Global Paints and Coatings Market Insights Forecasts to 2032

• The Paints and Coatings Market Size was valued at USD 152.5 Billion in 2022.
• The Market Size is Growing at a CAGR of 4.5% from 2022 to 2032
• The Worldwide Paints and Coatings Market Size is expected to reach USD 204.6 Billion by 2032
• Europe is expected To Grow the fastest during the forecast period

The Global Paints and Coatings Market Size is expected to reach USD 204.6 Billion by 2032, at a CAGR of 4.5% during the forecast period 2022 to 2032.

The term "paints and coatings" describes a class of covers that are frequently applied to the surface of particular items to protect it from oxidation and sunlight exposure. This coating is used for both utilitarian and ornamental functions, and it also helps make an object more durable over time.

Impact of COVID 19 On Global Paints and Coatings Market

Due to its reliance on the building & construction, automotive & transportation, industrial, aerospace, and other industries, the paints and coatings market has been adversely affected by the Covid-19 epidemic. However, after the COVID-19 period, the building and construction as well as transportation operations have returned to normal and are functioning at full capacity, which is anticipated to increase the demand for paints and coatings. In addition, a number of automakers reduced or stopped down their operations because of the potential of infection among the staff. Due of the COVID-19 epidemic, this has temporarily impacted the market's demand for paints and coatings. Additionally, COVID-19 has temporarily halted a number of aircraft production projects, which has reduced need for paints and coatings used in flooring and interior coating applications in the aerospace and aviation industries. Additionally, the COVID-19 pandemic-related temporary suspension of several building and construction projects has resulted in a decline in demand for paints and coatings among the construction sectors.

Key Market Drivers

Paints and coatings are extensively used in decorating and protecting buildings and infrastructures. These architectural improvements comprise interior and exterior house paints, sealers, primers, stains and stains. Architectural paints allows for odorless paints and less VOC having increased scrub resistance and are present in different textures from semi gloss to even sheen. An increasing constructional activities as well as investments done by the governments in different public infrastructure projects is going to drive the market. Moreover, the advanced cutting edge technologies are becoming standard in the construction industry. The rise in the use of building information modelling collaboration as well as cloud computing  is the other factor which propels the growth of the construction industry. The growth of the industry also results in huge demand of the product in other applications like commercial construction and residential construction. Apart from this, these products gain momentum owing applications like coils, wood, automotive and transportation as well as industrial metals which boosts the growth of the market.

Key Market Challenges

The powder coating process is exceptional at attaining smooth and thick coatings. Having said that it is difficult to produce thin coatings. It is also difficult in controlling the amount and speed at which the powder is applied to the substrate. Thicker coatings can hide the imperfections in the surface. Thinner coatings will show orange peeled textures owing inadequate power addition.

Market Segmentation

Product Insights

Waterborne segment holds the highest market share over the forecast period

On the basis of product, the global paints and coatings market is segmented into powdered, solvent borne, and water borne. Among these, the waterborne segment holds the highest market share over the forecast period. The growth is attributed to the increasing spending in the construction sector as well as preference of the consumer for eco friendly products which are anticipated to propel the segmental growth. Water based paints and coatings are significantly used in poorly and confined ventilated spaces.

The solvent borne segment, on the other hand is going to show the slower growth over the forecast period due to the strict rules related to the products with high VOC content. However, the increasing application of solvent based products in architectural and industrial purposes die toe their lesser drying times as well as better functionality in humid conditions is anticipated to drive the segmental growth.

Material Insights

Acrylic segment is dominating the market over the forecast period

On the basis of material, the global paints and coatings market is segmented into acrylic and epoxy. Among these, acrylic segment is dominating the market with the largest market share over the forecast period. The great stabilization as well as weathering features of acrylic products are fuelling the segmental growth. Acrylic resins are significantly used in water reducible and emulsion resins fo the producing coats and varnishes. Its features are weather/ UV resistance, thermoplastic nature, excellent optical clarity, and dimensional stability.

Acrylic resins are used in wet coats which have higher VOC than powdered based coatings. Presently, due toe the development of advanced technologies, the market has witnessed a shift from solvent based to water based coats.

Application Insights

Architectural and decorative segment accounted the highest market share over the forecast period

Based on the application, the global paints and coatings market is segmented into architectural and decorative and non architectural. Among these, architectural and decorative segment accounted the highest market share over the forecast period. The growth is attributed to the increasing construction activities as well as development in road and rail infrastructure in different developed and developing countries like India, U.S., Germany, China, and the U.K.

The increasing number of FMCG companies in China, India, and Singapore is anticipated to boost the demand of the architectural and decorative paints and coatings in the upcoming years. Apart from this, increasing government infrastructural spending and industrialization is augmenting the segmental growth.

Regional Insights

Asia Pacific region accounted the largest market share over the forecast period

Asia Pacific region is dominating the market with the largest market share over the forecast period. Over the course of the projected period, the market is anticipated to be driven by increasing building activities and rising demand from the automobile industry in emerging nations like China, India, Japan, and Southeast Asia. Additionally, the industry has had tremendous development prospects due to the simple availability of raw materials and less strict restrictions governing VOC emissions than those in North America and Europe.

Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. The market has been very dynamic post Brexit and the market is going to be affected as the U.K. has been the prominent market for paints and coatings.

Recent Market Developments

• In November 2019, Akzo Nobel N.V. has acquired Mapaero Coatings which is a aerospace coatings manufacturer in order to strengthen its global position.

List of Key Companies

• PPG Industries, Inc.
• Axalta Coating Systems, LLC
• Kansai Paint Co., Ltd.
• Asian Paints Ltd
• Indigo Paints Ltd
• RPM International Inc.
• Kwality Paints and Coatings Pvt. Ltd.
• Nippon Paint Holdings Co., Ltd.
• Akzo Nobel N.V.
• The Sherwin-Williams Company

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Paints and Coatings Market based on the below-mentioned segments:

Paints and Coatings Market, Product Analysis

• Powdered
• Solvent born

Paints and Coatings Market, Application Analysis

• Architectural and Decorative
• Non Architectural

Paints and Coatings Market, Material Analysis

• Acrylic
• Epoxy

Paints and Coatings Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa