Paints and Coatings Market Size Expected to Reach US $ 241.38 billion by

Tokyo, January 11, 2022 (GLOBE NEWSWIRE) – The world paints and coatings market size was valued at US $ 160.15 billion in 2021. The construction, transportation and automotive industries employ paints and coatings. It has an important application in the construction and building sector, where they are used to protect structures from exterior damage. In addition, the product is used to decorate non-residential and residential buildings and infrastructure, industrial equipment and other applications.

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The paints and coatings market players all over the world are using various techniques to increase their market share by responding to new trends and launching new products. To control average temperature levels, some manufacturers produce thicker aesthetic paints with highly technological properties that can be used in place of insulating materials such as wood, cotton, glass, and wool.

The expansion of the global automotive industry is a major driver of the paints and coatings market. Increased foreign investment and economic growth in developing regions have increased per capita income. As a result, the purchasing power of consumers has increased. So, all the above-mentioned factors are driving the growth of the paints and coatings market during the forecast period.

The growing demand for high performance coatings is one of the major factors driving the growth of paints and coatings market. High performance coatings include corrosion resistant coatings, low and high temperature coatings, and other coating products that are primarily used for commercial applications.

On the other hand, the fluctuation of the raw material price due to the volatility of crude oil prices restricts the growth of the paints and coatings product market during the period of analysis. In addition, strict regulations for the implementation of solvent-based paints and coatings are expected to pose major challenges for the growth of the paints and coatings market.

Scope of the report Paints and coatings market

Cover of the report Details
Market size in 2021 $ 160.15 billion
Growth rate from 2021 to 2030 4.7% CAGR
The largest share of income Asia-Pacific (35%)
Year of reference 2021
By material
  • Polyester
  • Acrylic
  • alkyd
  • Epoxy
  • Polyurethane
  • Others
By application
  • Non architectural
    • Drink
    • Automotive and Transportation
    • General industry
    • Protective
    • Marine
    • Others
  • Architectural and decorative
By product
  • Solvent based coatings
  • Water-based coatings
  • Powder coatings
  • High solids / radiation curing
  • Others (Specialty coatings)

Regional overview

Asia-Pacific is the largest segment of the paints and coatings market in terms of region. Paints and coatings are increasingly popular due to their use in coatings of non-residential and residential infrastructure. They have a wide range of applications. Highly populated countries such as India and China are the largest consumers of paints and coatings in the market. In addition, the use of paints and coatings in the automotive industry is also driving the market growth in the Asia-Pacific region.

The Europe region is the fastest growing region in the paints and coatings market. This is attributed to the growth of the automotive industry. Due to the increase in disposable income and the abundance of raw materials, Europe is one of the major automotive manufacturing centers in the world.

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Conductors

The rapid expansion of the construction industry

Paints and coatings are commonly used to decorate and protect infrastructure and buildings. The industry is expected to be supported by increased construction activity and government spending on various public infrastructure projects. Moreover, in the building sector, cutting-edge technologies are becoming the growth engine of the paints and coatings market. As a result, the rapid expansion of the construction industry propels the growth of the paints and coatings market during the forecast period.

Constraints

Environmental degradation

With an increasing emphasis on compliance with state and local wastewater disposal regulations, the paints and coatings industry has faced a host of environmental challenges. Powder coating operations generate a significant number of metals, oils, greases and suspended solids in their wastewater streams during the cleaning and pretreatment phases. Due to their wastewater flows, powder coating manufacturers find it difficult to comply with many state and local environmental regulations. Metal finishing companies that use various electroplating processes have had difficulty complying with regulations due to heavy metal contamination.

Opportunities

Dicolor development

Paints and coatings conserve material resources and energy by preserving and protecting the substrates to which they are applied. Companies often consider the issue of sustainability when conducting business operations. The main objective is to reduce volatile organic compounds, which includes conserving resources and renewable energy resources, reducing waste and improving process efficiency. As a result, major market players are transforming the industry by providing waste based coatings and paints.

Challenges

Lack of time for water-based paints to dry

Water-based coatings take longer to dry and cure than solvent-based coatings. In addition, water-based coatings have excellent flow properties which change with humidity, affecting the application of the coating. Water does not evaporate easily in high humidity, resulting in poor curing and decreased performance. Water-based coatings are also vulnerable to freezing temperatures. As a result, the lack of time for the drying of water-based paints and coatings is a huge challenge for the market growth during the forecast period.

Highlights of the report

  • On a product basis, the water-based segment is expected to have a significant share of revenue due to increased construction financing and customer preference for environmentally friendly products. Rapid evaporation of water from the coating layer causes these coatings to dry faster than solvent-based formulations
  • On the basis of material, acrylic segment is expected to have significant revenue share in paints and coatings market. The exceptional stability of acrylic materials to resist corrosion is expected to grow the market at a rapid rate. Acrylic resins are frequently used in the production of coatings and varnishes as water reducible and emulsion resins
  • The architectural & decorative segment conquered a significant market share and represented nearly 60% of value share in 2019 due to the significant development of road and rail infrastructure

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Key players and strategies

The global paints and coatings industry is highly fragmented in nature as it comprises a significant number of Tier 1 players primarily engaged in the manufacture of a diverse range of paints and coating products. In addition to these leading manufacturers, the paints and coatings market is a hub for a few small, but important manufacturers. According to one estimate, more than 50% of the top 20 manufacturers in the market contribute about 70% of the total production of paints and coatings.

In addition, these major market players are heavily involved in inorganic growth strategies which include regional expansion, mergers and acquisitions, investment in research and development (R&D) activities and many others to strengthen their hold on the world market. For example, in November 2019 Akzo Nobel NV announced the acquisition of Mapaero Coatings, a French manufacturer of aerospace coatings. The acquisition helps the company strengthen its global position in the aerospace coatings market.

Some of the major players operating in the market are Akzo Nobel NV, PPG Industries, Inc., The Sherwin-Williams Company, Jotun, Axalta Coating Systems, LLC, RPM International Inc., Henkel AG & Company, KGaA, BASF SE, Kansai Paint Co., Ltd., Hempel A / S, Nippon Paint Holdings Co., Ltd., Sika AG, Beckers Group, 3M, and The Chemours Company, among others.

Regional analysis

  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
  • Europe
    • Germany
    • Great Britain
    • France
    • Italy
  • Middle East and Africa
  • South America

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