Paints and Coatings Market By Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Others), By Product Type (Waterborne coatings, Solvent-borne coatings, Powder coatings, Others), By Application (Architectural, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global paints and coatings market was valued at $175.8 billion in 2021, and is projected to reach $278.4 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
Paints & coatings are substances applied on a substrate to decorate and protect the surface. Paints & coatings improve the durability and esthetics of the surface when used for decorative purposes. They also protect the surface from adverse environmental conditions, weathering, rust, and exposure to chemicals. They find application in various end-use sectors including architecture, automotive, industrial, aerospace, marine, and others.
Growth in population coupled with rapid urbanization has surged the expansion of the building & construction sector in both developed and developing economies, where paints and coatings are widely used for flooring, wall finishing, and roofing applications. This is expected to boost the demand for paints and coatings in the growing building & construction sector. In addition, strong economic growth has surged the establishments of industries, where paints and coatings are used as protective coatings for washers, driers, steel pipes, fittings, structural inserts, and industrial equipment, which is expected to propel the growth of the paints and coatings market.
However, health hazards associated with the use of volatile organic compounds (VOCs) containing paints may hamper the growth of the paints and coatings market during the forecast period.On the contrary, rise in awareness for eco-friendly products has surged the popularity of high solid paints and coatings. These high solid paints and coatings contain minimal or no volatile organic compounds (VOCs) that make them a sustainable product.
Furthermore, high solid paints and coatings require less drying and are easy to apply. These factors make high solid paints and coatings highly preferred for coating applications in various end use sectors. This is anticipated to increase sales of paints and coatings in several end-use sectors; thus creating lucrative opportunities for the market.
The paints and coatings market is segmented into resin type, product type, application, and region. On the basis of resin type, the market is fragmented into acrylic, alkyd, epoxy, polyester, polyurethane, vinyl, and others. By product type, the market is classified into waterborne coatings, solvent-borne coatings, powder coatings, and others. Depending on application, it is fragmented into architectural, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global paints and coatings market profiles leading players that include Akzo Nobel N.V, Asian Paints, Axalta Coating Systems, LLC, Indigo Paints Ltd, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Nippon Paint Holdings Co., Ltd, PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company. The global paints and coatings market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the paints and coatings market analysis from 2021 to 2031 to identify the prevailing paints and coatings market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the paints and coatings market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global paints and coatings market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Resin
Others
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Vinyl
By Product Type
Waterborne coatings
Solvent-borne coatings
Powder coatings
Others
By Application
Architectural
Industrial
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Akzo Nobel N.V.
Asian Paints Ltd
Axalta Coating Systems, LLC
Indigo Paints Ltd
Kansai Paint Co., Ltd.
Kwality Paints and Coatings Pvt. Ltd.
Nippon Paint Holdings Co., Ltd.
PPG Industries, Inc.
RPM International Inc.
The Sherwin-Williams Company
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