Paints and Coatings Market

Market Overview:

The global paints and coatings market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Paints refer to pigmented liquids used to improve the aesthetics of the substrate, whereas coatings are primarily used to enhance surface properties and prevent substrate deterioration. Some commonly available product variants include waterborne, powder, high solids, radiation curing, and solvent-borne coatings. It is widely used in decorating industrial equipment, residential and non-residential infrastructures, and buildings. paints and coatings exhibit anti-fouling, flame retardancy, and anti-microbial properties. They also protect the surface from adverse environmental conditions, weathering, rust, and chemical exposure. As a result, they find extensive applications across the marine, construction, automobile, and transportation industries.

Paints and Coatings Market Trends:

Significant growth in the construction industry across the globe is creating a positive outlook for the market. Paints and coatings are widely used on panels, windows, walls, roofs, door frames, and interior extrusions for protection, decoration, and aesthetics. Additionally, the widespread product adoption in the automotive industry, owing to their color stability, continuous protective film formation, corrosion, abrasion and scratch resistance, flexibility, and durability, is favoring the market growth. Apart from this, the introduction of volatile organic compounds (VOC) free, block resistant, and organic paints and coatings manufactured using natural ingredients like lemon peel extract, seed, clay, vegetable, and soybean oil is providing an impetus to the market growth. In line with this, the increasing utilization of environment-friendly and green coatings that minimize the adverse effects of infrared and ultraviolet (UV) radiations and improve the overall efficiency is acting as another growth-inducing factor. Furthermore, the growing environmental consciousness among the masses and the increasing demand for waterborne and powder-based coatings are providing a considerable boost to the market. Other factors, including extensive research and development (R&D) activities, the implementation of various government initiatives promoting infrastructural development, and the increasing inclination toward renovation activities, are supporting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global paints and coatings market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, material and application.

Breakup by Product:

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

Breakup by Material:

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

Breakup by Application:

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

Breakup by Region:

• 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
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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: