213 Users Online
Global Paints & Coatings Market by Technology (Pure Acrylic, Styrene Acrylic, Vinyl Acrylic, Polyester, Alkyd, Epoxy, Polyurethane) | By Base Type (Water, Solvent, and Powder)
According to the latest survey conducted by Persistence Market Research, the global Paints & Coatings market is relishing a market valuation of US$ 160,054.3 Mn in 2023 and is projected to expand with a CAGR of 5.1% during the 2023-2033 period. The market is anticipated to top a valuation of US$ 263,205.2 Mn by the end of the forecast period.
| Attributes | Key Insights |
|---|---|
|
Market Size 2023 |
US$ 160,054.3 Mn |
|
Market Size 2033 |
US$ 263,205.2 Mn |
|
Value CAGR (2023-2033) |
5.1% |
|
Collective Value Share: Top 3 Countries (2023E) |
25-30% |
The paints & coatings market is divided into architectural and industrial segments. The architectural segment includes the application of paints & coatings over residential, commercial, and institutional buildings, both interior & exterior paint & coatings. However, the industrial category includes the usage of paints & coatings at the industry level for example for automotive coatings, electronic coatings, and others.
FREE Report Sample is Available
In-depth report coverage is now just a few seconds away
Get FREE Report Sample
With a 2.7% CAGR predicted from 2017 to 2022, the United States, China, Germany, and India dominate the global market for paints & coatings.
Due to a significant fall in demand in 2020 brought on by the global COVID-19 outbreak, this historically low growth rate is the result. The building and construction industry experienced a considerable fall as a result of travel restrictions and the pandemic's impacts on household income, which had a direct influence on the sale of paints and coatings.
Future demand for paints and coatings is expected to be driven by rising industrial and infrastructure construction in developing countries, particularly in China, India, and ASEAN. The market for paints and coatings in emerging and developing countries is also predicted to be supported in the years to come by increased public and private spending on infrastructure development.
Because aesthetics are becoming an increasingly expensive luxury for both residential and commercial usage worldwide, the anterior segment of architectural paints & coatings is also expected to expand.
In light of these numbers and the shifting business dynamics, it is predicted that the global market for paints and coatings would expand at a solid CAGR of more than 5% over the next 10 years.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized VersionHow innovations in paints & coatings industry are meeting the demand for all-weather protection?
Manufacturers are focused on developing thicker paints with advanced technical characteristics that can be used in place of insulating materials, such as glass wool, cotton, wood, etc., to control optimum temperature level. This holds the potential to reduce the problems of space constraints, cost and installation time, etc.
Various types of paints are increasingly being used for temperature controlling inside the room by while being applied on exterior wall surfaces by reducing heat transfer through the walls, thus saving a significant amount of energy. Manufacturers are also introducing geography specific paints, used according to prevailing weather conditions, such as water and humidity proof paints which can be used in coastal regions where general humidity level is high in most time of the year.
Further, the use of nanotechnology is also spreading its arena in the paints and coatings industry, with hundreds of patents being filed for the coatings industry comprise the use of nanotechnology.
How big is the market opportunity in the East Asia region?
With a significant contribution to absolute dollar opportunity over the forecast period, the East Asia area is predicted to be the most lucrative market for paints and coatings worldwide. China presently dominates the region market, which is expected to grow at a CAGR of 5.8% between 2023 and 2033.
Due to the huge population and rising urbanization of the country, which is expected to spur market expansion, there is a significant need for structures with innovative designs.
Which factors can hamper the growth of Paints & Coatings Market?
The raw material is a crucial element in the production of paints and coatings. Various fundamental elements are used to create the paints and coatings, which are produced by the petrochemical sector.
The price of crude oil, which is used to make these basic ingredients (such polymer resins), is extremely volatile, and these price changes may have an effect on how much completed goods cost, preventing the industry from growing.
Furthermore, the EPA's Coatings and Consumer Products Group (CCPG) is drafting regulations for several industrial surface coating processes and composite processes. National volatile organic compound (VOC) rules or control technique guidelines (CTG) under Section 183(e) of the Act, as well as national emission standards for hazardous air pollutants (NESHAPs) under Section 112 of the Clean Air Act, also known as MACT rules, are all currently being developed as regulations.
