Paints and Coatings Market - Growth, Trends, and Forecast (2019 – 2024)

The market is segmented by Resin (Architectural Resins and Other Resins), Technology (Water-borne, Solvent-borne, Powder Coating, and UV-cured Coating), End-user Industry (Architectural, Automotive, Wood, Protective Coating, General Industrial, Transportation, and Packaging), and Geography

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for paints and coatings is expected to register a CAGR of 4.2% during the forecast period of 2019 – 2024. The major factors driving the market studied are rapidly increasing housing construction activities in the Asia-Pacific region. The rise in prices of raw materials is expected to hinder the growth of the market studied.

  • Architectural coatings dominated the market in 2018, and the segment is expected to grow during the forecast period, owing to the increasing construction activities across the world.
  • Growing investments in the infrastructure and construction industry in emerging economies is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China, India, and Japan.

Scope of the Report

The paints and coatings market report includes:

By Resin
Architectural Resins
Vinyl Acrylate
Pure Acrylic
Styrene Acrylic
Other Resins
By Technology
Powder Coating
UV-cured Coating
By End-user Industry
Protective Coating
General Industrial
South Korea
ASEAN Countries
Australia & New-Zealand
Rest of Asia-Pacific
North America
United States
Rest of North America
United Kingdom
Nordic Countries
Rest of Europe
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
United Arab Emirates
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from the Building and Construction Sector

  • Paints and coatings are extensively used in the architectural sector for both exterior and interior applications.
  • Paints and coatings are applied on the exterior of houses, to not only to give them a new look, but also to protect them from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
  • Modern advances in paint technology, specifically in the acrylic formulations, have offered a wide range of weatherproof coatings.
  • Elastomeric coatings that retain their flexibility and strand-etchability over a wide range of temperatures are becoming popular solutions for homes, worldwide.
  • They are also used in interiors of houses to add colors or decorative purposes, along with a wide range of other functions. Their functions vary depending upon the type of environment and room that they are used on.
  • In Asia-Pacific, China is expected to witness the highest growth in the construction activities, followed by India.
  • In China, government spending has been increasing, in order to construct affordable housing facilities to cater to the housing demand.
  • India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise by around 70% by 2024 in India. The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry.

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The United States Expected to Dominate the Market in North America

  • The United States is the largest and the most powerful economy in the world, and it had a per capita income of USD 55,900 in 2017. The economy’s growth rate was 2.3% in 2017, and in 2018, the GDP grew by 2.9%.
  • The construction industry in the United States witnessed rapid growth in 2017, as a result of the increased private sector spending on residential construction. The residential construction in 2016 and 2017 increased y-o-y by 10.52% and 10.58%, respectively. Residential construction in the country is projected to have a growth of almost 6% in the forecast period (2019-2024), due to an increase in the construction of single and multiple-family housing in the country.
  • The total number of new residential housing units started in the United States recorded a growth of 2.62% in 2017 (14,498 thousand houses), when compared to 2016 (14,128 thousand houses). In 2018, the total number of new residential housing units further increased to 14,989 thousand houses, representing 3.39% growth over 2017.
  • According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, from 7,039 in 2016, owing to the growth in air cargo. The US mainliner carrier fleet is also expected to grow at a rate of 54 aircraft per year, as the existing fleet is getting older.
  • In 2018, the total value of aircraft and parts shipments in the United States reached a total of USD 217.30 billion. In 2018, the total exports from the aerospace industry reached a total of USD 150.61 billion, with China being the largest export destination.
  • Hence, with the rapid increase in demand from the various end users, the demand for paints and coatings in United States is expected to increase at a significant rate over the forecast period (2019-2024).

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Competitive Landscape

The global paints and coatings market is moderately consolidated among the global majors and highly fragmented, with numerous regional players of the market. The major companies include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel NV, NIPSEA Group, and RPM International Inc.

Major Players

  1. Akzo Nobel NV
  2. PPG Industries Inc.
  3. RPM International Inc.
  4. Nippon Paints
  5. The Sherwin-Williams Company

* Complete list of players covered available in the table of contents below

Market Share

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Rapidly Increasing Housing Construction Activities

      2. 4.1.2 Increase in Furniture Production

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Sharp Decrease in Automotive Production and Sales in China

      2. 4.2.2 Rise in Prices of Raw Materials

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis


    1. 5.1 By Resin

      1. 5.1.1 Architectural Resins

        1. Vinyl Acrylate

        2. Pure Acrylic

        3. Acetate

        4. Styrene Acrylic

        5. Alkyd

      2. 5.1.2 Other Resins

        1. Acrylic-based

        2. Epoxy-based

        3. Vinyl-ester

        4. Polyester

        5. Polyurethane

    2. 5.2 By Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solvent-borne

      3. 5.2.3 Powder Coating

      4. 5.2.4 UV-cured Coating

    3. 5.3 By End-user Industry

      1. 5.3.1 Architectural

      2. 5.3.2 Automotive

      3. 5.3.3 Wood

      4. 5.3.4 Protective Coating

      5. 5.3.5 General Industrial

      6. 5.3.6 Transportation

      7. 5.3.7 Packaging

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN Countries

        6. Australia & New-Zealand

        7. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Spain

        6. Russia

        7. Nordic Countries

        8. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. United Arab Emirates

        4. Qatar

        5. Kuwait

        6. Iran

        7. Rest of Middle East & Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 Asian Paints

      3. 6.4.3 Axalta Coating Systems

      4. 6.4.4 BASF SE

      5. 6.4.5 Beckers Group

      6. 6.4.6 Berger Paints India Limited

      7. 6.4.7 Brillux GmbH & Co. KG

      8. 6.4.8 Caparol

      9. 6.4.9 Cromology

      10. 6.4.10 DAW SE

      11. 6.4.11 Hempel

      12. 6.4.12 Jotun

      13. 6.4.13 J.W.Ostendorf

      14. 6.4.14 Kansai Paint Co. Ltd

      15. 6.4.15 Masco Corporation

      16. 6.4.16 NIPSEA Group

      17. 6.4.17 PPG Industries Inc.

      18. 6.4.18 RPM International Inc.

      19. 6.4.19 Tikkurila OYJ

      20. 6.4.20 Teknos Group

      21. 6.4.21 The Sherwin-Williams Company

    5. *List Not Exhaustive

    1. 7.1 Growing Investments in the Infrastructure and Construction Industry in Emerging Economies

    2. 7.2 Other Opportunities

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