The paints & coatings market size is projected to reach USD 227.5 billion by 2029 at a CAGR of 3.2% from USD 194.5 billion in 2024. Asia Pacific accounted for the largest share of the market in terms of value in 2023. The paints & coatings market in the region is projected to grow at the highest CAGR between 2024 and 2029 in terms of value. China, Japan, India, and Southeast Asian (ASEAN) countries such as Thailand and Indonesia are the important markets in the Asia Pacific.
Scope of the Report
Years Considered for the Study
2018-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
Value (USD Billion/Million)
Segments
By Resin Type, By Technology, By End-use Industry, By Region
Regions covered
Asia Pacific, Europe, North America, Middle East & Africa, and South America
The key players in the paints & coatings market are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India). They have adopted various developmental strategies such as acquisitions, product launches, and contracts & agreements to increase their share in the market.
"India, by country is forecasted to be the fastest growing paints & coatings market during the forecast period."
India's expanding manufacturing sector, driven by government initiatives like "Make in India," has increased the demand for paints & coatings across various industries including automotive, packaging, electronics, construction, and healthcare. The automotive sector, in particular, is witnessing significant growth with increasing production and consumption, thereby boosting the need for paints & coatings for applications such as bonding, surface protection, and to name a few.
"Water-borne coatings is likely to account for the largest share of architectural paints & coatings market in terms of value."
Water-borne coatings are made by emulsifying the binders, pigments, and additives with water. Single-component emulsion coatings generate films by allowing polymer particles to agglomerate when water evaporates. Waterborne coatings are extensively employed in a variety of end-use sectors, including automotive, furniture, rail coatings, electrical and electronics, energy, and general industrial. Rising disposable income and purchasing power in Asia Pacific and South America are driving up consumer expenditure on autos, electrical and electronic devices, and appliances. Water-borne paint & coating producers have possibilities to leverage on the rise in growing nations such as China, India, and Brazil, which continue to spend considerably on automotive, furniture, rail, transportation, electrical, and other industrial applications.
"Solvent-borne coatings is likely to account for the largest share of industrial paints & coatings market in terms of value."
A solvent-borne coating is a liquid protective layer made up typically of organic chemicals and applied to a material's surface to prevent corrosion. Solvent-borne coatings are often more durable than aqueous coatings throughout the cure process. Solvents are used in paints & coatings to dissolve or distribute other ingredients such pigments, resins, and additives. Solvent-borne coatings remove the substrate's structure, resulting in no apparent scratches or tarnish. Primers, topcoats, and direct-to-metal paints are made from high-solid solventborne alkyd and alkyd-copolymers. Solventborne one-component (1K) and two-component (2K) polyurethane systems are employed in a wide range of industrial applications in the automotive sector.
Interviews:
By Company Type: Tier 1 - 33%, Tier 2 - 40%, and Tier 3 - 27%
By Designation: C Level - 21%, D Level - 23%, and Others - 56%
By Region: North America - 37%, Europe - 23%, Asia Pacific - 26%, Middle East & Africa - 10% and South America - 4%
The key companies profiled in this report are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India).
Research Coverage:
The paints & coatings market has been segmented based on architectural resin type (Acrylic, Alkyd, Vinyl, Polyurethane, and Others), Industrial Resin Type (Polyurethane, Epoxy, Acrylic, Polyester, Alkyd, Fluoropolymer, and Others), Architectural Technology (Solvent-borne Coatings, Powder Coatings, Water-borne Coatings), Industrial Technology (Solvent-borne Coatings, Powder Coatings, Water-borne Coatings, and Others) Architectural End-use Industry (Residential, Non-residential), Industrial End-use Industry (General Industrial, Protective, Automotive Refinish, Wood, Marine, Coil, Packaging, Aerospace, Rail) and by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America).
This report provides insights on the following pointers:
Analysis of key drivers (Growing demand from automotive refinish industry, Increasing use of paints & coatings in multifarious end-use industries, Improvements in building & construction sector in emerging countries) restraints (Volatility in prices of raw materials), opportunities (Merger and Acquisition with established medium scale player in emerging economies), and challenges (Implementation of stringent regulatory policies, Significant competition posing challenges for new entrants) influencing the growth of the paints & coatings market.
Product Development/Innovation: Detailed insight into upcoming technologies, research & development activities, and new product launches in the paints & coatings market.
Market Development: Comprehensive information about markets - the report analyses the paints & coatings market across varied regions.
Market Diversification: Exclusive information about the new products & services untapped geographies, recent developments, and investments in the paints & coatings market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India) among other in the paints & coatings market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 YEARS CONSIDERED
1.3.2 INCLUSIONS & EXCLUSIONS
1.4 CURRENCY CONSIDERED
1.5 UNITS CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of interviews with experts
2.1.2.3 Key primary participants
2.1.2.4 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.3 SUPPLY-SIDE FORECAST
2.3 FACTOR ANALYSIS
2.4 DATA TRIANGULATION
2.5 ASSUMPTIONS
2.6 RESEARCH LIMITATIONS
2.7 GROWTH FORECAST
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PAINTS & COATINGS MARKET
4.2 PAINTS & COATINGS MARKET, BY RESIN TYPE
4.3 PAINTS & COATINGS MARKET, DEVELOPED VS. EMERGING COUNTRIES
4.4 ASIA PACIFIC PAINTS & COATINGS MARKET, BY END-USE INDUSTRY AND COUNTRY
4.5 PAINTS & COATINGS MARKET, BY KEY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Environmental regulations boosting demand for VOC-free coatings
5.2.1.2 Increasing demand from construction and automotive industries
5.2.1.3 Product enhancements to improve performance of coatings
5.2.1.4 Growing popularity of elastomeric coatings in tilt-up concrete in building & construction industry
5.2.1.5 Technological advancements in powder coating technology
5.2.1.6 Integration of AI technology
5.2.1.7 Growing preference for sustainable coatings
5.2.2 RESTRAINTS
5.2.2.1 Requirement of more drying time for waterborne coatings
5.2.2.2 Difficulty in obtaining thin films in powder coatings
5.2.2.3 Raw material shortage in paints & coatings industry
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing applications of fluoropolymers in building & construction industry
5.2.3.2 Attractive prospects for powder coatings in shipbuilding and pipeline industries
5.2.3.3 Customization and personalization
5.2.3.4 Growing demand for high-performance fluorine resin-based coatings