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

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

Report Format: PDF+Excel | Report ID: SR112024A6312
Buy Now

Paints and Coatings Market Size:

The global paints and coatings market size reached US$ 177.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 269.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032. The market is experiencing steady growth driven by the increasing awareness and stringent regulations regarding environmental impact, the rising global urbanization and industrialization, particularly in emerging economies, and the significant growth in the construction and automotive industries.

Report Attribute 
Key Statistics
Base Year
Forecast Years
Historical Years
Market Size in 2023
US$ 177.4 Billion
Market Forecast in 2032
US$ 269.0 Billion
Market Growth Rate 2024-2032 4.6%

Paints and Coatings Market Analysis:

  • Market Growth and Size: The paints and coatings market are experiencing robust growth, driven by increasing construction activities and rising automobile ownership.
  • Technological Advancements: The creation of environment-friendly and high-performance formulations include certain key advancements in the market. Improvements in nano coating, ultraviolet (UV)-curable coatings, and waterborne coatings are expanding the market growth.
  • Industry Applications: Paints and coatings have numerous uses in various industries, including construction, automotive, aerospace, and marine. They provide protective and aesthetic functions in construction, while in aerospace and automotive, they improve the durability and corrosion resistance of materials.
  • Geographical Trends: The market shows varied growth patterns geographically, with emerging economies in Asia-Pacific, such as China and India, showing significant growth due to rapid industrialization and urbanization. Developed regions such as North America and Europe continue to innovate and lead in terms of technology and environmental regulations.
  • Competitive Landscape: Key players are focusing on improving product quality, sustainability, and compliance with environmental regulations. Some of the leading market players include Akzo Nobel N.V., Asian Paints Ltd., Axalta Coating Systems Ltd., Berger Paints India Limited, among many others.
  • Challenges and Opportunities: Key challenges include changing raw material prices and the implementation of stringent environment standards. Nonetheless, opportunities in introduction of cost-effective and eco-friendly product lines are projected to overcome these challenges.

paints and coatings market

Paints and Coatings Market Trends:

Increasing demand in construction and automotive industries

The significant growth in the construction and automotive sectors is driving the demand for paints and coatings. In the construction sector, paints and coatings are required for both protective and aesthetic purposes, fulfilling residential, commercial, and industrial needs. Apart from this, the introduction of advanced and innovative formulations like environment friendly alternatives to align with heightened focus on sustainability and durability in various building materials is propelling the growth of the market. Moreover, in the automotive industry, there is a consistent need for high quality coating solutions to improve vehicle appearance and performance. On the basis of an article written by AZO Material, paints and coatings comprise approximately 30% of the automobile production expenses. Along with this, the creation of novel technologies like UV-curable coatings and waterborne formulations is catalyzing the demand by providing more advanced and eco-friendly alternatives. The paints and coatings market value is indicative of industry growth and driven by increasing demand in construction and automotive sectors, alongside innovative product developments.

Technological innovations and product advancements

Technological improvements to enhance the quality of paints and coatings are supporting the market growth. It includes the creation of various novel materials and formulations that fulfill certain needs like increased durability, improved aesthetics, and environmental sustainability. In addition, the increasing availability of nano coatings, green coatings, and smart coatings are reshaping the market dynamics. Nippon Paint Marine recently introduced a state-of-the-art antifouling paint that utilizes NANO-Technologies. This creative approach ensures accurate and long-lasting antifouling performance by fusing hydrophilic and hydrophobic qualities in a nanostructure. The paints and coatings market overview highlights industry growth, driven by advancements in formulation technology.

Rising awareness and regulations concerning environmental impact

At present, governments are implementing various strict regulations associated with the usage of volatile organic compounds (VOCs) and other harmful substances in paints and coating formulations. This is encouraging manufacturers to invest in research operations to develop environment friendly alternative like water and bio based coatings. These products often comply with environmental standards and appeal to environmentally conscious users. Furthermore, the focus on maintaining sustainability is leading to innovations in recycling and waste reduction in the production of paints and coatings. This adoption of eco friendly practices is a response to the regulatory pressures imposed by governing agencies and is becoming a pivotal factor in brand differentiation and market competition, influencing consumer choices and industry trends. The paints and coatings market revenue is on an upward trajectory, influenced by the demand for durable and environmentally sustainable products. Arkema Coating Resins manufactured Synaqua® 4804 in 2022, which is devoid of ammonia and APEO and designed to meet the needs of various coating applications. This formulation has a low volatile organic compound (VOC) substitute that allows for the creation of high gloss products without sacrificing the application feel of conventional solvent-based alkyds.

Paints and Coatings Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product, material, and application.

Breakup by Product:

paints and coatings market

  • Waterborne Coatings
  • Solvent-borne Coatings
  • Powder Coatings
  • High Solids/Radiation Curing
  • Others

Waterborne coatings account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product. This includes waterborne coatings, solvent-borne coatings, powder coatings, high solids/radiation curing, and others. According to the report, waterborne coatings represented the largest segment.

