Paints and Coatings Market: Current Analysis and Forecast (2022-2028)

Paints and Coatings Market: Current Analysis and Forecast (2022-2028)

The global paints and coatings market is likely to showcase a growth of around 5% during the forecast period. In the last couple of decades, the global paints demand increased significantly outpacing the world GDP growth due to an increase in construction activity, improving income, frequent repaint activity, and rising population. For instance, between 2004 to 2019, global paint demand grew at a CAGR of 5.5% whereas, for the same period, world GDP grew by 4.7%. Further, it is expected that the industry would showcase a similar trend during the forecast period owing to increasing per-capita paint consumption in developing economies along with rising investment to boost the infrastructure sector. Companies are also launching a range of products to cater to all types of customers however, uncertainties in the raw material prices like epoxy and polyester are expected to somewhat affect the operations of major players operating in the market.

Based on technology, the market is categorized into water-borne, solvent-borne, powder coating, and others. Among these, water-borne is expected to showcase robust growth over the forecast period. The water-borne coating is increasingly replacing the market of solvent-based coating owing to its lower VOC content. In many cases, water-borne coatings contain up to 80% water with small quantities of other solvents, such as glycol ethers. Further, in countries like the United States and European Union, water-borne coatings need to have a VOC content of fewer than 3.5 pounds per gallon, thus making it an environment-friendly option also.

Based on formulation, the market is categorized into acrylic, polyester, epoxy, polyurethane, and others. Among these, the acrylic category held the prominent share in the market owing to its usage in various types of paints & coatings products like emulsion and latex paints. Further, increasing residential and non-residential construction activities and growing market of automotive refinish. This type of coating is used in a wide range of applications owing to its chemical characteristics and unique aesthetic properties.

Based on application, the market is bifurcated into the architectural coating and industrial coating. Of both, architectural coating accounted for a prominent share of the market owing to rising new construction and repainting activities. With growing income, the consumer standard of living is also growing resulting in renovation activities. This in turn is increasing the consumption of paints & coatings.

For a better understanding of the market adoption of Paints and Coatings, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. The Asia Pacific accounted for a prominent share of the global paints and coatings market owing to the large population resulting in a greater number of houses, large and growing industrial production, increasing urbanization, and rising consumer disposable income. Further, increasing regulation to reduce the content of VOC components from the paints has resulted in the increasing demand for waterborne coating in the region. Further, the presence of large national and international players in the market focusing on developing advanced coatings is propelling the market growth.

The key players with a considerable market share in the global paints and coatings market include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., NIPSEA Group, RPM International Inc., Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., BASF SE, Asian Paints Ltd., and Masco Corporation. These companies are taking several strategic decisions to meet the growing demand and increase their market share.