Paints and Coatings Market Size, Share, Trends, Growth and Forecast 2032

Paints and Coatings Market: Industry Perspective

The global Paints and Coatings Market size was worth around USD 198.34 Billion in 2023 and is predicted to grow to around USD 270.35 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 3.50% between 2024 and 2032.

The report offers valuation and analysis of Paints and Coatings market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on value (USD Billion).

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Paints and Coatings Market: Introduction

Paints & coatings are decorative finishes that help in improving the aesthetic appeal of the metal component surface, equipment, and walls. It helps in imparting abrasion resistance & corrosion resistance to the surface of the product along with increasing its longevity. The major raw materials utilized in the manufacture of paints & coatings include pigments, curing agents, solvents, dispersants, resins, and additives. These products are massively utilized in the construction, wood, automotive, aviation, and transport sectors, thereby driving market trends.

Paints and coatings are coloring pigments that are spread over surfaces and dries by leaving a thin protective or decorative coating. Industrial coatings are mostly used for maintenance and protective applications on piping in petroleum and chemical plants, offshore equipment and oil rigs, steel bridges and structures to provide resistance against wear and tear. These kinds of coatings are known as high performance or heavy-duty coatings. It requires thicker film than decorative and architectural coatings and is in the range of 3 to 4 mm. certain resin coatings such as epoxy, polyester, and polyurethane have typical applications such as high-performance coatings for bridges, oil-rig towers, and related equipment. Other applications include airport hangars, warehouses, heavy duty floor paints, and heat resistant coatings for flares and pipes.

Industrial coatings are consumed majorly in corrosion control of concrete or steel. It covers wide applications range pertaining to diverse functions and requirements in varied sectors. Rising epoxy usage as insulating and protective primers to build satellite systems, spacecraft, aircraft, ships and other vessels will stimulate coatings demand in industrial applications. Superior epoxy strength makes it suitable to protect hydroelectric power stations structures, coat wind turbine poles and to produce its blades. Other relevant applications are pipes used for waste disposal, drinking water, and in oil & gas sector. Fire retardant coatings are even applied on industrial and commercial installations.

Paints and coatings are used in construction industry for engineering adhesives and structural parts to enhance resiliency, strength, and durability. This ensures longer life and reduced need for refurbishment & repainting. Product application in flooring helps in maintenance of high hygienic standards, as it comprises of stronger cleaning agents. Further, usage of materials on marble enhances its aesthetic appearance. Epoxies mortar or liquid paste is extensively applied to coat floors of industrial buildings, prisons, schools, hospitals and shopping malls. Rising epoxies adoption in the food industry for cans and another special packaging to preserve food flavor will foster paints and coating market growth during the forecast period.

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Paints and Coatings Market: Growth Dynamics  

Massive use of paints & coatings for decorating industrial equipment, vehicles, and residential & commercial structures will boost the business trends. Apart from this, humungous product penetration across shipping & marine industries as well as industrial wood sector will further prompt the market expansion over the ensuing years. Furthermore, the rise in the digitization of the chemical sector will create lucrative growth avenues for the paints & coating industry over the assessment timespan along with creating value for the customers.

Moreover, anti-friction, hardness, reflection-absorption, protection against rising temperatures, and rust-resisting features of the product have contributed remarkably towards the market size in the recent years. Apart from this, two dynamics have been shaping the paints & coatings industry growth over the last few years. First, giant manufacturers have made transition from their coatings business to other diversified business. Citing an instance, DuPont sold its industrial coatings business to Carlyle investment management firm for nearly USD 5 billion in 2013. Reportedly, Carlyle firm established Axalta Coatings in November 2014 and the latter turned into profit making business for Carlyle in the domain of refinishing & industrial coatings sector.  Secondly, reputed firms have been acquiring small business rivals for consolidating their market position for the past few years. All these aforementioned factors are likely to favorably impact the growth of the paints & coatings industry over the ensuing years.

Apparently, data input on raw materials and lab experiments for testing innovative products is likely to streamline various paints & coatings outsourced processes. This, in turn, will result in reducing expenditure on repetitive tasks and saving throughput time for the firms in the paints & coatings business along with minimizing the non-value added work. In addition to this, virtual experimentation, as well as simulation methods, will help the firms in introducing new products, thereby further adding to the market revenue.

Asia Pacific Market Size To Witness Immense Expansion Over 2024-2032

The growth of the regional market over the estimated timespan is credited to thriving automotive & construction sectors. Apart from this, elevation in the product demand across the architectural sector will prompt the regional market size over the years ahead. In addition to this, infrastructural development and smart city projects as well as the surge in the residential constructions in the countries like India and China will contribute remarkably towards the growth of the business in the Asia Pacific zone over the forthcoming years.

Paints and Coatings Market: Segmentation

Paints and coatings market is segmented on the basis of technology as a solvent base, waterborne, powder coating, and anti-fouling. Waterborne will have a considerable market share owing to its best protection against corrosion, EPA compliant and color retention property.

The market is bifurcated as per resin of the product into alkyd, epoxy, polyurethane, acrylic, intumescent, and ceramic. The intumescent coating is expected to witness a substantial growth, as it forms an impervious layer and protects steel from fire to maintain the structural integrity.

Various product applications include architectural, industrial and special purpose applications. The industrial application will gain traction in the coming years due to the coating of steel structures and piping in various sectors.

Paints and Coatings Market: Report Scope

Paints and Coatings Market: Regional Analysis

Developing countries in the Asia Pacific such as India and China will contribute majorly in the growth of the region. China has increased its defense budget by 8% to USD 177 billion in 2018, that has boosted a number of military aircraft and helicopters. India’s passenger aircraft fleet is expected to increase four times by 2031 to cater its increasing number of passengers. Europe packaged food industry is anticipated to increase at a growth rate of 1.9% till 2022. Usage of epoxies for packed food cans will drive the market growth in the region.

Key Companies & Market Share Insights

The key players operating in the global paints & coatings market are rigorously competing to offer custom solutions for low-cost and high-performance paints & coating requirements. A company’s hold in the market is determined on the basis of distribution network, strong geographical presence, and extensive product portfolio. Major market players primarily focus on expanding their manufacturing facilities, mergers & acquisitions, investments in Research & Development (R&D) facilities, infrastructural development, and are actively looking for opportunities for vertically integration across the value chain. The above mentioned initiatives help the company to cater the rising demand across the globe, lower the production costs, enhance sales & operations planning, ensure competitive effectiveness, develop innovative technologies & products, and expand their customer base.

Paints and Coatings Market Companies

• Akzo Nobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Jotun
• Axalta Coating Systems, LLC
• RPM International Inc.
• Henkel AG & Company, KGaA
• BASF SE
• Kansai Paint Co., Ltd.
• Hempel A/S
• Nippon Paint Holdings Co., Ltd.
• Sika AG
• Beckers Group
• 3M
• The Chemours Company

The global paints and coatings market is segmented as follows:

By Technology

• Solvent base
• Waterborne
• Powder coating
• Anti-fouling

By Resin

• Alkyd
• Epoxy
• Polyurethane
• Acrylic
• Ceramic

By Application

• Architectural
• Industrial
• Special purpose

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa