Paints and Coatings Market

Global Market Study on Paints and Coatings: Demand for Protective Coatings to Remain High across Geographies

Market Snapshot

Newly-released data from paints and coatings industry analysis shows that global demand is expected to rise at a CAGR of 5.1% over the assessment period of 2021 and 2031. In terms of volume, demand is expected to increase at around 4.3% CAGR over the same period. Revenue from the architectural sector is expected to total US$ 60.5 Bn in 2021.

Overall, the global market for paints and coatings is projected to expand over 1.6X by 2031.

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Companies

  • PPG Industries
  • Sherwin-Williams Company
  • Axalta Coating Systems
  • Valspar Corporation
  • NEI Corporation
  • Cabot Corporation
  • RPM International Inc.
  • DuPont de Nemours, Inc.
  • Diamond Vogel
  • NIC Industries, Inc.
  • Akzo Nobel N.V.
  • Hempel A/S
  • Steuler-KCH GmbH
  • Henkel Group
  • Terraco Group
  • Fosroc
  • Belzona International Ltd
  • DAW SE
  • Jotun
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Berger Paints Ltd
  • Asian Paints Ltd.
  • Huisins New Material Technology Co.,Limited
  • GUANGZHOU STRONG CHEMICAL CO., LTD.
  • Furukawa Co., Ltd.
  • KCC Corporation
  • TerraCo. Group
  • KCC Corporation
  • Belzona International Ltd

Key Insights Offered in Paints and Coatings Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Demand for Paints & Coatings and How to Navigate
  • Recommendation on Key Winning Strategies

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Consumption Analysis of Paints and Coatings from 2016 to 2020 Vs Market Outlook for 2021 to 2031

From 2016 to 2020, the use of paints and coatings increased at around 2.3% CAGR, with the U.S., China, Germany, and India holding a significant share in the global market.

This comparatively lower growth rate during the historical period is due to a significant demand slump in 2020 owing to the global COVID-19 pandemic. Travel restrictions and impact of the pandemic on personal income led to visible downturn in the building & construction sector, directly affecting revenue generation from paints and coatings.

On a global scale, growing construction activities in industrial and infrastructural levels in developing countries are expected to fuel demand for paints and coatings going ahead, especially in China, India, and ASEAN.

Moreover, increasing government spending along with private spending on infrastructure development is also expected to bolster the market of paints and coatings over the coming years across emerging and developing counties.

Also, increasing spending on aesthetical appearance for residential as well as and commercial purposes across the globe is expected to spur the interior segment of architectural paints and coatings.

Considering these statistics and shift in market dynamics, the global paints and coatings market is forecast to expand at a healthy CAGR of more than 5% over the decade.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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What are Manufacturers of Paints and Coatings Focusing On?

Key manufacturers of paints and coatings across the globe are following various strategies to increase market share by catering to new trends and introducing innovative products.

Some manufacturers are developing thicker decorative paints with highly technical characteristics that can be used in place of insulating materials such as glass wool, cotton, wood, etc., to control optimum temperature levels. This holds the potential to reduce the problem of space constraints, cost, and installation time.

Invention of such types of products is expected to add momentum in the demand for paints and coatings across the globe.

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What are the Roadblocks that Suppliers of Paints and Coatings Encounter?

Raw materials used in the production of paints and coatings represent an extremely important component. Several raw materials are used during the formulation of paints and coatings, which are derived from the petrochemical sector.

The price of crude oil from which such raw materials (for example polymer resins) are developed are highly fluctuating, and such price variations can impact on the pricing of end products, which can create roadblocks for market growth.

Which Region Offers Lucrative Opportunity for Sales of Paints and Coatings?

With an incremental $ opportunity of around US$ 39.6 Bn over the forecast period, the East Asia region is expected to be the most lucrative market for paints and coatings across the globe. China is leading the Asia Pacific market and is expected to witness a CAGR of 5.9% during 2021-2031.

Owing to the country’s vast population coupled with significantly rising urbanization, there is strong demand for construction with innovative ideas, which is expected to add more growth to the market.

Will Stringent Environmental Regulations Impact Sales of Paints and Coatings?

