The Global Paints And Coatings Market Size Was Valued At USD 160.03 Billion In 2021. The Market Is Projected To Grow From USD 167.04 Billion In 2022 To USD 235.06 Billion By 2030, Exhibiting A CAGR Of 5.0% During The Forecast Period.

Paints and Coatings Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand is lower than expected in all regions compared to what it was before the pandemic. Based on our research, the global market was 6.3% smaller in 2020 than it was in 2019.

Paints and coatings are used a lot in the wood, automotive, and construction industries. They are used a lot in the building and construction industry to protect structures from damage from the outside. The product is also used to decorate residential and non-residential infrastructure and buildings, industrial equipment, automobiles and boats, industrial wood, and many other things.

From a quick look at the market as a whole, we can see that these materials are used in many different ways because of their properties, such as protection from the environment, corrosion resistance, reflection-absorption, resistance to wear, and hardness.

There are more and more high-tech coatings that use cationic electrocoating materials to cover all the nooks and crannies of metal parts and keep them from rusting. High-performance ceramic makes the life of both car and aeroplane turbine engines longer. It mostly keeps parts from getting damaged by heat, wear, and corrosion.

Market Dynamics:

Latest Trends:

To help growth, the coatings industry needs to work on becoming more sustainable.

Paints and coatings protect and preserve the things they are put on, which saves energy and material resources. Companies always think about how their business practices affect the environment and society. The main goal is to cut down on volatile organic compounds (VOC). This includes saving energy and resources, using renewable materials, making processes more efficient, and reducing waste. For example, DSM sells Discovery, which is a paint resin made from plants. The ingredients in Decovery are safe and have low levels of volatile organic compounds (VOCs). They protect and improve the quality of the air outside and inside, and by replacing crude oil, they can reduce the carbon footprint by up to 34%. So, the company focuses on green solutions and changing the industry from coatings made from solvents to coatings made from waste.

Driving Factors:

Market growth will be helped by the construction industry's fast growth.

Paints and coatings are mainly used to decorate and protect buildings and infrastructures. These building improvements include house paints, primers, sealers, varnishes, and stains for the inside and outside. Architectural paints can be made with less volatile organic compounds (VOCs), have no smell, and are easier to clean. They also come in different textures, from flat to semi-gloss.

By 2030, the construction industry is expected to have grown by about USD 8 trillion. The market is likely to be helped by more construction work and government spending on public infrastructure projects. In addition to this, the construction industry is becoming more and more used to using cutting-edge technologies. The growth of the construction industry is also due to the growing use of building information modeling (BIM), collaboration, and cloud computing.

As the industry grew, there was a huge demand for the products in other areas, like residential and commercial construction. Also, the market for these products is growing because they are used in places like wood, coils, automotive and transportation, and industrial metals.

Restraining Factors:

Powder Coating's overall market growth will be slowed down by how hard it is to get thin films.

Powder coating is a great way to get coatings that are thick and smooth. Thin coatings, on the other hand, are hard to make. It is hard to control how fast and how much powder gets put on the substrate. Surface flaws are easy to hide when the coating is thicker. Thinner coatings tend to have more orange-peeled textures because not enough powder was added, the temperature or curing time wasn't long enough, or there wasn't enough pretreatment.

Segmentation Analysis:

By Resin Analysis:

The market is divided into epoxy, acrylic, polyester, alkyd, polyurethane (PU), and other types of resin. Acrylic resin has the biggest market share because of how quickly it dries, how well it sticks, how flexible it is, and how resistant it is in general. These qualities make it good for use in paints and coatings. The main thing driving the demand for this product is the growing use of acrylic for architectural coatings on walls, windows, and panels, both inside and outside.

Epoxy resins are mostly used in floor coatings, which are made with epoxy thinner, which is a mix of solvents and alcohols. Epoxy coatings are widely used because they are resistant to chemicals, have few holes, don't sag, don't rust, stick well, last a long time, and have a strong bond.

Alkyd resins are most often used to make decorative gloss paints for homes and businesses. PU resins have a good shine, don't scratch easily, stick well, and don't change temperature much. Because of how it works, the demand for PU resin coatings is expected to make a big difference in the size of the market.

By Technology Analysis:

Based on the technology, the market is divided into waterborne, solvent-borne, powder coating, and other types.

Waterborne coatings have the biggest market share because they are used more in industries like cars, furniture, printing inks, plastic, wood, and wood products. The growth of this segment is being driven by the fact that waterborne coatings don't release VOCs, dry quickly, and are easier to apply.

Organic compounds are used to make solvent-borne coatings, which are used in humid and rough environments like industrial metals and equipment and the outside of buildings.

