Paints And Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 178.99 Billion |
| Market Size (2029) | USD 215.42 Billion |
| CAGR (2024 - 2029) | 3.77 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Paints And Coatings Market Analysis
The Paints And Coatings Market size is estimated at USD 178.99 billion in 2024, and is expected to reach USD 215.42 billion by 2029, at a CAGR of 3.77% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the paints and coatings market. However, the market has now been estimated to have reached pre-pandemic levels.
- The major factors driving the market studied are the surge in investments in residential construction and enhanced investments in automotive production.
- Stringent global VOC regulations are expected to hinder the growth of the market studied.
- Rising demand for sustainable coatings and development in Saudi Arabia's automotive sector are expected to offer opportunities in the forecast period.
- Asia-Pacific dominated the global market, with the largest consumption coming from countries such as China, India, and Japan.
Paints And Coatings Market Trends
Architectural Segment to Dominate the Market
- Paints and coatings are available in various colors, finishes, and textures, allowing architects and designers to achieve their desired aesthetic vision. Whether it’s a smooth matte finish, a glossy sheen, or a textured surface, paints and coatings can enhance the visual appeal of the interior and exterior spaces.
- In most selected Asia-Pacific countries, paints and coatings protect surfaces from environmental factors such as sunlight, moisture, pollution, and mechanical damage.
- Exterior paints protect against UV radiation, rain, storms, and corrosion. Additionally, interior paints safeguard walls and surfaces from stains, abrasion, and wear.
- Among the Asia-Pacific nations, India stands out with its expansive construction sector, poised to emerge as the world's third-largest construction market. Initiatives like the Smart Cities project, Housing for All, and Sustainable Urban Development, spearheaded by the Indian government, are set to invigorate the nation's construction landscape.
- India's affordable housing availability will surge by approximately 70% by 2024. With urbanization on the rise, by 2030, over 30% of India's populace is anticipated to reside in urban areas, spurring the need for an additional 25 million mid-end and affordable housing units. A collaborative study by Oxford Economics and Global Construction Perspective underscores this demand, estimating the construction of 170 million housing properties by 2030.
- In Vietnam, the government has rolled out a national housing development strategy for 2021-2030, targeting low-income earners. Major developers are actively launching housing projects, especially after the Prime Minister's ambitious announcement to construct over 1.2 million houses by 2030.
- North America's commercial construction sector is currently navigating a slowdown. Supply chain disruptions and declining demand for certain building types primarily drive this trend. This shift is largely linked to the increasing prevalence of remote and hybrid work. Data from the United States Census Bureau indicates that commercial construction spending in the U.S. for the first eight months of 2024 reached USD 1,018,394 million, a decrease from USD 1,151,719 million in 2023.
- The United States dominates North America's construction landscape. While Canada and Mexico also make significant contributions, especially in residential construction, it's the U.S. that stands out with its vast construction sector. According to the US Census Bureau, residential construction spending in 2023 was approximately USD 877,596 million, down from USD 932,768 million in 2022. However, in the first eight months of 2024, spending surged to about USD 7,416,658 million, marking a 6.60% increase from USD 6,956,948 million during the same period in 2023.
- Due to all the above-mentioned factors, the market for paints and coatings is expected to witness significant growth during the forecast period.
China to Dominate the Market in the Asia-Pacific Region
- China's National Standards for VOC Emissions: China has implemented stringent VOC limits across a range of coatings, encompassing automotive and architectural paints. Key national standards, including GB/T 33372-2020 (targeting solvent-based coatings), GB/T 38508-2020 (focusing on waterborne coatings), and GB 30981-2020 (pertaining to construction coatings), delineate specific VOC limits and associated testing methodologies.
- GB Standards: Standards such as GB/T 23985-2009 oversee automotive refinishing coatings, establishing VOC limits and governing application processes to mitigate emissions.
- In August 2024, BASF SE's Coatings division officially inaugurated its new Application and Technical Center in Jiangmen, China. Situated within the premises of BASF Coatings (Guangdong) Co., Ltd. (BCG), this center signifies a significant milestone in the ongoing global expansion of BASF Coatings' refinish technology network.
- In June 2024, capitalizing on China's booming automobile production, Nipsea Group, the parent company of Nippon Paint China, inaugurated a new plant in Tianjin with an investment of CNY 960 million (USD 133 million). This Singapore-based facility in Tianjin is set to produce industrial coatings, catering to the escalating demands of China's automotive industry.
- Further, in September 2023, Hempel A/S announced that it had opened a new manufacturing facility for manufacturing paints and coatings to enhance its capacity to serve the marine, energy, and infrastructure industries better. By the year 2025, the company aims to manufacture approximately 100 million liters/annum of paints and coatings.
- The country has the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the market studied. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors. The increase in the construction of tall buildings and hotels is expected to drive the market studied.
- In China, the housing authorities of Hong Kong launched several measures to push start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030.
- The Chinese government has rolled out massive construction plans, which include making provisions for the movement of 250 million rural people to its new megacities by 2025, creating a significant scope for paints and coatings.
- According to the latest data released by the China Association of Automobile Manufacturers (CAAM), car production in the country exceeded 30.16 million units in the year 2023, registering an 11.6% increase compared to the previous year. A total of 30.09 million units of passenger cars were sold in the country in 2023 registering a 12% increase compared to the previous year.
- These factors, in turn, are expected to affect the demand for paints and coatings in the region during the forecast period.
Paints And Coatings Industry Overview
The global paints and coatings market is fragmented in nature. Some of the major players in the market (not in any particular order) include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel NV, Nippon Paint Holdings Co. Ltd, and BASF SE, among others.
Paints And Coatings Market Leaders
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The Sherwin-Williams Company
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PPG Industries Inc.
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AkzoNobel NV
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Nippon Paint Holdings Co. Ltd
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BASF SE
*Disclaimer: Major Players sorted in no particular order
Paints And Coatings Market News
- October 2024: PPG Industries, Inc. has finalized a deal to divest its architectural coatings business in the U.S. and Canada, with a transaction value of USD 550 million, selling it to American Industrial Partners (AIP).
- October 2024: AkzoNobel N.V. plans to exit its India business after 70 years due to rising competition. The firm seeks an all-cash deal valuing its Indian arm at USD 2.5-3 billion. Potential buyers include JSW Group, Adani Group, Aditya Birla Group, and Asian Paints Ltd.