Globally, various organizations such as the U.S. Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB), and South Coast Air Quality Management District (SCAQMD) work in a direction to set restrictive limits on the volatile organic compounds (VOCs) emitted by paints and coatings, especially from solvent-based content in architectural and industrial maintenance (AIM) coatings.

Also, the Coatings and Consumer Products Group (CCPG) of EPA is engaged in the development of regulations for a number of categories of industrial surface coating operations and composite operations. Regulations under development are national emission standards for hazardous air pollutants (NESHAPs) under Section 112 of the Clean Air Act (commonly called MACT rules), and for some of the categories, national volatile organic compound (VOC) rules or control technique guidelines (CTG) under Section 183(e) of the Act.

Also, more than 85 countries worldwide have established legally binding limits on lead in paints and coatings.

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Country-wise Analysis

How is Demand for Paints & Coatings Increasing in China?

In 2021, the market in China is anticipated grow 5.7% year on year, bucking initial skepticism about how the market would perform during a global pandemic. Across the whole of China, total sales of paints and coatings have topped US$ 41 Bn in 2021.

China is expected to dominate the East Asia as well as global market. The country is expected to hold around 79% market share in East Asia.

Surge in low-cost housing, commercial housing, and infrastructural construction, and rapid development of building and transportation projects in China are expected to drive demand for paints and coatings in China.

The China market remains fragmented with the presence of regional and international key players. Key players in China are estimated to become more interconnected amongst distributors and service channel providers as the industry continue to consolidate.

Key players across China are focusing on overcoming industrial challenges such as strategic changes, dynamic business climate, quality products, aftersales support, and others to increase overall demand of the product.

Will India Be a Lucrative Market for Paints and Coatings Providers?

The paints and coatings industry in India is projected to reach a valuation of US$ 11.3 Bn by 2031.

Amid tight business conditions, sharp depreciation in exchange rate and disrupted supply chain networks due to COVID-19 impact, the soft price trend in raw materials has been a beneficial factor for paints and coatings manufacturers in India.

Demand conditions for paints and coatings in India have improved progressively since the third quarter of 2020, and are expected to meet their previous trend in the coming future.

Over the years, the market has been driven by urbanization and industry initiatives in terms of organic and inorganic growth, such as by the expansion and introduction of a variety of products. For the last couple of years, the market in India has been witnessing a gradual shift in consumer preference from traditional whitewash to enhanced quality paints, especially in tier-II/ III cities.

Prospects for some paint products especially putty, distemper, and lower-end enamels look good in the near term.

Besides this, the Indian market is witnessing a healthy competitive business environment, where key players are focusing on applying different strategies to tap growing demand in the market at the regional level.

Category-wise Insights

Which Technology of Paints & Coatings is the Most Significant?

Global demand of overall pure acrylic technology is expected to witness year-on-year (YoY) growth of 3.5% in 2021 to reach a total of 12,024 KT. The segment is expected to create an incremental $ opportunity of more than US$ 17 Bn by 2031.

Which Application is a Key Consumer of Paints and Coatings?

According to Persistence Market Research, protective coatings is one of the largest segment for industrial paint and coating application. The protective coating segment is estimated to account for nearly 17% of the industrial segment globally, owing to increasing application in several end-use industries to protect industrial components.

In the industrial market for paints and coatings, protective coatings, general industrial, and automotive revenue is expected to total US$ 44.2 Bn in 2021, according to the annual market analysis conducted by Persistence Market Research.

What is the Expected Growth Rate for Water-based Architectural Paints and Coatings?

Owing to stringent regulations implemented by several governments across the globe over solvent-based technology, the water-based segment of architectural paints is experiencing lucrative growth.

The segment is expected to account for more than 50% share by value and is set to expand at a CAGR of 5.2% over the assessment period.

Competitive Landscape

Several key market participants discussed in the study have focused on product development, launching of new and innovative products, and expanding their manufacturing capacities by setting up of new production units in emerging economies.

Key strategies include acquisitions, product innovation, collaborations and partnerships with key players, strategic alliances, and strengthening of regional and global distribution networks.

