Paints & Coatings Market by Product (Powder, Solvent Based, Water Based), Resin Type (Acrylic, Alkyd, Epoxy), Positioning, End-User - Global Forecast 2024-2030

Paints & Coatings Market by Product (Powder, Solvent Based, Water Based), Resin Type (Acrylic, Alkyd, Epoxy), Positioning, End-User - Global Forecast 2024-2030

The Paints & Coatings Market size was estimated at USD 170.73 billion in 2023 and expected to reach USD 183.68 billion in 2024, at a CAGR 7.77% to reach USD 288.41 billion by 2030.

Paints & coatings are elements that have revolutionized the painting sector. Paint & coatings are substances applied to surfaces that provide a protective and decorative finish. They are commonly used on surfaces such as walls, ceilings, floors, furniture, vehicles, and machinery. Paint is a liquid or semi-liquid substance comprising pigments, solvents, binders, and additives. Paints & coatings provide specific properties such as flame retardancy, anti-fouling, and anti-microbial properties in architectural, industrial, automotive, aerospace, and other end-use sectors. Increasing construction activities and growing automotive production is elevating the demand for paint & coatings. However, the paint and coating industry is also facing some challenges, including environmental hazards and limitations of powder coatings that impede the growth of the paint and coating market. Increasing research & development activities to develop sustainable and eco-friendly paints & coatings is expected to benefit the market's growth.

Regional Insights

The paints & coatings market in the Americas region represents a highly developed and innovative landscape owing to the increasing applications in the aerospace, automotive, and construction sector and the growing introduction of eco-friend paint & coatings. As per Associated General Contractors of America (AGC), the construction sector develops approximately USD 1.4 trillion worth of structures every year in the United States and has over 7 million employees. Construction spending is rising in the United States, Brazil, Mexico, and other nations with continuous infrastructure development. In January 2022, the total construction spending was USD 1,677.2 billion, 1.3% more than the revised December 2021 estimate of USD 1,655.8 billion. Similarly, as per the National Institute of Statistics and Geography (INEGI), in December 2021, construction output in Mexico increased by 2.79% over the same month in the previous year. In 2021, according to the International Organization of Motor Vehicle Manufacturers (OICA), total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia. The growing automotive vehicle production in Asia-Pacific is expected to expand the usage of paints & coatings. The ongoing strategies by market players in Europe to expand their presence in the paint & coatings are expected to create a platform in EMEA. For instance, Huntsman Corporation launched the POLYRESYST IC6005 polyurethane system in Europe, a novel intumescent coating developed for the construction industry that can provide passive fire performance alongside strong protective properties.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Paints & Coatings Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing Adoption in Automotive and Construction Industries
Demand for VOC Free Paint & Coatings due to Strict Environment Regulations
Advancement in Paint & Coating Technology
Demand for Water-Based Coatings

Market Restraints

Chemical Based Paints & Coatings Responsible for Environmental Hazards
Limitation of Powder Coating such as Need for Specialized Equipment for Application of Paints

Market Opportunities

Digital Transformation in the Paint & Coatings Market
Innovation and New Technology in Marine Coating

Market Challenges

More Electricity Consumption in Wet Paint and More Waste Generated Due to Overspray

Market Segmentation Analysis

Product: Emerging applications of water-based coatings due to their lower environmental impact and reduced toxic emissions
End-User: Expanding investments by the government to improve the architectural/decorative public infrastructure

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Paints & Coatings Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Paints & Coatings Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Azelis Expands Partnership with Sun Chemical to France and Benelux

Azelis Group, one of the global distributors of specialty chemicals and food ingredients, has announced their expansion of partnership with Sun Chemical in France and Benelux. This expansion helps bring innovation and expertise to the industry across France and Benelux. With the collaboration between Azelis and Sun Chemical, customers can access a broader range of high-quality products and services. The expansion demonstrates a commitment to providing the best solutions for the market and positively impacting the environment.

Sirca Paints Signs Exclusive India Distribution Agreement with OIKOS

In the ever-growing Indian market of paints & coatings, Sirca Paints has signed an exclusive distribution agreement with Oikos, a renowned Italian company. This partnership enables Sirca Paints to expand its product portfolio and offer its customers high-quality decorative paints and textures. With Oikos' team of experts providing technical support and innovative solutions, Sirca Paints can effectively meet the demands of the Indian market. This agreement is a win-win situation for both companies, with an opportunity to serve consumers looking for a broader range of options to beautify their homes and workspaces.

Dow Launches New Digital Coatings Formulation Platform: Paint Vision

The paints and coatings industry has received a new addition from Dow Chemical Company's latest digital formulation platform: Paint Vision. This innovative technology revolutionizes the method of designing and developing coatings, making the process faster, more precise, and more sustainable. With Paint Vision, manufacturers can access a vast database of formulations, allowing them to compare and analyze hundreds of variations in seconds. This helps companies create more efficient products, reduce waste, and lower their carbon footprint.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Paints & Coatings Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Paints & Coatings Market, highlighting leading vendors and their innovative profiles. These include Akzo Nobel N.V., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Benjamin Moore & Co., Berger Paints Ltd., Chongqing Sanxia Paints Co., Ltd., DAW SE, Diamond Vogel Paint Company, DuPont de Nemours, Inc., H.B. Fuller Company, Hempel A/S, Henkel AG & Co. KGaA, HUELSEMANN Coatings GmbH, Indigo Paints Ltd., Jotun A/S, Kansai Paint Co.,Ltd., Kelly-Moore Paints, Masco Corporation, Nippon Paint Holdings Co., Ltd., Omega Industries, PPG Industries, Inc., RPM International Inc., S&B Finishing Co. Inc., Shalimar Paints, SKK(S) Pte. Ltd., The Sherwin-Williams Company, Tiger Coatings GmbH & Co. KG, Tikkurila Oyj, and Vista Paint Corporation.

Market Segmentation & Coverage

This research report categorizes the Paints & Coatings Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Powder
Solvent Based
Water Based
Resin Type
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Positioning
Mid-tier/Standard
Premium
Value/Economy
End-User
Architectural/Decorative
Non-residential
Residential
New Construction
Remodel & Repaint
Industrial
Aerospace
Automotive
General Industrial
Marine
Packaging
Rail
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year