Paints and Coatings Market to Hit USD 241.32 Billion by 2030

Key companies covered in Paints and Coatings Market are AkzoNobel, Kansai Nerolac Paints Limited, Kwality Paints and Coatings Pvt. Ltd., Nippon and Kansai, The Sherwin-Williams Company, NIPSEA GROUP, Nippon Paint Holdings Co., Ltd., Jotun, Axalta Coating Systems, TIKKURILA OYJ, Dunn-Edwards Corporation, Asian Paints, RPM International Inc., PPG Industries, Inc., and more players profiled.

Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- The global paints and coatings market size was valued at USD 164.00 billion in 2022 and is projected to grow from USD 171.55 billion in 2023 to USD 241.32 billion by 2030, exhibiting a CAGR of 5.0% during the forecast period.

The automobile, construction, timber, and transportation industries all frequently utilize paints and coatings. They are extensively utilized in the construction industry to shield buildings from damage from the outside. Also, the product has a wide range of uses in the decoration of commercial and residential structures and infrastructure, as well as in the automobile, maritime, industrial wood, and other industries. Fortune Business Insights presents this information in their report titled "Global Paints and Coatings Market, 2023–2030."

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List of Key Players Profiled in the Market Report:

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 (Norway)

Axalta Coating Systems (U.S.)

TIKKURILA OYJ (Finland)

Dunn-Edwards Corporation (U.S.)

Asian Paints (India)

RPM International Inc. (U.S.)

PPG Industries, Inc. (U.S.)

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2023-2030

Forecast CAGR

5.0%

2030 Value Projection

USD 241.32 Billion

Market Size in 2022

USD 164.00 Billion

Historical Data

2019-2021

No. of Pages

344

Report Coverage

Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends

Segments Covered

By Thickness

By Type

By Application

Regions Covered

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

Paints and Coatings Market Growth Drivers

0.5 mm to Lead as it Provides Optimum Performance

Increasing Demand from Various End-use Industries to Propel the Product Demand

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Segments:

Due to its Abrasion Resistance and Corrosion Resistance, Polyurethane Resin is Anticipated to Generate the Highest Revenue

By resin, the market is segmented into acrylic, alkyd, epoxy, polyurethane (PU), polyester, and others.

Due to its adhesion, drying speed, relative resistance, and flexibility qualities, acrylic resin stands out among the competition and commands a substantial market share. This makes it ideal for use in paints and coatings.

Due to their Environmentally Friendly and VOC-Free Qualities, Water-Born Coatings Hold Dominant Market Share

By technology, the market is classified into solvent-borne, waterborne, powder-coating, and others. Due to their expanding use in the wood, plastic, furniture, printing inks, and vehicle industries, waterborne coatings currently hold the biggest market share. The advantages of waterborne coatings, which include low VOC emissions, quick drying, and simpler application, are what is causing this market to flourish.

Growing Demand from the Building and Automotive Industries Will Cause the Architecture Sector to Show a Substantial CAGR

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

Throughout the projected period, it is expected that the architectural segment will dominate in terms of revenue and volume. Paints and coatings are mostly used for ornamental purposes in architectural applications to protect non-residential and residential structures and buildings from UV radiation, environmental damage, etc.

Report Coverage: The report offers: • Major growth drivers, restraining factors, opportunities, and potential challenges for the market. • Comprehensive insights into regional developments. • List of major industry players. • Key strategies adopted by the market players. • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Construction Sector's Rapid Expansion Will Boost Market Development

Infrastructure and structures are mostly protected and decorated using paints and coatings. Exterior and interior paints, sealants, primers, stains, and varnishes are some examples of these architectural advancements. The market's growth will probably be boosted by an increase in construction activity and government investment in several public infrastructure projects. Furthermore, cutting-edge technological technologies are gradually becoming the norm in the building industry. Another element driving the expansion of the construction sector is the increased use of cloud and collaboration computing, as well as Building Information Modeling (BIM). These factors are anticipated to increase the paints and coatings market share.

However, producing thin coatings is challenging. The velocity and volume of powder applied to the substrate are challenging to regulate which may hamper the paints and coatings market growth.

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Regional Insights

Asia Pacific Dominates the Market Due to Growing Construction Activities

In terms of volume and revenue, Asia Pacific held the largest market share for paints and coatings in 2022 and is likely to keep that position during the anticipated period. This is a result of expanding building and construction activity as well as the automotive industry in China, India, and Japan. Due to their use in covering both non-residential and residential infrastructures, paints and coatings are in higher demand.

Europe has a prominent position mainly due to growing demand from the automotive sector.

Competitive Landscape

Major Industry Focus on Construction and Automotive to Strengthen Market Position for Key Players

The market for paints and coatings is cut-throat and fragmented, with major players like PPG Industries, Inc., Axalta Coating Systems, Nippon, Kansai (Kansai Paint Co., Ltd.), Jotun, the Sherwin-Williams Company, and AkzoNobel active in the sector. To preserve product quality and increase their regional presence, the majority of multinational firms have integrated their raw material production and sales activities. As a result, firms gain a cost advantage that boosts profit margins and offers them a competitive edge. Corporations are also placing a greater emphasis on their R&D activities to stay competitive and meet the evolving demands of end users.

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Detailed Table of Content:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Emerging Trends – For Major Regions

Recent Developments - Partnerships, New Product Launches, and Mergers & Acquisitions

Latest Technological Advancement

Insights on Regulatory Scenario

Porter’s Five Forces Analysis

Qualitative Insights – Impact of COVID-19 on the Global Paints and Coatings Market

Supply Chain Challenges

Steps taken by Government/Companies to overcome this impact

Potential opportunities due to the COVID-19 outbreak

TOC Continued...!

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Key Industry Development:

August 2021: Sika sold its European industrial coatings business, located in Germany, to the Sherwin-Williams Company, a global leader in paints and coatings based in the U.S. With this, Sika will divest its European industrial coatings business.

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