The global paints and coatings market is estimated to exceed US$ 193.7 billion in 2023 to US$ 365.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2024 to 2032.
Paints and coatings are multi-component, colloidal systems spread onto a surface as a continuous covering. Paint, a fluid blend of opaque pigments or powders in a medium, transforms into a solid layer when thinly applied to a surface. Coatings encompass additional substances, like varnishes and inorganic binders, that can be utilized similarly to paint. These coatings serve decorative or protective functions. Both paints and coatings have the ability to safeguard and enhance a surface by imparting specific colors or textures.
Growing Construction Activities
The primary driving forces behind the market under examination include the rapid expansion of construction activities, contributing to the growth of the furniture sector. The upsurge in population, combined with swift urbanization, has propelled the advancement of the architecture and construction industry in developed and developing economies such as the U.S., China, India, and others, where paints and coatings are utilized for flooring, wall finishing, and roofing applications.
The global population is anticipated to increase by nearly 2 billion individuals in the next three decades. Moreover, the world is experiencing the most substantial surge in urban growth in history. Over half of the world's population presently resides in urban areas, and by 2030, this number is projected to rise to approximately 5 billion. Consequently, population growth and enhanced economic conditions have stimulated spending on housing and infrastructure development worldwide. Paints and coatings are extensively employed to adorn and safeguard infrastructure and buildings.
Products such as interior and exterior house paint, floor paint, epoxy floor paint, primers, sealers, varnishes, and stains are among the architectural enhancements utilized to enhance the visual appeal of residences. Architectural paints are characterized by being low in volatile organic compounds (VOC), odorless, and resistant to scrubbing. They are available in various textures, ranging from semi-gloss to high-gloss finishes. This factor is expected to be a significant driver of market growth.
Rising VOC Concerns
The utilization of paints and coatings containing volatile organic compounds (VOCs) is linked to specific health hazards. For example, elevated levels of VOCs in paint can particularly impact individuals with asthma and sinusitis. Moreover, VOCs can lead to significant irritation of the throat and eyes, as well as a burning sensation in the nasal membranes. These factors might dissuade customers from purchasing VOC-containing paints and coatings, thus impeding the growth of the paints and coatings industry.
In the presence of sunlight, VOCs can undergo reactions with nitrogen oxides to generate ground-level ozone and photochemical smog, contributing to atmospheric pollution. Research indicates that smog is associated with an increasing occurrence of heart disease and certain cancers. High exposure to VOCs, such as through activities like spray painting, can also have severe short- and long-term effects on human health.
This exposure can result in various health effects, including irritation of the eyes, nose, and throat; headaches and loss of coordination; nausea; and damage to the liver, kidneys, or central nervous system. Ground-level ozone is also detrimental to the environment, potentially leading to reduced crop yields and heightened susceptibility of plants to environmental stressors such as pests and disease. Thus, this effect may impede the market growth.
Advent of Nanotechnology
Over the past decade, advancements in formulation technologies have significantly contributed to meeting various new and diverse consumer demands. The emergence of nanotechnology is anticipated to present lucrative opportunities for market expansion.
Within the coatings sector, nanoparticles ranging in size from 1 to 100 nanometers (nm) possess the capability to alter the physical properties of traditional coatings. This enables coatings systems to react to environmental stimuli in a "smart" manner or function as independent coatings with distinct characteristics.
Nanomaterials, including nanoparticles, nanotubes, buckyballs, fullerenes, and nanorods, have diameters of less than 100 nm. At this scale, substances exhibit different behavior compared to their macro-scale counterparts. Nanotechnology utilizes structural manipulation to control shape and size at the nanometer scale, harnessing the unique properties that emerge at this size.
Recent innovations enabled by nanotechnology include developing products capable of conducting electricity, providing UV protection, or exhibiting self-healing properties. For instance, Gerdau Graphene, a leading nanotechnology company specializing in advanced graphene-enhanced materials for industrial applications, has introduced NanoCORR Shield, the latest product in its G2D NanoCORR line of anti-corrosion paints and coatings additives. NanoCORR Shield has demonstrated a 30-70% increase in corrosion resistance when subjected to salt spray testing.
