Paints and Coatings Market

Paints and Coatings Market Analysis By Technology (Architectural, Industrial), By Base Type (Water, Solvent, Powder), By Application and Region - Global Market Insights 2023 to 2033

Analysis of Paints and Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Paints and Coatings Market Overview (2023-2033)

Based on the analysis by Fact.MR, the global paints and coatings market is estimated to be valued at US$ 160,054.3 Million in 2023 and it is expected to grow at a CAGR of 5.1% to reach US$ 263,205.3 Million by the end of 2033.

Paints are a mixture or dispersion of opaque pigments or powders in a liquid that is applied on the surfaces for protective and decorative purposes. The coating is a material that is applied to any object as a protective or decorative film. With increased applications in architectural and industrial segments, the global paints and coatings market is ready to thrive.

Report Attributes Details
Paints and Coatings Market Size (2022A) US$ 151,891 Million
Estimated Market Value (2023E) US$ 160,054 Million
Forecasted Market Value (2033F) US$ 263,205 Million
Global Market Growth Rate (2023-2033) 5.1% CAGR
North America Market Share (2023) 18.9%
US Market Growth Rate (2023-2033) 4.2% CAGR
Key Companies Profiled
  • PPG Industries
  • Sherwin-Williams Company
  • Axalta Coating Systems
  • Valspar Corporation
  • NEI Corporation
  • Cabot Corporation
  • RPM International Inc.
  • DuPont de Nemours, Inc.
  • Diamond Vogel
  • NIC Industries, Inc.
  • Akzo Nobel N.V.
  • Hempel A/S
  • Steuler-KCH GmbH
  • Henkel Group
  • Terraco Group
  • Fosroc
  • Belzona International Ltd
  • DAW SE
  • Jotun
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Berger Paints Ltd
  • Asian Paints Ltd.
  • Huisins New Material Technology Co., Limited
  • GUANGZHOU STRONG CHEMICAL CO., LTD.
  • Furukawa Co., Ltd.
  • KCC Corporation
  • TerraCo. Group
  • KCC Corporation
  • Belzona International Ltd.

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Historic and Future Pathway Analysis for the Paints and Coatings Market

Historically painting a home is an impactful home improvement project that most consumers undertake. The key purpose is to enhance the look of a home or any object by adding additional protective functions like corrosion resistance, scratch resistance, and anti-microbial properties.

Increased use in the end-use industries including automotive, general industrial, and construction is likely to dominate the market in the near future and is expected to continue the same trend.

  • Short Term (2023-2026): The growing demand for eco-friendly coatings such as UV-cured coatings and powder coatings, and an increase in per capita income are likely to drive the market in the coming years.
  • Medium Term (2026-2029): In the medium term, the global paints and coatings market will flourish as technological advancements enhance the induction of intelligent paints and the use of decorative paints in highly technical applications.
  • Long Term (2029-2033): The rapid growth in the commercial and residential sectors in the urban areas is likely to drive the market demand in the long term. As a result of increasing urbanization and the growing middle-class population in emerging as well as developed economies, the market is anticipated to experience a substantial increase.

On the back of the aforementioned facts, the painting and coatings market is anticipated to grow at a CAGR of 5.1% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of paintings and coatings based on application and region is provided in a nutshell in the above image. Under the application segment, the architectural sub-segment dominates with a 68% market share in 2023.

Market Dynamics Outlook

“Increasing Urbanization and the Changing Demand Patterns from Consumers Is Driving the Demand”

The increasing population in urban areas, the high standard of living, and the rising interest of people to add an aesthetic look to their homes and buildings have led to an increase in the demand for paints and coatings over the past few years.

This change in consumer behavior and the demand pattern is likely to act as a catalyst in the global decorative paints market. As a result of the changed consumer behavior manufacturers are supplying products as per consumers’ needs and preferences.

“Growing construction sector globally is driving the market growth”

The increasing construction activities are expected to fuel the growth of the paints and coatings market. As the developing and emerging economies are investing in infrastructure and development projects, the market of paints and coatings is likely to increase as a result of this change.

Asia Pacific is the fastest-growing market for the construction industry because of the rising economies like China, India, Indonesia, Philippines, and Vietnam. According to Oxford Economics Asia Pacific is projected to account for US$ 7.4 trillion of global construction output by 2030.

The European housing market is also increasing as a result of favorable lending situations which is influencing the market growth.

“Environmental Regulations Pose a Barrier to Market Expansion of the Paintings and Coatings Market”

The strict environmental rules present a barrier to the growth of the paints and coatings business. New rules governing the raw materials they utilize and the production methods they use are being forced upon manufacturers.

Painting and coating processes are said to generate volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), according to the US Environmental Protection Agency. The amount of emissions from painting and coating operations in the United States is regulated by a number of bodies, including federal, state, and tribal laws.

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Country-wise Insights

What are the Factors Driving Painting and Coatings Demand Across the US?

Demand for paints and coatings is being driven by the developed automotive sector in the US. To prevent rust and restore paint, paints and coatings are applied to the exterior surfaces of automobiles and their major components.

The United States paints and coatings market is valued at US$ 23,159 Million in 2023, and it is expected to grow at a rate of 3.7% during the forecasted period.

Factors such as the growing construction sector, growing urbanization coupled with changes in demand patterns from consumers, and the increasing demand from general industries are likely to drive the demand across the country.

Why China’s Paints and Coatings Market is Flourishing?