Some of the key developments are:

  • AkzoNobel is planning to acquire Colombia-based paints and coatings company Grupo Orbis. With this acquisition AkzoNobel will expand its position in South & Central America. The complete acquisition expected to be happen before first quarter of 2022.
  • Japan-based company Nippon Paint officially launched its new product - the Nippon Paint projection screen paint. This new product features the brand’s unique paint film technology and environmental-friendly formula, which allows consumers to enjoy an all-new movie viewing experience.
  • Kansai Plascon, a subsidiary of Kansai Paint launched the world's first anti-mosquito paint in Lusaka. This product is aim is to help Zambia to reach its goal of being malaria-free by 2021-end.

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.

Paints and Coatings Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

  • US$ Mn for Value
  • Volume in Kilo Tons

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • ASEAN
  • GCC Countries
  • South Africa
  • Turkey

Key Market Segments Covered

  • Technology
  • Base Type
  • Application
  • Region

Key Companies Profiled

  • PPG Industries
  • Sherwin-Williams Company
  • Axalta Coating Systems
  • Valspar Corporation
  • NEI Corporation
  • Cabot Corporation
  • RPM International Inc.
  • K Diamond Vogel
  • NIC Industries, Inc
  • Akzo Nobel N.V
  • Hempel A/S
  • Steuler-KCH GmbH.
  • Henkel Group
  • Terraco Group
  • Fosroc
  • Belzona International Ltd
  • DAW SE
  • Jotun
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd
  • Berger Paints Ltd
  • Asian Paints Ltd
  • Huisins New Material Technology Co., Limited
  • GUANGZHOU STRONG CHEMICAL CO., LTD
  • Furukawa Co., Ltd.
  • KCC Corporation
  • TerraCo. Group
  • KCC Corporation
  • Belzona International Ltd

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Key Segments Covered in Paints and Coatings Industry Research

By Technology

  • Architectural Paints and Coatings
    • Pure Acrylic
    • Styrene Acrylic
    • Vinyl Acrylic
    • Polyester
    • Alkyd
    • Epoxy
    • Polyurethane
    • Others
  • Industrial Paints and Coatings
    • Styrene Acrylic
    • Vinyl Acrylic
    • Polyester
    • Alkyd
    • Epoxy
    • Polyurethane
    • Others

By Base Type

  • Architectural Paints and Coatings
    • Water
    • Solvent
    • Powder
  • Industrial Paints and Coatings
    • Water
    • Solvent
    • Powder

By Application

  • Architectural Paints and Coatings
    • Interior
    • Exterior
  • Industrial Paints and Coatings
    • Wood
    • Automotive
    • Metal
    • General Industrial
    • Traffic Paints
    • Paper
    • Protective Coatings
    • Others

FAQs Answered in Study

  • How much is the global paints and coatings market valued at currently?

    The global paints and coatings market is currently valued at close to US$ 146 Bn.

  • What is main factor driving demand for paints and coatings?

    Introduction of innovative formulation technologies and surge in low-cost housing, commercial housing, and infrastructural construction across regions are factors driving market growth.

  • At what CAGR did demand for paints and coatings increase over the past 5 years?

    From 2016 to 2020, demand for paints and coatings increased at a CAGR of 1.8%.

  • What will be the demand outlook for paints and coatings through 2031?

    Sales of paints and coatings are projected to increase at over 5% CAGR and be valued at US$ 239 Bn by 2031.

  • What are the key trends being witnessed in this marketplace?

    Increasing use of water-based paints and provision of associated services along with paint & coating products are key trends being witnessed in this space.

  • What is the market share of the top 5 manufacturers of paints and coatings?

    Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., RPM International Inc., and Kansai are the top 5 paint and coating manufacturers accounting for around 44% market share.

  • At what rate is the market in Germany registering growth in Europe?

    The market for paints and coatings in Germany is progressing at around 3.6% CAGR, giving the country a 22% share in the European market.

  • Which are the top 5 countries driving most of the demand for paints and coatings?

    China, the U.S., India, Russia, and Germany are the major demand centers for paints and coatings.

  • Which countries are the key producers and exporters of paints and coatings?

    China, the U.S., India, and Germany are key producers of paints and coatings.

  • How is the paints and coatings market faring in Japan and South Korea?

    Through 2031, the market in Japan and South Korea is expected to expand at 4.6% and 3.8% CAGRs, respectively.

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  • What are the sources of secondary research?

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