Waterborne coatings hold the biggest market share due to their lower environment impact with less volatile organic compounds (VOCs) compared to solvent-borne coatings. They utilize water as a solvent, which makes them environment-friendly and simpler to clean. They are primarily employed in automotive and architectural coating for their versatility and higher safety profile. Furthermore, the continuous progress in waterborne technology, resulting in improved durability and expedited drying periods, is offering a favorable paints and coatings industry outlook. Convestro presents waterborne coating solutions, an environment-friendly line of industrial coatings for wood furniture, cabinets, and construction materials. These resins fulfill strict regulatory criteria and provide improved performance, shorter drying times, and lower volatile organic compounds.

Solvent-borne coatings account for a crucial segment of the market, despite regulatory issues due to high VOC content. These coatings are renowned for their great adhesion, resistance to adverse environments, and excellent finishes. They are employed in industrial applications and specialized areas where durability and performance under harsh conditions are vital.

Additionally, powder coatings are well known for their environmental advantages attributed to their low minimal waste production and no need for solvents. They are used in various applications, such as in automotive parts and furniture.

Moreover, high solids/radiation curing is marked by its rapid curing times and lower VOC emissions. They are employed in automotive and industrial applications where efficiency and adherence to environmental regulations are essential.

Breakup by Material:

  • Acrylic
  • Alkyd
  • Polyurethane
  • Epoxy
  • Polyester
  • Others

Acrylic holds the largest share of the industry

A detailed breakup and analysis of the market based on the material have also been provided in the report. This includes acrylic, alkyd, polyurethane, epoxy, polyester, and others. According to the report, acrylic accounted for the largest market share.

Acrylic, forming the largest segment, is favored for its exceptional color retention, durability, and resistance to weathering. These water-based coatings are versatile and can be used in a variety of applications, from architectural coatings and automotive finishes to industrial paints. Their quick drying time and low environmental impact, coupled with continuous advancements in acrylic formulations, make them a preferred choice in both residential and commercial sectors.

Alkyd coatings are prized for their tough finish, excellent adhesion, and ability to withstand fading and chips. These coatings, which are mostly oil-based, find extensive use in industrial and architectural settings. Alkyd coatings are also utilized owing to their endurance even in the face of environmental issues brought on by volatile organic compounds (VOCs).

Along with this, polyurethane coatings are known for their excellent finish, durability, and resistance to abrasion and chemicals. They are extensively used in automotive, wood, and aerospace applications. The versatility of polyurethanes, available in both water-based and solvent-based formulations, allows for a wide range of applications.

In addition, epoxy coatings are highly regarded for their strong adhesive properties, chemical resistance, and toughness. Commonly used in industrial and marine environments, these coatings are ideal for surfaces that require a durable protective layer. The market for epoxy coatings is driven by their application in heavy-duty environments and sectors demanding high-performance coatings with long-lasting protection.

Apart from this, polyester coatings are popular for their glossy finish and ability to withstand prolonged exposure to outdoor environments. These coatings are often used in automotive, industrial, and architectural applications.

Breakup by Application:

  • Architectural and Decorative
  • Non-Architectural
    • Automotive and Transportation
    • Wood
    • General Industrial
    • Marine
    • Protective
    • Others

Architectural and decorative represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes architectural and decorative, and non-architectural (automotive and transportation, wood, general industrial, marine, protective, and others). According to the report, architectural and decorative represented the largest segment.

The architectural and decorative segment holds the largest share of the market, driven by the increasing demand in both residential and commercial construction sectors. According to a report presented by S&P Global, over 52% of coatings are applied for improving and protecting structures around the world. This includes both new construction and maintenance for residential, public, and industrial facilities. Meanwhile, about 35% of coatings are used to decorate and maintain different industrial goods. This segment encompasses a broad range of products used for interior and exterior applications, including wall paints, wood finishes, and enamels. Along with this, the growth in this segment is fueled by the rising global construction activities, urbanization, and the growing aesthetic and protective requirements of buildings.

Additionally, the trend of eco-friendly and sustainable products is leading to innovations in water-based and low-VOC paint formulations, further providing a boost to the demand in this segment. Moreover, the versatility and continuous development of architectural coatings to meet consumer preferences and regulatory standards make this segment a key driver of the overall market.

On the contrary, the non-architectural segment covers a wide array of industrial applications, including automotive, marine, aerospace, and protective coatings for machinery and infrastructure. This segment is characterized by its demand for specialized coatings that offer high performance in terms of durability, corrosion resistance, and resistance to extreme conditions. In confluence with this, the growth in this segment is propelled by technological advancements that lead to the development of more efficient and environmentally friendly coatings. The automotive industry, in particular, is a significant contributor to this segment, with a consistent demand for coatings that provide a high-quality finish and longevity. The diverse needs of various industrial applications ensure that this segment remains an essential part of the overall paints and coatings market growth.