China accounts for almost 60% of the Asia Pacific region's total coatings volume. Eastern, central, and southern China are the regions with the highest concentrations of the Chinese paints and coatings sector.

According to the American Coatings Association China represents US$ 44.5 Billion which is approximately 28% of the global paints and coatings industry. The largest part of the coatings production in China is from architectural coatings.

The huge rise in the middle-class population, which is continuously looking to improve the design and beauty of their homes, is the primary factor driving the growth of the architectural sector in the nation.

Other factors contributing to the growth of the market are government subsidies, construction activity, automotive production, general industrial production, interest rates, and consumer spending. The demand for coatings of higher quality and higher-performing technology is expected to increase in China.

Category-wise Insights

Why Is the Technological Segment in the Paints and Coatings Market Expanding Rapidly?

The technological segment comprises architectural and industrial paints and coatings. Coatings that have functions other than protecting and decorating surfaces, commonly known as “Smart Coatings” are in trend today.

Coatings with new technology like anti-bacterial coating, self-healing coating, haptics, and scratch resistance are in demand. Functional coatings that can be used in autonomous vehicle sensors to keep them clean and clear of fouling are of great interest. As more environmental restrictions are being placed on the automotive industry, low-temperature cure coatings and radiation-cure coatings are in demand.

Acrylic paints are anticipated to have a demand due to the high gloss and color retention tendency of acrylic resins. Research and development activities in the nanomaterials field are expected to create more opportunities for manufacturers.

How Does the Industrial Segment of paints and coatings is Driving the Market?

The industrial segment in the paints and coatings market is expected to represent a total incremental dollar opportunity of US$ 55,618.6 Mn between 2023 and 2033. The industrial segment is the significant driver of global market growth due to several key factors.

Industrial coatings play a vital role in safeguarding industrial equipment and structures from corrosion. As industries expand worldwide, the demand for corrosion-resistant coatings has surged to extend the lifespan of assets and reduce maintenance costs.

The segment has prominent applications for engineering durability in harsh environments, making them indispensable in sectors like oil and gas, aerospace, and marine.

The expansion of industries globally, especially in emerging economies, has boosted the demand for industrial coatings. Infrastructure development, construction, and manufacturing activities all rely on the coatings for protection and aesthetics.

Know thy Competitors

Competitive landscape highlights only certain players
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Eminent Player’s Key Stratagems

Eminent Paints and Coatings manufacturers are PPG Industries, Sherwin-Williams Company, Axalta Coating Systems, Valspar Corporation, NEI Corporation, Cabot Corporation, RPM International Inc, DuPont de Nemours, Inc., Diamond Vogel NIC Industries, Inc., Akzo Nobel N.V., Hempel A/S, Steuler-KCH GmbH, Henkel Group, Terraco Group, Fosroc, Belzona International Ltd, DAW SE, Jotun, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Berger Paints Ltd, Asian Paints Ltd., Huisins New Material Technology Co., Limited, GUANGZHOU STRONG CHEMICAL CO., LTD., Furukawa Co., Ltd., KCC Corporation, TerraCo. Group, and Belzona International Ltd.

Manufacturers are focusing on investing in research and development technology to develop specialized products and expand their product portfolio. Market players are implementing strategic research and development planning to develop and produce truly innovative products.

Smart coatings are being developed by companies that include Sherwin Williams’ “Paint Shield” which claims to kill 99.9% of bacteria. Market players are also working on self-healing coatings and the application of AI in the formulation and development of paint manufacturing. Companies are focusing on the development of bio-sourced materials for raw materials and finished products.

Fact.MR has provided detailed information about the price points of key manufacturers of paints and coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Paintings and Coatings Industry Research

  • By Technology :

    • Architectural Paints and Coatings
      • Pure Acrylic
      • Styrene Acrylic
      • Vinyl Acrylic
      • Polyester
      • Alkyd
      • Epoxy
      • Polyurethane
      • Others
    • Industrial Paints and Coatings
      • Styrene Acrylic
      • Vinyl Acrylic
      • Polyester
      • Alkyd
      • Epoxy
      • Polyurethane
      • Others
  • By Base Type :

    • Architectural Paints and Coatings
      • Water
      • Solvent
      • Powder
    • Industrial Paints and Coatings
      • Water
      • Solvent
      • Powder
  • By Application :

    • Architectural Paints and Coatings
      • Interior
      • Exterior
    • Industrial Paints and Coatings
      • Wood
      • Automotive
      • Metal
      • General Industrial
      • Traffic Paints
      • Paper
      • Protective Coatings
      • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What was the Global Paints and Coatings Market Size Reported by Fact.MR for 2022?

The global paints and coatings market was valued at US$ 212,106.3 Million in 2022.

What is the Estimated Valuation of the Paints and Coatings Market in 2033?

The market is expected to reach a valuation of US$ 263,205.2 Million in 2033.

What Value CAGR Did the Paints and Coatings Market Exhibit Over the Last Five Years?

The historic growth rate of the paints and coatings market was 2.7% from 2018-2022.

What is the Estimated Valuation of the Paints and Coatings Market in the U.S. by 2033?

The U.S. market is expected to reach a valuation of US$ 35,128.7 Million by 2033.

What is the estimated valuation of the Paints and Coatings Market in China by 2033?

The estimated valuation of the paints and coatings market in China by 2033 is US$ 76,419.3 Million.

What is the expected growth rate of the architectural application during the forecast period?

The expected growth rate of architectural styling during the forecasted period is 4.8%.

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Paints and Coatings Market

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