More than 85 countries around the world currently have legislative limitations on the amount of lead permitted in paints and coatings.
What is key applications accounting for high consumption of paints & coatings?
According to Persistence Market Research, protective coatings are one of the most widely used industrial paint and coating applications. The protective coating market is expected to account for more than 17% of the industrial segment globally due to its rising application in several end-use sectors to protect industrial components.
The industrial paints and coatings market is expected to earn US$ 46.8 billion in sales in 2023 from protective coatings, general industrial, and automotive applications, according to Persistence Market Research's annual market report.
Which base material is more popular for paints & coatings?
Due to stringent regulations surrounding solvent-based technologies being implemented by several governments throughout the world, the water-based segment of architectural paints is successfully growing.
The category is anticipated to expand at a CAGR of 5.4% throughout the assessment period and account for more than 50% of the value share.
Sales Team
Client Partner
How in paints & coatings market is flourishing in China?
In spite of prior worries about how the industry would fair in the event of a global pandemic, the Chinese market is predicted to grow 5.7% annually in 2022. In 2023, China's total sales of paints and coatings is exceeded US$ 45 Bn.
China is expected to dominate both the East Asian and global markets. It is expected that the country will have a 78% market share in East Asia.
The country's rapid growth of infrastructure, low-cost housing, commercial housing, and building projects is expected to enhance demand for paints and coatings in China.
The Chinese market is still fragmented even if there are sizable local and foreign rivals. Key businesses in China are anticipated to link more with distributors and service channel providers as the market continues to consolidate.
Key companies across China are focusing on overcoming industrial hurdles such strategic changes, a dynamic business climate, high-quality products, after-sales service, and others in order to enhance total demand for the product.
What are the propelling factors for Paints & Coatings in India?
India's paints and coatings market is expected to reach US$ 13.1 Bn in value by 2033.
India's makers of paints and coatings have benefited from the flat pricing trend in raw materials despite difficult economic conditions, a significant decline in the value of their currency, and supply chain disruptions as a result of COVID-19.
India's demand circumstances for paints and coatings have been slowly improving since the third quarter of 2022, and it is anticipated that they will soon resume their previous pattern.
The market has grown through time through both organic and inorganic growth as a result of urbanization and industry activity, such as the expansion and introduction of various products. Since a few years ago, customers' preferences in the Indian market have steadily shifted away from traditional whitewash and toward higher-quality paints, especially in tier-II/III towns.
Lower-quality enamels, putty, and distemper all seem to have bright prospects.
The Indian market is also characterized by a fierce corporate climate of competition, with major corporations focusing on implementing various strategies to take advantage of the market's rising regional demand.
The top market players in the study have focused on creating new goods, producing innovative products, and expanding their manufacturing capabilities by establishing new production facilities in developing countries. Important strategies include mergers and acquisitions, product innovation, collaboration with powerful individuals and organizations, strategic alliances, and the creation of national and worldwide distribution networks.
Some of the key developments are:
Similarly, more developments related to companies manufacturing paints and coatings have been tracked by the team at Persistence Market Research, which are available in the full report.
| Attribute | Details |
|---|---|
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2017-2022 |
|
Market Analysis |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available Upon Request |
By Technology:
By Base Type:
By Application:
By Region:
The global market of Paints & Coatings is estimated to reach a valuation of US$ 1,60,054.3 Mn in 2023.
The Paints & Coatings demand is anticipated to witness a growth rate of 5.1% over the forecast period of 2023 and 2033 in terms of value.
Introduction of innovative formulation technologies and surge in low-cost housing, commercial housing, and infrastructural construction across regions are factors driving market growth.
According to PMR analysis, Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., RPM International Inc., and Kansai are identified as the key manufacturers in the Paints & Coatings market.
Key players in the global Paints & Coatings market are expected to account for about 42-47% of the overall market share.
The top countries driving the global Paints & Coatings demand are China, U.S., India, Russia and Germany.