Paints And Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Drivers
4.1.1 Surge In Investments for Residential Constructions
4.1.2 Enhanced Investments in Automotive Production to Drive Up the Demand for Paints and Coatings
4.2 Restraints
4.2.1 Stringent Global VOC Regulations to Hamper Market Growth
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resins
5.2 Technology
5.2.1 Water-Borne Coatings
5.2.2 Solvent-Borne Coatings
5.2.3 Powder Coatings
5.2.4 UV-cured Technologies
5.3 End-user Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Wood
5.3.4 Protective Coatings
5.3.5 General Industrial
5.3.6 Transportation
5.3.7 Packaging Coatings
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 Indonesia
5.4.1.5 Australia and New Zealand
5.4.1.6 South Korea
5.4.1.7 Thailand
5.4.1.8 Malaysia
5.4.1.9 Philippines
5.4.1.10 Bangladesh
5.4.1.11 Vietnam
5.4.1.12 Singapore
5.4.1.13 Sri Lanka
5.4.1.14 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Benelux
5.4.3.6 Russia
5.4.3.7 Turkey
5.4.3.8 Switzerland
5.4.3.9 Scandinavian Countries
5.4.3.10 Poland
5.4.3.11 Portugal
5.4.3.12 Spain
5.4.3.13 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Chile
5.4.4.5 Rest of South America
5.4.5 Middle East
5.4.5.1 Saudi Arabia
5.4.5.2 Qatar
5.4.5.3 United Arab Emirates
5.4.5.4 Kuwait
5.4.5.5 Egypt
5.4.5.6 Rest of Middle East
5.4.6 Africa
5.4.6.1 South Africa
5.4.6.2 Nigeria
5.4.6.3 Algeria
5.4.6.4 Morocco
5.4.6.5 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 Asian Paints
6.4.3 Axalta Coating Systems Ltd.
6.4.4 BASF SE
6.4.5 Berger Paints India Limited
6.4.6 Hempel AS
6.4.7 Jotun
6.4.8 Kansai Paint Co. Ltd
6.4.9 Nippon Paint Holdings Co. Ltd
6.4.10 PPG Industries Inc.
6.4.11 RPM International Inc.
6.4.12 The Sherwin-Williams Company
- *List Not Exhaustive
6.5 List of Other Prominent Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Sustainable Coatings
7.2 Development in the Automotive Sector in Saudi Arabia
Paints And Coatings Industry Segmentation
Paints and coatings are homogeneous mixtures of pigments, binders, additives, and various other components. Upon application on a substrate, the products make a thin layer of the solid film through polymerization or evaporation. Paints and coatings are widely used to improve the aesthetics and protect the substrate from deterrents like corrosion and others.
The paints and coatings market is segmented by resin, technology, end-user industry, and geography. By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types (PVA, fluoropolymers, and polyaspartic resins). By technology, the market is segmented into water-borne coatings, solvent-borne coatings, powder coatings, and UV-cured technologies. By end-user industry, the market is segmented into architectural, automotive, wood, protective coatings, general industrial, transportation, and packaging coatings. The report also covers the market size and forecasts for the paints and coatings market in 39 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Resin | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resins |
| Technology | |
| Water-Borne Coatings | |
| Solvent-Borne Coatings | |
| Powder Coatings | |
| UV-cured Technologies |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Protective Coatings | |
| General Industrial | |
| Transportation | |
| Packaging Coatings |
| Geography | ||||||||||||||||
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Paints And Coatings Market Research FAQs
How big is the Paints And Coatings Market?
The Paints And Coatings Market size is expected to reach USD 178.99 billion in 2024 and grow at a CAGR of 3.77% to reach USD 215.42 billion by 2029.
What is the current Paints And Coatings Market size?
In 2024, the Paints And Coatings Market size is expected to reach USD 178.99 billion.
Who are the key players in Paints And Coatings Market?
The Sherwin-Williams Company, PPG Industries Inc., AkzoNobel NV, Nippon Paint Holdings Co. Ltd and BASF SE are the major companies operating in the Paints And Coatings Market.
Which is the fastest growing region in Paints And Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Paints And Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Paints And Coatings Market.
What years does this Paints And Coatings Market cover, and what was the market size in 2023?
In 2023, the Paints And Coatings Market size was estimated at USD 172.24 billion. The report covers the Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Paints And Coatings Industry Report
The global paints and coatings market is segmented into various categories based on resin type, technology, and end-use applications, catering to a diverse range of industries within the paint market. Key resin types include acrylic, alkyd, epoxy, polyurethane, and fluoropolymer, each offering unique properties suitable for specific applications in the paints and coatings industry. The market utilizes technologies such as waterborne, solvent-borne, and powder coatings, addressing varying environmental and performance requirements. The end-user segments are broadly categorized into architectural and industrial applications. Architectural applications, driven by both residential and non-residential construction activities, dominate the painting industry and include interior and exterior paints and coatings used for aesthetic and protective purposes. Industrial applications cover automotive, marine, packaging, and general industrial coatings, essential for protection against corrosion, weather, and other environmental factors. The market is experiencing significant growth due to the global expansion of the construction sector and technological advancements in coating materials that offer enhanced performance and environmental benefits. For detailed painting industry statistics, market share, size, revenue growth rate, and a forecast outlook, access a sample of the industry analysis as a free report PDF download from Mordor Intelligence™ Industry Reports.
Paints And Coatings Market Report Snapshots
