a rise in the usage of paints and coatings for flooring, wall finishing, and roofing applications in the architectural and building industry in both developed and developing nations like the U.S., China, India, and others.

Additionally, the automotive industry has experienced significant growth where paints and coatings are used for corrosion protection applications in under-the-hood parts, engine components, interior of containers, and storage vessels due to factors like a surge in disposable income, technological advancements, and spurring rise in original equipment manufacturers (OEMs). These factors are expected to drive the Global Paints & Coatings Market.

Paints and coatings are commonly used in the construction, automotive, transportation, and wood industries. They are mainly used in the building and construction industry to protect structures from external damage. The product is also used in a variety of applications in the decoration of residential and non-residential infrastructure and buildings, industrial facilities, automobiles and ships, and industrial wood, etc.

Paints and coatings are also widely used in various applications owing to their properties such as environmentally friendly, anti-corrosion, reflection absorption, friction reduction, and hardness. High-tech coatings with cationic electrophoretic paints that coat multi-faceted metal parts and protect them against corrosion are becoming more and more popular. High-performance ceramics extend the service life of aircraft turbine engines and automobiles. Above all, it protects components from high temperatures, wear, and corrosion.

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The use of low VOCs (Volatile Organic Compounds) and eco-friendly technologies such as waterborne, powder and UV-curable paints are becoming more and more common in the paints and coatings sector. This change is primarily due to stringent regulations on VOC emissions in many regions of North America and Europe. The demand for water-based paints and coatings is growing as people understand how coating products affect the environment and human health and turn to sustainable alternative technologies. Water-based paints and varnishes are becoming more popular among manufacturers because they are more affordable than the more common solvent-based paints and varnishes. Water-based paints are often used for painting buildings.

Technologies such as powder coating and high solids are becoming increasingly popular due to their lower VOC content, making them more environment-friendly than solvent-based paints. Therefore, the use of environment-friendly coating materials is expected to rise.

Rapid urbanization has led to significant growth in the global real estate and construction industry, leading to an increase in office space, commercial premises, and housing. Industrial coatings such as polyurethanes, acrylics, polyesters, epoxies, and alkyds are used in a variety of end-use sectors including oil and gas, general industry, aerospace, automotive and vehicle detailing, resource extraction, power generation, marine, and semiconductors.

Industrial acrylic coatings are used in general industry, aerospace, automotive and vehicle refinishing, and other end-use industries for their adhesion, corrosion resistance, and quick drying properties. As people become more aware of the negative effects of solvent-borne surface coatings and the many regulations surrounding VOCs and other hazardous air pollutants (HAPs), waterborne industrial coatings may gain popularity in the projected time frame there is. The automotive industry is expected to develop further as the increasing focus on electric vehicle manufacturing due to rising CO2 emissions is expected to increase the demand for industrial coatings in the coming years. For example, the Chinese government has set a goal that by 2025, at least 20% of all cars sold in the country would be electric. the paints and coatings market throughout the forecast period.

Expansion of Construction Industry
Paints and coatings are primarily used to decorate and protect buildings and infrastructure. These architectural improvements include paints, primers, sealers, varnishes and stains inside and outside your home. Architectural coatings enable odorless paints with lower VOCs, abrasion resistance and are available in a variety of textures from uniform gloss to semi-gloss. Increased construction activity and government investment in various public infrastructure projects should support the market. Moreover, advanced state-of-the-art technology is becoming the norm in the construction industry. Increased use of Building Information Modeling (BIM), collaboration, and cloud computing is another factor contributing to the growth of the construction industry. Industry growth has created huge product demand in other applications such as residential and commercial construction. Additionally, such products are gaining momentum in applications such as wood, coil, automotive and transportation, and industrial metals, driving market growth.

It is estimated that the growing application of fluoropolymers in the construction and pipeline industries would pave the way for market growth. Fluoropolymers are used in polyvinylidene difluoride (PVDF) such as industrial and architectural coatings in the construction industry. PVDF is often used in architectural applications where both substrates are required. PVDF is a fluoropolymer choice because it is insoluble in ester and ketone solvents and may not form a solvent dispersed. The main factors behind the growth of the coatings industry are the increase in residential and commercial projects around the world.


Use in Automotive Industry
Industrial coatings are commonly used in transportation, automotive and automotive refinish, semiconductors, aerospace, oil and gas, mining, power generation, and other industrial applications. One of the most important end-use areas for industrial coatings is automotive and refinishing. Demand for industrial coatings is projected to increase as the use of refinish coatings for automotive repair, maintenance, and refinishing increases their esthetic appeal, surface protection, and corrosion resistance. Moreover, rising demand for custom designs and paints for automobiles is likely to boost the market growth of Global Paints & Coating during the forecast period.

Sustainable Growth in the Coatings Sector 
Buildings and infrastructure are primarily decorated and protected using paints and coatings. These architectural improvements include primers, sealers, varnishes, stains, and interior and exterior house paints. Architectural paints are available in a variety of textures, from matte to semi-gloss sheens, and enable for lower-VOC, odorless paints with greater scrub resistance. By 2030, the construction sector is anticipated to rise by over USD8 trillion. The industry is projected to be supported by an increase in building work and government spending in various public infrastructure projects. Additionally, cutting-edge technology is increasingly becoming commonplace in the construction sector. Another reason for the expansion of the construction sector is the growing usage of cloud computing and collaborative building information modelling (BIM). Thus, these factors are expected to drive the global paints & coatings market during the forecast period.

