Construction Paints and Coatings Market By Resin Type (Epoxy, Acrylic, Polyurethane, Others) , By Product Type (Powder Coatings, Waterborne Coatings, Solvent-borne Coatings, Others) By Application (Residential, Commercial, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Construction Paints and Coatings Market
The construction paints and coatings market was valued at $132.3 billion in 2023 and is projected to reach $208.0 billion by 2033, growing at a CAGR of 4.6% from 2024 to 2033.
Construction paints and coatings are the elements of the construction industry that cater to aesthetic & functional purposes. They consist of binders, solvents, and additives that offer protection, durability, and visual appeal to buildings. In recent times, the utility of construction paints and coatings has increased to improve the energy efficiency of buildings and ensure their longevity.
Increase in urbanization has upsurged the development of buildings, which is fueling the demand for construction paints & coatings and driving the growth of the market. In addition, rise in appeal regarding the aesthetic appearance of places has boosted the requirement for paints and coatings, thereby propelling the market growth. An emerging trend expected to gain prominence in the coming years is the usage of nanomaterials and other techniques to develop smart paints & coatings. These color-changing, self-healing elements reduce maintenance expenditures and enhance the functionality of buildings by offering stain resistance, odor control, and liquid repellence.
However, the development of paints and coatings relies on petroleum-based products, which results in hampered market growth owing to the intermittent volatility in oil prices. Moreover, the extensive usage of chemicals with highly volatile compounds poses human health concerns, restraining the development of the market. On the contrary, increase in efforts toward sustainability and surge in usage of eco-friendly materials in buildings are anticipated to present lucrative opportunities for the construction paints and coatings market. According to the United Nations Environmental Programme, an annual increase of ten decarbonization points is required for the buildings and construction sector to align with the 2030 milestone of all new buildings having net-zero emissions. To cater to the milestone, several manufacturers are developing green paints & coatings with biomass, plant oil, carbohydrates, proteins, and microbes that are recyclable or biodegradable in nature.
Segment ReviewThe construction paints and coatings market is segmented into resin type, product type, application, and region. On the basis of resin type, the market is divided into epoxy, acrylic, polyurethane, and others. As per product type, it is classified into powder coatings, waterborne coatings, solvent-borne coatings, and others. According to application, it is categorized into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of resin type, the acrylic segment is expected to be the highest revenue generator during the forecast period.
As per product type, the solvent-borne coatings segment is projected to acquire a notable stake in the market from 2024 to 2033.
According to application, the commercial segment is predicted to be the highest shareholder throughout the forecast period.
Region wise, Asia-Pacific is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe major players in the global construction paints and coatings market include Asian Paints Ltd, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Indigo Paints Ltd, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., Akzo Nobel N.V., and PPG Industries, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Resin TypeEpoxy
Acrylic
Polyurethane
Others
By Product TypePowder Coatings
Waterborne Coatings
Solvent-borne Coatings
Others
By ApplicationResidential
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersAsian Paints Ltd
Kansai Paint Co., Ltd.
Kwality Paints and Coatings Pvt. Ltd.
Indigo Paints Ltd
Axalta Coating Systems, LLC
Nippon Paint Holdings Co., Ltd.
Akzo Nobel N.V.
PPG Industries, Inc.
The Sherwin-Williams Company
RPM International Inc