Enjoy complimentary customisation on priority with our Enterprise License!
The paints and coatings market size is forecast to increase by USD 38.25 billion, at a CAGR of 4.02% between 2023 and 2028. The market is experiencing significant growth due to the expanding real estate and construction industry, leading to increased demand for architectural and decorative coatings. Another key trend is the growing adoption of UV-curable coatings, particularly in the automotive OEM and refinish segments, for their faster curing properties and improved durability. However, regulations on high emissions of Volatile Organic Compounds (VOC) are posing challenges for market growth, with the oil industry and general industries coatings segments being major contributors to these emissions. Additionally, the protective and packaging coatings segments are witnessing demand due to their essential role in enhancing product durability and shelf life.
Coil coatings are also gaining popularity due to their ability to provide uniform coating thickness and improved corrosion resistance.
The market is experiencing significant growth due to the increasing demand for high-performance coatings in various industries. High-performance ceramics are increasingly being used in aircraft turbine engines for enhanced durability and corrosion protection. Sustainability is a key aspect driving the market, with the use of eco-friendly binders such as acrylic resin, alkyd resin, and epoxy resin gaining popularity. The architectural coatings segment is expected to dominate the market, with a focus on exterior wall paints and interior wall paints. Industrial applications, including wood coatings, marine coatings, automotive OEM coatings, automotive refinish coatings, general industries coatings, coil coatings, and packaging coatings, also contribute significantly to the market growth.
Pigments, binders, additives, and solvents are the key raw materials used in the production of paints and coatings. The market is segmented into thermoplastic and thermosetting coatings, with thermosetting coatings, including enamels, fluoropolymers, and polyvinylidene difluoride (PVDF), dominating the market due to their superior properties such as hardness, friction, reflection absorption, and corrosion protection. The wood industry is also a significant consumer of paints and coatings, with vegetable resin, polyurethane (PU) resin, and polyester resin being commonly used for wood finishes. The market is expected to grow further due to the increasing demand for low-cost housing and commercial construction projects.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The water-based segment is estimated to witness significant growth during the forecast period. The market encompasses a wide range of products, including thermoplastic and thermosetting coatings. Among these, architectural paints and coatings are a significant segment known for their ability to enhance visual appeal and provide protective functions to various structures. Thermoplastic coatings offer benefits such as high reflection and absorption properties, making them suitable for use in solar energy applications. In contrast, thermosetting coatings provide superior corrosion protection and hardness, making them popular choices in the industrial and automotive sectors. High-tech coatings, including water-based paints and coatings, have gained prominence due to their low volatile organic compound content. These water-based coatings consist of water-soluble resins, such as polyesters, polyacrylates, alkyds, epoxy, and epoxy esters.
The use of these coatings in the automotive and architecture industries, particularly in developed countries like the US, Germany, the UK, and France, is predominant due to their low environmental impact and ability to provide adequate protection against corrosion and friction.
Get a glance at the market share of various segments Request Free Sample
The water-based segment accounted for USD 73.65 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market is driven by the expansion of industries such as construction, automotive and aerospace, and defense, particularly in the Asia Pacific (APAC) region. This region is projected to dominate the market due to its rapid industrialization and increasing demand for architectural paints and coatings. Thermoplastic and thermosetting coatings are widely used in various industries for reflection absorption, corrosion protection, hardness, and friction properties. High-tech coatings are gaining popularity due to their advanced features, including UV resistance, self-healing, and antimicrobial properties. APAC, with major contributors like China, India, Japan, and Australia, is expected to lead the market growth, fueled by government initiatives, tax subsidies, and the easy availability of low-cost labor.
Automotive manufacturing companies are increasingly setting up bases in this region, making it a significant market for paints and coatings.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing real estate and construction industry is the key driver of the market. The market encompasses a wide range of products, including exterior and interior wall paints, wood finishes, enamels, and specialized coatings for industries such as marine and protection. Exterior wall paints and coatings are essential for protecting buildings from environmental elements, while interior wall paints enhance the aesthetic appeal and create a comfortable living or working environment. Wood finishes provide a durable and attractive coating for furniture and flooring. Enamels offer a high-gloss, smooth finish, making them ideal for use in commercial and industrial settings. Marine coatings provide protection against harsh marine conditions, while fluoropolymers and polyvinylidene difluoride (PVDF) coatings offer superior resistance to chemicals and extreme temperatures.
