Global Paints and Coatings Market Size to grow USD 223.2 billion in 2028
The Global Paints and Coatings Market Size is anticipated to grow at a CAGR of more than 2.80% from 2022 to 2028.
The Global Paints and Coatings Market Size was valued at USD 184 billion in 2021 and is projected to grow USD 223.2 billion in 2028, at a CAGR of 2.80%.
Paints and coatings are primarily utilized in automotive, coating, transportation, construction and lumber industries. The products are widely used in diverse applications, due to their properties such as anti-friction, hardness, corrosion protection, and protection from environmental factors. These materials are used in the construction and buildings sector to protect from the blistering heat, rain, cold and, and UV radiation.
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The increasing population, and their disposable incomes, has facilitated the expansion of the housing segment, thereby propelling residential construction. This may provide a significant boost to the market. The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022.
The COVID-19 pandemic has had a negative effect on the Paints and Coatings Market. The pandemic affected various end-user industries such as architecture, automotive, packaging, and transportation, across the globe. Labor shortages and restrictions have disturbed the supply chain of manufacturers operating in the market. Therefore, industries are constantly focused on innovative techniques to stabilize their manufacturing operations. HMG Paints Ltd, a European paint company, maintained large raw material stocks for finished goods amidst the pandemic.
The growing applications of paints and coatings in the architectural sector is driving market growth. Moreover, in emerging economies, the rapid development of commercial and residential buildings has provided lucrative opportunities for the market, during the forecast period.
The increasing use of high-performance ceramic coatings in defense, automotive, transportation, and other industries is driving the market growth. High-performance ceramic coating protects components from corrosion, high temperatures, abrasion and scratch and wear along with increases the lifespan of automotive engines and aircraft turbine engines.
The increasing usage of paints and coatings in traffic solutions, and coatings for airplanes and ships for transparencies, sealants, packaging and chemical management are growing the demand for the market during the forecast period.
The Asia-Pacific is the largest market for the product due to the growth in population, rapid urbanization, and rising income in developing countries such as India, China, Indonesia, and Vietnam which are witnessing an increased demand for permanent housing, which has boosted growth in this market. In addition, increasing the utilization of these materials in the automotive industry is driving the market in this region.
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Europe is the second-largest market for the Paints and Coatings Market due to their use in the automotive industry. In this region increasing the research and development activity about the automotive industry has increased demand and sales of the market growth during the forecast period.
North America is the third-largest market for the Paints and Coatings Market due to rising disposable income and presence of major manufacturers such asDunn-Edwards Corporation, Dunn-Edwards Corporation, RPM International Inc., The Sherwin-Williams Company, Axalta Coating Systems., PPG Industries, Inc., and others. In addition, these products are mainly used for the remodeling of old infrastructures and manufacturing of automotive refinish, which will aid market growth.
The Global Paints and Coatings Market is segmented by Technology, Resin, End-user Industry and Region. Based on the by Technology, the market is categorized into Water-borne, UV-cured Coating, Solvent-borne, and Powder Coating. Based on Resin, the market is categorized into Acrylic, Polyester, Alkyd, Epoxy, PU, and Others. Based on End-user Industry, the market is categorized into Architectural, Automotive, Packaging, Wood, Protective Coating, General Industrial, and Transportation. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
KEY INDUSTRY DEVELOPMENTS:
October 2019 - Berger Paints Ltd., acquired the STP Ltd. which is the leading construction materials maker company. This acquisition will develop the company’s market position in manufacturing, and selling products.
In July 2021, Akzo Nobel N.V., and Mercedes, extended their partnership agreement for another four years. This means the company will continue to provide vehicle refinish products including automotive and specialty coatings, and services in China and a preferred partner in Indonesia.
LIST OF KEY COMPANIES PROFILED:
● PPG Industries, Inc., (U.S.)
● Axalta Coating Systems (U.S.)
● Akzo Nobel N.V., (Netherlands)
● Kwality Paints & Coatings Pvt. Ltd. (KPCPL) (India)
● Kansai Nerolac Paints Limited (India)
● Nippon Paint Holdings Co., Ltd. (Singapore)
● The Sherwin-Williams Company (U.S.)
● Jotun (Norway)
● RPM International Inc. (U.S.)
● TIKKURILA OYJ (Finland)
● SK KAKEN CO., LTD. (Japan)
● Dunn-Edwards Corporation (U.S.)
● UV-cured Coating
● Powder Coating
● And Others
By End-user Industry
● Protective Coating
● General Industrial
● North America- U.S., Mexico, Canada
● Europe- UK, France, Germany, Italy
● Asia-Pacific- China, Japan, India
● Latin America- Brazil, Argentina, Colombia
● The Middle East and Africa- United Arab Emirates, Saudi Arabia
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