Paints and Coatings Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Paints and Coatings MarketThe paints and coatings market size was valued at USD 206.56 billion in 2023, and the market is now projected to grow from USD217.36 billion in 2024 to USD 303.97 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period of 2024-2032.
Outbreak of pandemic led to the downfall of the market due to the problems in the companies following the disruption in supply chains. Companies were less focus on manufacturing and more on delivery of the already manufactured products. Companies also looked for the alternative for operation to stablize the situation on the production site during COVID-19. As the imposition of the lockdown limited the transportation of the goods as well as of the raw materials required for manufacturing of the products in automotive and construction industries.
The paints and coatings market are specially for infrastructure and building, for decoration and protection purspose. Theses include the interior and outside of the building, paintings, varnishes, stains, primer and sealants. Increase in the demand of the product in residential and commercial buildings also increase the demand of the market at a higher pace.
Sustainable solutions are new trend in every industry be it in paints & coatings or other industry. Using coating before the paint helps in maintaining the paint for longer duration. It also helps in conserving many resources and energy which in turn lead to the paint & coatings market growth. It also help sin minimizing the wastage and bring efficiency in the process.
Comprehensive Analysis of the Paints and Coatings Market
Paints & Coatings market is segmented into various categories. Based on reresin it is divided into epoxy, acrylic, polyester alkyd, polyurethane (PU), and others. Based on Product type, it is divided into UV coating, solvent borne, powder coating, waterborne, and others. Based on applications it is divided into packaging, general industries, marine, coil, automotive OEM , industrial wood, architectural, and others.
Asia Pacific holds the largest paints & coating market share in the world. Due to the growth in the construction industry, automotive sector , and in building activity in Japan, the market has expanded. The demand for protection and durability by the consumers, the use of coatings in this region has increased rapidly.
Prominent players working in the expansion of this industry are AkzoNobel (Netherlands), Kansai Nerolac Paints Limited (India), Kwality Paints and Coatings Pvt.Ltd. (KPCPL)(India), Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan), The Sherwin-Williams Company (U.S.), NIPSEA GROUP (Singapore), Nippon Paint Holdings Co., Ltd. (Japan), Jotun (N0rway), Axalta Coatings Systems (U.S.), TIKKURILA OYJ (Finland), Dunn-Edwards Corporation (U.S.), Asian Paints, (India), RPM International Inc. (U.S.), PPG Industries, Inc. (U.S.)
In february 2023, Acquisition of powder coatings division ofAarsonsisi, an industrial coatings company in Milan by PPG
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 4.5% from 2024 to 2032
Unit Value (USD Billion) and Volume (Kiloton)
Segmentation
By Resin
Epoxy
Acrylic
Polyester
Alkyd
Polyurethane (PU)
Others
By Product Type
Waterborne
Solvent Borne
Powder Coating
UV Coatings
Others
By Application
Architectural
Automotive OEM
Marine
Coil
General Industries
Protective Coatings
Automotive Refinish
Industrial Wood
Packaging
Others
By Region
North America (By Resin, Product Type, Application, and Country)
-U.S. (By Resin, Product Type, and Application)
-Canada (By Resin, Product Type, and Application)
-Mexico (By Resin, Product Type, and Application)
Europe (By Resin, Product Type, Application, and Country)
-Germany (By Resin, Product Type, and Application)
-U.K. (By Resin, Product Type, and Application)
-France (By Resin, Product Type, and Application)
-Italy (By Resin, Product Type, and Application)
-Spain (By Resin, Product Type, and Application)
-Russia (By Resin, Product Type, and Application)
-Rest of Europe (By Resin, Product Type, and Application)
Asia Pacific (By Resin, Product Type, Application, and Country)
-China (By Resin, Product Type, and Application)
-India (By Resin, Product Type, and Application)
-Japan (By Resin, Product Type, and Application)
-South Korea (By Resin, Product Type, and Application)
-Indonesia (By Resin, Product Type, and Application)
-Rest of Asia Pacific (By Resin, Product Type, and Application)
Latin America (By Resin, Product Type, Application, and Country)
-Brazil (By Resin, Product Type, and Application)
-Rest of Latin America (By Resin, Product Type, and Application)
Middle East & Africa (By Resin, Product Type, Application, and Country)
-Saudi Arabia (By Resin, Product Type, and Application)
-South Africa (By Resin, Product Type, and Application)
-UAE (By Resin, Product Type, and Application)
-Rest of the Middle East & Africa (By Resin, Product Type, and Application)