Therefore, these technological advancements and the introduction of new products are expected to bolster future growth across the industry in the forecast period.
By Resin
The acrylic segment has demonstrated the largest share of revenue in the market. This can be due to the exceptional performance characteristics of acrylic resins, including outstanding adhesion, flexibility, durability, and resistance to UV radiation and chemicals, which make them highly suitable for a wide range of applications in architectural, automotive, and industrial coatings.
The adaptability of acrylic resins is evident in their ability to be formulated into various coatings, encompassing solvent-borne, powder-coatings, and water-borne, rendering them suitable for diverse substrates and applications. Thermoplastic acrylic resin, which originates from acrylic or methacrylic acid, is frequently employed in latex-based paints to enhance their ability to withstand peeling, cracking, blistering, and other detrimental impacts.
By Product Type
During the projected period, the powder coatings segment captured the largest market share. These coatings are administered as a dry powder finish using an electrostatic spray gun and subsequently cured in an oven, resulting in a strong and long-lasting coating.
Their eco-friendly composition, devoid of solvents, diminishes volatile organic compound (VOC) emissions, thereby promoting both human health and environmental welfare. Additionally, powder coatings display exceptional performance characteristics, including impressive adhesion, durability, and resistance to chemicals, corrosion, and UV radiation.
By Application
The architectural segment is projected to witness substantial revenue growth during the forecast period. Coatings and paints are mainly applied for aesthetic purposes in architectural settings to safeguard residential and commercial buildings from environmental elements, UV radiation, and other risks.
The demand for these products is expected to increase as they find wider applications in sectors such as automotive and construction. Their popularity in the automotive industry is bolstered by attributes such as color stability, consistent protective film formation, resistance to corrosion, abrasion, and scratches, as well as flexibility and durability, thus enhancing market outlook.
Regional Analysis
The Asia-Pacific region held the largest market share and is expected to maintain this position in the forecast period, driven by the expansion of the automotive and construction industries in China, Japan, and India. Paints and coatings are widely used for both residential and non-residential infrastructure, as well as for furniture, windows, and wall decoration.
China, with its expanding population, is the leading consumer and is undergoing a continuous urbanization process, aiming for a 70% urbanization rate by 2030. The increasing demand for living spaces in urban areas due to urbanization and the desire of middle-class urban residents to enhance their living conditions are likely to significantly impact the housing market, leading to increased residential construction in the country, thereby positively influencing the paints and coatings market.
Being the world's largest vehicle market in terms of annual sales and manufacturing output, China is projected to reach domestic production of 35 million vehicles by 2025. This anticipated surge in vehicle production will drive up the demand for paints and coatings, fueling market growth.
Key Companies Operating in the Global Paints and Coatings Market
Segmentation Outline
By Resin
By Product Type
By Application
By Region
1 INTRODUCTION OF GLOBAL PAINTS AND COATINGS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PAINTS AND COATINGS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PAINTS AND COATINGS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PAINTS AND COATINGS MARKET, BY RESIN
5.1 OVERVIEW
5.2 ACRYLIC
5.3 ALKYD
5.4 EPOXY
5.6 POLYESTER
5.7 POLYURETHANE
5.8 VINYL
5.9 OTHERS
6 GLOBAL PAINTS AND COATINGS MARKET, BY PRODUCT TYPE
6.1 OVERVIEW
6.2 WATERBORNE COATINGS
6.3 SOLVENT-BORNE COATINGS
6.4 POWDER COATINGS
6.5 OTHERS
7 GLOBAL PAINTS AND COATINGS MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 ARCHITECTURAL
7.3 SPECIALTY STORES
7.4 INDUSTRIAL
7.5 OTHERS
8 GLOBAL PAINTS AND COATINGS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL PAINTS AND COATINGS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 THE SHERWIN-WILLIAMS COMPANY
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 AKZO NOBEL NV
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AXALTA COATING SYSTEMS, LLC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 PPG INDUSTRIES, INC.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 RPM INTERNATIONAL, INC.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 BASF SE
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 HENKEL AG & COMPANY, KGAA
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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