Also, powder coatings are becoming more popular because they don't have a liquid carrier and can make thicker coatings that don't sag. They don't have any solvents and put out very few volatile organic compounds (VOC) into the air. They can be used to coat complex parts of cars, engines, and industrial machinery, among other things. Powder coat finishes don't rust, get scratched, react with chemicals or detergents, or wear away.

By Application Analysis:

By application, the market is divided into marine, architectural, automotive refinish, automotive OEM, coil, general industries, industrial wood, protective coatings, and others.

During the forecast period, the architectural segment is expected to continue to bring in the most money and have the most sales. Coatings and paints are mostly used for decoration on residential and non-residential buildings to protect them from damage from the environment, UV radiation, and other things. This market is expected to grow because these materials are being used more and more in industries like construction and cars.

In the automotive industry, paints and coatings are in high demand because they don't change colour, form a continuous protective film, are resistant to corrosion, wear, and scratches, are flexible, and last a long time. This will help the market grow.

The high production of sheets made of polymers, steel, and copper may have something to do with the growth of coil segments. Coils are used in semiconductors, household wires and cables, cars, building and construction, and many other places.

These materials are also used to protect commercial and military ships from things like water, UV radiation, and changes in temperature caused by the environment. Industrial materials are also covered by paints and coatings that are resistant to heat, fire, and electricity. Industrial wood is also covered. The market will grow even more as more people use the products in marine and industrial settings.

Regional Insights:

Asia-Pacific had the biggest share of the market in terms of both revenue and volume in 2021, and this may not change over the next few years. This is because building and construction work and the auto industry are growing in China, Japan, and India. Paints and coatings are used to cover infrastructure in both homes and businesses, which is driving up the demand for them. Most of the time, they are used to decorate walls, windows, and furniture. China is the biggest consumer because of its growing population, which is driving the growth of the residential construction industry and the market. The value of the market in Asia-Pacific is also driven by their use in the auto industry.

Europe had a big share of the market and is expected to see a big increase in that share, mostly because of the growing demand from the automotive industry. Europe is one of the top places in the world to make cars because it has a lot of raw materials and a lot of money.

The world market is expected to grow significantly in North America. The U.S. is one of the most important markets for paints used in cars and buildings, which will help the market grow. In the U.S., these products are mostly used to remodel and fix up old buildings and to make car refinish. This region's market will grow because people keep adopting new technologies, their disposable income is going up, and more and more people are buying and selling used cars together.

In Latin America, Colombia, Brazil, and Peru are planning to improve their infrastructure on a national level. This will bring more investment to the area. The growth of the regional market is helped by the fact that both the public and private sectors in these countries are spending more on infrastructure and maintenance. As Brazil becomes more industrialised, there may be more demand for architectural coatings, which will help to bring in more money.

The market is expected to grow by a lot in the Middle East and Africa. The construction industries in Saudi Arabia and Qatar are the best in the region. The rise in infrastructure and large-scale housing projects all over the Middle East shows that there is more demand for products.

Scope Analysis

Recent Development:

• February 2022 - AkzoNobel Powder Coatings has launched the Interpon Futura collection with three new state-of-the-art color palettes: Merging World, Healing Nature and Soft Abstraction. The collection does not emit solvents or volatile organic compounds and contributes to AkzoNobel's overall sustainability program.
• February 2022 - PPG has agreed to acquire the powder coatings division of Arsonsisi, an industrial coatings company based in Milan, Italy. Arsonsisi is a renowned producer of specialty powder coatings for construction and industrial use.
• February 2022 - H.B. The Fuller Company has acquired Apollo, an independent British manufacturer of liquid adhesives, coatings and primers for the roofing, industrial and construction industries.

Market Segmentation

By Resin:

• Epoxy
• Acrylic
• Polyester
• Alkyd
• PU
• Others

By Technology:

• Waterborne
• Solvent Borne
• Powder Coating
• Others

By Application:

• Architecture
• Automotive OEM
• Marine
• Coil
• General Industries
• Protective Coatings
• Automotive Refinish
• Industrial Wood
• Others

By Companies:

• PPG Industries, Inc. (U.S.)
• Axalta Coating Systems (U.S.)
• Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan)
• AkzoNobel (Netherlands)
• Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)
• Kansai Nerolac Paints Limited (India)
• NIPSEA GROUP (Singapore)
• The Sherwin-Williams Company (U.S.)
• Jotun (Norway)
• Nippon Paint Holdings Co., Ltd. (Japan)
• RPM International Inc. (U.S.)
• TIKKURILA OYJ (Finland)
• Asian Paints (India)
• Dunn-Edwards Corporation (U.S.)
• Others