Paints & Coatings Market Share, Opportunities, Industry 2031

Segments - Paints & Coatings Market by Materials (Acrylic, Alkyd, Epoxy, Polyurethane, and Polyester), Technologies (Waterborne Coatings, Solvent-borne Coatings, and Powder Coatings), Applications (Architectural & Decorative and Non-Architectural), and Regions (Europe, North America, Asia Pacific, Latin America and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

The global paints & coatings market size was valued at USD 159.91 Billion in 2022 and is anticipated to reach USD 233.58 Billion by 2031, expanding at a CAGR of around 4.3% during the forecast period, 2023-2031.

Paints & coatings are striking finishes that enhance the surface of metal components, devices, and walls. Paint is for aesthetics and coating is for performance. Paint can be applied to a variety of surfaces using many different application techniques.

The use of organic solvents in paint technology is linked to the development of modern rapid-drying binders. Liquid components previously used in coatings were vegetable oils, water and possibly ethanol. It is necessary to use solvent mixtures to accelerate drying and optimize paint-application properties.

Coating is a thin outer layer that protects and adds color to an object or surface to which it has been applied. Paints & coatings are used to protect substrates against mechanical, chemical, and atmospheric influences.

Paints & Coatings Market Trends, Drivers, Restraints, and Opportunities

Emergence of technology and eco-friendly solutions is expected to increase the performance of coatings, which in turn, is anticipated to fuel the market. Companies such as Asian Paints and Berger Paints provide multi-year guarantee against corrosion.
The growth of the market is attributed to rapid urbanization and industrialization, which is anticipated to fuel the demand for paints & coatings and its various applications, especially in the developing countries, such as India and China.
The market is driven by the growth of the construction and automotive industries.
Oil-based paints & coating take more time to dry than waterborne paints & coatings, as the paint has a stickier and thicker feel to it. During the painting process, oil-based paints are responsible for the emission of high VOCs, which creates a typical strong new paint smell. These factors are expected to hinder the growth of the market.
Covid- 19 has impeded the market growth, due to the slowdown in industrial activities.
Powder coating operations, which contain metals, oil, grease, and solid waste, are unable to meet the regulations laid down by governments. This, in turn, hampers the manufacture of paints & coatings, which in turn, hinders the market growth.
The reopening of industries, which use paints & coatings, is expected to provide opportunities in the market.
Increase in the number of shipbuilding and pipeline industries is estimated to create lucrative opportunities in the market, as power coatings help improve the longevity of both industries.

Scope of Paints & Coatings Market Report:

The report on the global paints & coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Paints & Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Materials (Acrylic, Alkyd, Epoxy, Polyurethane, and Polyester), Technologies (Waterborne Coatings, Solvent-borne Coatings, and Powder Coatings), Applications (Architectural & Decorative and Non-Architectural)
Regional Scope	Europe, North America, Asia Pacific, Latin America, and Middle East & Africa
E Report Coverage	Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered	AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, RPM International, Inc., Valspar Corporation, Kansai Paint Company Limited, Axalta Coating Systems, Henkel AG & Co., KGaA, BASF SE (Badische Anilin- und Soda-Fabrik), and Asian Paints Limited

Paints & Coatings Market Segment Insights

Acrylic segment to account for a large share of the market

On the basis of materials, the global paints & coatings market can be segmented into acrylic, alkyd, epoxy, polyurethane, and polyester. The acrylic segment is further categorized into various forms such as latex or emulsions, lacquers, enamels, and powders.

The latex segment is estimated to account for a significant share of the market, due to its large range of colors, gloss retention for exterior durability, ease of handling, cohesive strength for coatings roofs and walls, superior finish, less costs, and weather resistance, as it absorbs less UV rays.

The epoxy segment is estimated to account for a large share of the market, owing to its properties such as chemical, corrosion, scratch resistance, drying rate, low porosity, high bond strength, and thermal resistance.

Global Paints & Coatings Market Materials Segmentation

Waterborne segment to lead the market

Based on technologies, the market can be divided into waterborne coatings, solvent-borne coatings, and powder coatings. The features of water-based coatings such high drying rate, no volatile organic compounds (VOC) emissions, and ease of use are estimated to boost its usage, thus fueling the growth of the segment.

Global Paints & Coatings Market Technologies Segmentation

Architectural & decorative segment to expand at a significant CAGR

In terms of applications, the global paints & coatings market can be bifurcated into architectural & decorative and non-architectural. Rising safety standards increases the demand for fireproof and waterproof coatings on buildings.

Increase in construction and income levels of population consequently drives the demand for wall paintings, wood flooring, and furniture. This, in turn, drives the architectural segment at a substantial pace, in terms of revenue and volume.

Regional Analysis

Based on regions, the global paints & coatings market can be fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Asia. Rise in spending by people and increase in investments in infrastructure in emerging countries such as India, China, and Thailand are anticipated to boost the paints & coatings market in the region. Europe is estimated to hold a key market share after Asia Pacific, owing to advancements in technology.

Segments

The global paints & coatings market can be divided on the basis of materials, technologies, applications and regions

Materials

Acrylic
Alkyd
Epoxy
Polyurethane
Polyester

Technologies

Waterborne Coatings
Solvent-borne Coatings
Powder Coatings

Applications

Architectural & Decorative
Non-Architectural

Regions

Europe
North America
Asia Pacific
Latin America
Middle East & Africa

Key Players

AkzoNobel N.V.
PPG Industries Inc.
Sherwin-Williams Company
RPM International Inc.
Valspar Corporation
Kansai Paint Company Limited
Axalta Coating Systems
Henkel AG & Co. KGaA
BASF SE (Badische Anilin- und Soda-Fabrik)
Asian Paints Limited

Competitive Landscape

Key players in the global paints & coatings market include AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, RPM International, Inc., Valspar Corporation, Kansai Paint Company Limited, Axalta Coating Systems, Henkel AG & Co., KGaA, BASF SE (Badische Anilin- und Soda-Fabrik), and Asian Paints Limited.

The players adopt strategies such as merger and acquisitions to gain market share. For example, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG's strategic growth plans by adding new products to its existing portfolio.

Furthermore, companies bring in new and advanced technology to increase customer base. For example, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provided a cost-effective solution to the problems faced during the manufacture of housing facilities.

Global Paints & Coatings Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Paints & Coatings Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Paints & Coatings Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Paints & Coatings Market - Supply Chain
  4.5. Global Paints & Coatings Market Forecast
     4.5.1. Paints & Coatings Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Paints & Coatings Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Paints & Coatings Market Absolute $ Opportunity
5. Global Paints & Coatings Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Paints & Coatings Market Size and Volume Forecast by Applications
     5.3.1. Architectural & Decorative
     5.3.2. Non-Architectural
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Paints & Coatings Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Paints & Coatings Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Paints & Coatings Demand Share Forecast, 2019-2026
7. North America Paints & Coatings Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Paints & Coatings Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Paints & Coatings Market Size and Volume Forecast by Applications
     7.4.1. Architectural & Decorative
     7.4.2. Non-Architectural
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Paints & Coatings Demand Share Forecast, 2019-2026
8. Latin America Paints & Coatings Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Paints & Coatings Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Paints & Coatings Market Size and Volume Forecast by Applications
     8.4.1. Architectural & Decorative
     8.4.2. Non-Architectural
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Paints & Coatings Demand Share Forecast, 2019-2026
9. Europe Paints & Coatings Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Paints & Coatings Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Paints & Coatings Market Size and Volume Forecast by Applications
     9.4.1. Architectural & Decorative
     9.4.2. Non-Architectural
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Paints & Coatings Demand Share Forecast, 2019-2026
10. Asia Pacific Paints & Coatings Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Paints & Coatings Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Paints & Coatings Market Size and Volume Forecast by Applications
     10.4.1. Architectural & Decorative
     10.4.2. Non-Architectural
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Paints & Coatings Demand Share Forecast, 2019-2026
11. Middle East & Africa Paints & Coatings Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Paints & Coatings Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Paints & Coatings Market Size and Volume Forecast by Applications
     11.4.1. Architectural & Decorative
     11.4.2. Non-Architectural
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Paints & Coatings Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Paints & Coatings Market: Market Share Analysis
  12.2. Paints & Coatings Distributors and Customers
  12.3. Paints & Coatings Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. AkzoNobel N.V.
     12.4.2. PPG Industries Inc.
     12.4.3. Sherwin-Williams Company
     12.4.4. RPM International Inc.
     12.4.5. Valspar Corporation
     12.4.6. Kansai Paint Company Limited
     12.4.7. Axalta Coating Systems
     12.4.8. Henkel AG & Co. KGaA
     12.4.9. BASF SE (Badische Anilin- und Soda-Fabrik)
     12.4.10. Asian Paints Limited