Breakup by Region:

paints and coatings market

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Asia Pacific leads the market, accounting for the largest paints and coatings market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

The Asia Pacific region stands as the largest segment in the market, primarily driven by rapid industrialization, urbanization, and the expanding construction sector in countries such as China and India. Additionally, the region's growing automotive and manufacturing industries also contribute significantly to the demand for various types of coatings. Along with this, the increasing awareness of eco-friendly products in these markets is accelerating the adoption of waterborne and other environmentally sustainable coatings. In addition, Pacific Paint (Boysen) Philippines, Inc, a company in Asia Pacific region offers innovative paint products catering to specific needs. This includes Boysen Bug Off, which is an anti-insect paint that eliminates disease-carrying insects like mosquitoes and cockroaches upon contact.

North America is a significant market, characterized by advanced technological innovations and stringent environmental regulations. The United States leads in the region, with a strong demand from the automotive, construction, and industrial sectors. The market in North America is also witnessing a shift towards green and sustainable coatings, driven by regulatory policies and consumer awareness. This region is known for its highly competitive landscape, with key players continually investing in R&D to develop new and advanced products.

In addition, the European market is marked by a high demand for environmentally friendly and high-performance products. The region's stringent regulations on VOC emissions and environmental protection are major drivers for innovation in sustainable coatings. Europe's well-established automotive, aerospace and marine industries significantly contribute to the market. The focus on energy-efficient buildings and the renovation of existing infrastructure also fuel the demand for architectural coatings in this region.

Apart from this, Latin America's market is growing, driven by the expansion of the construction and industrial sectors, particularly in countries such as Brazil and Mexico. The region shows potential for growth in both architectural and industrial coatings, with an increasing emphasis on sustainable and eco-friendly products.

Moreover, the market in the Middle East and Africa is expanding, with growth driven by the construction boom in the Gulf Cooperation Council (GCC) countries and increased industrial activities in African nations. Concurrently, the demand in this region is characterized by the need for high-performance coatings suitable for extreme weather conditions and industrial applications.

Leading Key Players in the Paints and Coatings Industry:

Key players in the market are actively engaging in research and development to innovate and produce more environmentally friendly and efficient products. A significant focus is on developing low-VOC, waterborne, and high-solid coatings in response to stringent environmental regulations and growing consumer demand for sustainable products. These companies are also expanding their global footprint through strategic mergers, acquisitions, and partnerships, enhancing their market presence by accessing new markets. Additionally, they are investing in advanced manufacturing technologies to improve production efficiency and reduce costs.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
  • Tiger Coatings GmbH & Co. KG

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News: 

  • June 23, 2023: Akzo Nobel N.V. announced the grand opening of its state-of-the-art Research and Development (R&D) center located in High Point, North Carolina. It serves as the company's center for customer service and product development for wood coatings.
  • Jan 09, 2023: Asian Paints Ltd. announced plans to invest Rs 2,000 crores to build a new water-based paint production plant with a 4 lakh kiloliter annual capacity. The business notified exchanges that, following land acquisition, the manufacturing at the site is anticipated to be commissioned in three years.
  • January 25, 2022: Axalta Coating Systems Ltd. announced that it will completely cut its emissions of greenhouse gases (GHGs) from Scope 1 and 2 by 2030. This will enable it to achieve carbon neutrality in its activities by 2040, a full decade ahead of the timeframe established by the Paris Agreement on Climate Change.

Paints and Coatings Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Product
  • Material
  • Application
  • Region
Products Covered Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, High Solids/Radiation Curing, Others
Materials Covered Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others
Applications Covered
  • Architectural and Decorative
  • Non-Architectural: Automotive and Transportation, Wood, General Industrial, Marine, Protective, Others
Regions 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, Tiger Coatings GmbH & Co. KG., etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the paints and coatings market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global paints and coatings market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the paints and coatings industry and its attractiveness.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global paints and coatings market was valued at US$ 177.4 Billion in 2023.

We expect the global paints and coatings market to exhibit a CAGR of 4.6% during 2024-2032.

The expanding construction industry, along with the rising demand for paints and coatings, as they protect the surface from adverse environmental conditions, weathering, rust, chemical exposure, etc., is primarily driving the global paints and coatings market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for paints and coatings.

Based on the product, the global paints and coatings market can be divided into waterborne coatings, solvent-borne coatings, powder coatings, high solids/radiation curing, and others. Currently, waterborne coatings account for the largest market share.

Based on the material, the global paints and coatings market has been segregated into acrylic, alkyd, polyurethane, epoxy, polyester, and others. Among these, acrylic material currently exhibits a clear dominance in the market.

Based on the application, the global paints and coatings market can be bifurcated into architectural and decorative and non-architectural. Currently, architectural and decorative holds the majority of the total market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global paints and coatings market 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.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
 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
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More