Having Trouble Getting Thin Films for Powder Coating

The ability to produce thick, smooth coatings with the powder coating method is outstanding. However, producing thin coatings is challenging. The velocity and volume of powder application to the substrate are challenging to regulate. Surface flaws are easily concealed by thicker coatings. Due to inadequate powder addition, insufficient temperature or curing time, and insufficient pre-treatment, thinner coatings frequently exhibit more orange-peeled textures.

Recent Developments

  • In 2022, PPG announced a USD11 million investment to double the capacity of its powder coating facility in San Juan del Rio, Mexico. The expansion project is expected to be completed by mid-2023, allowing the plant to meet the anticipated future demand for powder coatings in Mexico. The project includes installing new production lines, upgrading existing equipment and expanding application possibilities. The increased production would also allow PPG to manufacture on-site new innovative powder coating products that are now shipping from the United States.
  • Asian Paints would invest USD243.9 million to establish a 400 kiloliters per year water-based paint manufacturing facility. The company is evaluating the possibility of establishing a manufacturing facility in Madhya Pradesh, subject to the granting of government incentives and other permits and approvals. We plan to start operations three years after the acquisition of the property. The company also announced plans to invest approximately USD 32.31 billion in manufacturing key raw materials such as vinyl acetate-ethylene emulsion (VAE) and white cement.

Market Segmentation
The Global Paints & Coatings market is segmented based on technology, resin, sales channel, end use and region. Based on technology, the market is further bifurcated into water based and solvent based. Based on resin, the market is further segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and others. Based on sales channel, the market is further divided into direct, indirect. Based on end use, the market is further bifurcated into architectural, industrial, infrastructure. Based on region, the market is further divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Market players
The main market players in the Global Paints & Coatings Market are PPG Industries, Akzo Nobel N.V., BASF Coatings, The Sherwin-Williams Company, RPM International Inc., Nippon Holdings, The Valspar Corporation, Axalta Coating Systems, Asian Paints Limited, and Kansai Nerolac Paints Limited.

Attribute

Details

Base Year

2022

Historic Data

2018– 2020

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Technology

Resin

Sales Channel

End Use

Region

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, Indian, Japan, South Korea, Australia, Germany, United Kingdom, France, Italy, Spain, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE

Key companies profiled

PPG Industries, Akzo Nobel N.V., BASF Coatings, The Sherwin-Williams Company, RPM International Inc., Nippon Holdings, The Valspar Corporation, Axalta Coating Systems, Asian Paints Limited, and Kansai Nerolac Paints Limited.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, Global Paints & Coatings market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Paints & Coatings Market,ByTechnology:

o Water based

o Solvent based

  • Paints & Coatings Market,By Resin:

o Acrylic

o Alkyd

o Polyurethane

o Epoxy

o Polyester

o Others

  • Paints & Coatings Market, By Sales Channel:

o Direct

o Indirect

  • Paints & Coatings Market,By Sales Channel:

o Architectural

o Industrial

o Infrastructure

  • Paints & Coatings Market, By Region:

o North America

  • United States
  • Canada
  • Mexico

o Asia-Pacific

  • India
  • Japan
  • South Korea
  • Australia
  • China

o Europe

  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain

o South America

  • Brazil
  • Argentina
  • Colombia

o Middle East

  • Saudi Arabia
  • South Africa
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Paints & Coatings market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to ten).

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Table of Content-Paints & Coatings Market

  1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

  1. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

  1. Executive Summary
  2. Impact of COVID-19 Global Paints & Coatings Market
  3. Voice of Customers

5.1. Brand Awareness

5.2. Key factors for selecting vendor

5.3. Key satisfaction level

5.4. Key challenges faced

  1. Global Paints & Coatings Market

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Technology (Water based, Solvent based)

6.2.2. By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others)

6.2.3. By Sales Channel (Direct, Indirect)

6.2.4. By End Use (Architectural, Industrial, Infrastructure)

6.2.5. By Region

6.2.6. By Company

6.3. Product Market Map

  1. North America Paints & Coatings Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Technology

7.2.2. By Resin

7.2.3. By Sales Channel

7.2.4. By End Use

7.2.5. By Country

7.3. North America: Country Analysis

7.3.1. United States Paints & Coatings Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value 

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Technology

7.3.1.2.2. By Resin

7.3.1.2.3. By Sales Channel

7.3.1.2.4. By End Use

7.3.2. Canada Paints & Coatings Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value 

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Technology

7.3.2.2.2. By Resin

7.3.2.2.3. By Sales Channel

7.3.2.2.4. By End Use

7.3.3. Mexico Paints & Coatings Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value 

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Technology

7.3.3.2.2. By Resin

7.3.3.2.3. By Sales Channel

7.3.3.2.4. By End Use

  1. Asia-Pacific Paints & Coatings Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Technology

8.2.2. By Resin

8.2.3. By Sales Channel

8.2.4. By End Use

8.2.5. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Paints & Coatings Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value 

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Technology

8.3.1.2.2. By Resin

8.3.1.2.3. By Sales Channel

8.3.1.2.4. By End Use

8.3.2. India Paints & Coatings Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value 

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Technology

8.3.2.2.2. By Resin

8.3.2.2.3. By Sales Channel

8.3.2.2.4. By End Use

8.3.3. Japan Paints & Coatings Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value 

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Technology

8.3.3.2.2. By Resin

8.3.3.2.3. By Sales Channel

8.3.3.2.4. By End Use

8.3.4. South Korea Paints & Coatings Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value 

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Technology

8.3.4.2.2. By Resin

8.3.4.2.3. By Sales Channel

8.3.4.2.4. By End Use

8.3.5. Australia Paints & Coatings Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value 

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Technology

8.3.5.2.2. By Resin

8.3.5.2.3. By Sales Channel

8.3.5.2.4. By End Use

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