Global Paints and Coatings Market to Reach US$ 269.0 Billion by 2032, Augmented by Rising Construction Activities

March 22, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled "Paints and Coatings Market Report by Product (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, High Solids/Radiation Curing, and Others), Material (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), Application (Architectural and Decorative, Non-Architectural), and Region 2024-2032," the global paints and coatings market size reached US$ 177.4 Billion in 2023. Paints are made from a mixture of pigments, binders, solvents, and additives that are used to protect surfaces against various environmental factors, such as moisture, sunlight, and temperature fluctuations. They are an excellent way to enhance the appearance of surfaces by adding color, texture, and other decorative effects. On the other hand, coatings are produced from different materials, such as polymers, ceramics, and metals, which are applied to various surfaces like metal, plastic, wood, and concrete. They have anti fouling, anti-microbial, or self-cleaning properties and consequently applied to different surfaces using brushes, rollers, sprayers, and dip coating.


Global Paints and Coatings Market Trends:

There is a significant growth in the construction industry and an increase in the use of paints and coatings on walls, ceilings, floors, roofs, and other surfaces for protecting and enhancing the appearance of buildings. This, coupled with rising construction activities in residential, commercial, and industrial areas on account of rapid urbanization and inflating income levels, represents one of the major factors strengthening the market growth around the world. Moreover, paints and coatings are employed in the automotive industry to protect vehicles from scratches and other damages. This, along with the growing sales of luxury vehicles and the burgeoning automotive sector, is influencing the market positively. In addition, the increasing utilization of paints and coatings in the aerospace industry to prevent extreme environmental factors, such as high temperatures, corrosion, and wear and tear, is fueling the growth of the market. Apart from this, key players are introducing volatile organic compounds (VOC) free, block resistant, and organic paints and coatings that are produced using natural ingredients like lemon peel extract, seed, clay, vegetable, and soybean oil to expand their product portfolio. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 269.0 Billion by 2032, exhibiting a CAGR of 4.6% during 2024-2032.


Market Summary:

  • On the basis of the product, the market has been segmented into waterborne coatings, solvent-borne coatings, powder coatings, high solids/radiation curing, and others. At present, waterborne coatings represented the largest segment.
  • Based on the material, the market has been classified into acrylic, alkyd, polyurethane, epoxy, polyester, and others. Presently, acrylic represented the largest segment.
  • On the basis of the application, the market has been categorized into architectural and decorative and non-architectural (automotive and transportation, wood, general industrial, marine, protective, and others). Architectural and decorative currently accounted for the biggest market share.
  • Based on the region, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and the Middle East and Africa. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Akzo Nobel N.V., Asian Paints Ltd., Axalta Coating Systems Ltd., Berger Paints India Limited, Indigo Paints Limited, Jotun A/S, Kansai Paint Co. Ltd., National Paints Factories Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, and Tiger Coatings GmbH & Co. KG.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Material, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Akzo Nobel N.V., Asian Paints Ltd., Axalta Coating Systems Ltd., Berger Paints India Limited, Indigo Paints Limited, Jotun A/S, Kansai Paint Co. Ltd., National Paints Factories Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company and Tiger Coatings GmbH & Co. KG.
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Global Paints and Coatings Market to Reach US$ 269.0 Billion by 2032, Augmented by Rising Construction Activities
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