Paints & Coatings Market Growth Analysis | 2023-2028

Market Insights

The paints & coatings market was estimated at USD 179.28 billion in 2022 and is likely to grow at a CAGR of 4.09% during 2023-2028 to reach USD 228.15 billion by 2028.

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What are paints & coatings?

Paints & coatings include a liquid mixture that is a solid pigment in a liquid vehicle. They are used as a decorative or protective coating in the construction industry. They enhance appearance, protect against corrosion and environmental damage, and provide functional benefits. These products find widespread use in the construction, automotive, aerospace, and consumer goods industries.

Pigments (colourants), binders (resins), solvents, and additives are the main ingredients of paints. While binders keep the pigment particles bound and affixed to the surface, pigments add color. A solid coating is left behind when solvents aid in dissolving the binders and making the application easier to dissipate.

Key Players

Some of the major players in the global market are-

• AkzoNobel N.V.
• PPG Industries
• The Sherwin-Williams Company
• Nippon Paint Holding Co. Ltd.
• Axalta Coatings System LLC
• Tikkurila
• Jotun A/S
• RPM International Inc.
• Nippon Paint Holdings Co., Ltd.
• Asian Paints Limited
• BASF Coatings GmbH

Market Dynamics

The prime factor contributing to the demand for paints & coatings is mainly the growing demand from end-use industries such as architectural, general industrial, protective, and automotive & transportation, which in turn, is driving the growth of the global paints & coatings market. The global population is experiencing rapid growth, particularly in urban areas, which is fueling the demand for housing, infrastructure, and transportation. As a result, there is an increased need for paints and coatings in the architectural, industrial, and transportation sectors. Governments worldwide are imposing stricter regulations on volatile organic compounds (VOCs) found in paints and coatings due to their environmental harm and contribution to air pollution. This growing focus on VOC regulation is generating higher demand for low-VOC and water-based alternatives in the market.

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Restraints

Thin-film powder coatings are used in paints, protective coatings, and optical coatings due to their excellent flow properties, fine perforations, and consistent distribution of raw materials. Conventional powder coatings can produce uneven finishes, while thin films require uniform flow and leveling. Polyurethane resins are preferred for thin films due to their flow, physical properties, and lower costs. Substrate smoothness and wetting are crucial issues in thin-film powder coating applications, making them difficult to obtain, similar to wet paint systems.

Opportunity

Polyvinylidene difluoride (PVDF) is a popular choice in the building and construction industry for its high dielectric strength, resistance to weathering, and self-extinguishing properties. It can be applied through spray coating or conventional coil techniques and can be baked at temperatures ranging from 230°C to 250°C. PVDF is stable to sunlight and ultraviolet radiation, making it a popular base resin for long-lasting exterior coatings. Other fluoropolymers like polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and ethylene tetrafluoroethylene copolymer (ETFE) are also used in the industry, particularly in countries with high summer temperatures. The long-life characteristics of PVDF coatings outperform silicone-modified performance polyester, polyester, acrylics, plastisols, and other resin coil coatings, making them crucial in the industry.

Challenges

Governments are increasingly adopting regulatory policies, forcing paints and coatings producers to improve their processes to meet strict environmental requirements. In countries with strict regulations, like Western Europe and North America, products that fail to meet legal requirements are not allowed. However, some legislators limit emission values based on VOC concentration, leading to high mass emissions and disregarding reduced atmospheric emissions when using low-VOC coatings.

Segments Analysis

By End-Use Industry Type

The market is segmented as architectural and industrial. The architectural segment accounted for the larger share by application in 2022, owing to the government's focus on residential construction, especially in China and India.

By Resin Type

The market is segmented as acrylic, alkyd, epoxy, polyester, polyurethane, and others. The acrylic segment held a 40% market share in 2022 and is expected to remain dominant during the forecast period. The significant share of the acrylic segment is attributed to resistance to weathering & oxidation and the availability of a variety of high-gloss colours. The utility of acrylic for outdoor applications coupled with its moderate price will augment the segmental growth over the forecast period.

By Technology Type

The paints & coatings market is segmented as waterborne, solvent-borne, powder coating, and others. The waterborne segment held a 35% market share in 2022 and is expected to remain dominant over the forecast period. The dominance of the waterborne segment is due to low flammability, ease of use, eco-friendly properties, and less hazardous disposal associated with the technology type.

Regional Insights

Asia-Pacific market share is more than 35% in 2022 and is expected to be the largest market share during the forecast period in the global market. The high share is attributed to the growing economy and expanding construction industry. Rapid urbanization especially in China and India will augment the regional growth. North America is anticipated to offer significant growth opportunities over the forecast period, with the US being the major country.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Resin Type

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

By End-Use Industry Type

• Architectural
• Industrial

By Technology Type

• Waterborne
• Solventborne
• Powder Coating
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with market stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with market experts to obtain both qualitative and quantitative insights.

Report Customization

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the resin types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.