Moreover, the growth of the global real estate and construction industry has fueled the demand for paints and coatings, particularly architectural paints and coatings, which are widely used in construction and structural applications. Rapid urbanization and infrastructure development in emerging economies are driving the growth of the construction industry, leading to a rise in demand for paints and coatings. The highly reflective and seamless characteristics of architectural paints and coatings make them a preferred choice for construction applications.
Growing adoption of UV-curable coatings is the upcoming trend in the market. The market encompasses various product categories, including Exterior and Interior wall paints, Wood finishes, Enamels, and specialized coatings such as Marine and Protection. companies are increasingly focusing on research and development (R&D) for advanced coatings, with a significant emphasis on Ultraviolet (UV)-curable coatings. These coatings offer superior performance and assembly-line benefits, making them an attractive option for industries. For instance, BASF SE is a key player in the market, providing multi-functional polyol intermediates for UV-curable acrylic monomers and oligomers manufacturing, which are subsequently used in UV-curable coatings. Though UV-curable coatings currently hold a minimal share in the market, their usage is projected to expand due to the increasing adoption by automotive Original Equipment Manufacturers (OEMs) and other industries seeking scratch and mar resistance.
Additionally, the use of advanced materials such as Fluoropolymers and Polyvinylidene Difluoride (PVDF) in coatings is gaining traction for their excellent resistance to harsh environmental conditions. Overall, The market is witnessing continuous innovation and growth, driven by technological advancements and evolving customer requirements.
Regulations on high emissions of VOC are a key challenge affecting the market growth. Exterior and interior wall paints, wood finishes, enamels, marine paints, and various coatings contain Volatile Organic Compounds (VOCs), which are found in solvent-based products. These VOCs contribute to air pollution and smog formation in the environment. In response to environmental concerns, regulatory bodies have imposed restrictions on the VOC content in paints and coatings. For instance, in January 2021, the US Environmental Protection Agency (EPA) implemented regulations limiting the amount of VOCs that can be released from chemical products, including paints, coatings, adhesives, and sealants, used in various industries. Similarly, the European Union's Solvent Emissions Directive (SED) sets thresholds for solvent emissions from paints and coatings.
Fluoropolymers, such as Polyvinylidene difluoride (PVDF), are increasingly being used as alternatives to solvent-based coatings due to their low VOC content and superior protection properties. These regulations and market trends are shaping the future of the market, with a focus on eco-friendly, low-VOC, and high-performance products.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV - The company offers paints and coatings under the brand names Alba, Armstead, Astral, Awlgrip, and Bruguer.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a dynamic and diverse industry, encompassing a wide range of products for various applications. Exterior and interior wall paints, wood finishes, enamels, and marine protection coatings are some of the key segments within this market. High-tech coatings, including fluoropolymers and thermoplastic and thermosetting resins, offer superior protection against corrosion and extreme temperatures. Architectural paints and coatings are used for both commercial and residential construction, with a growing focus on sustainability aspects. Vegetable resins, such as acrylic, alkyd, epoxy, polyurethane (PU), polyester, and solvent borne coatings, are popular choices due to their eco-friendliness. Waterborne coatings, including UV coatings, are also gaining popularity due to their lower VOC (volatile organic compound) concerns.
Industrial applications include wood coatings, coil coatings, protective coatings, packaging coatings, and those for the oil industry. The market is driven by factors such as urbanization, low-cost housing, commercial construction, healthcare facilities, electric car sales, and oil consumption. Pigments, binders, additives, and polymerization are essential components of the paints and coatings industry. The future of the market looks promising, with ongoing research and development in high-performance ceramics, airplane turbine engines, and advanced coatings for various industries.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
183 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.02% |
|
Market Growth 2024-2028 |
USD 38.25 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
3.63 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 53% |
|
Key countries |
US, China, India, Germany, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and Co., Berger Paints India Ltd., Diamond Vogel, Dow Chemical Co., Dunn Edwards Corp., H.B. Fuller Co., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., Masco Corp., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin Williams Co., Sika AG, and Wacker Chemie AG |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Resin Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
