Paints Coatings Market Overview
Paints and coatings Market was valued at USD 152.2 billion in 2021. The paints and coatings market is projected to grow from USD 161.01 Billion in 2022 to USD 238.76 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.79% during the forecast period (2022 - 2030).
The gradual surge in demand for high-performance coatings for increasing number of infrastructural developments is expected to aid the global paints and coatings market growth in the review period. Industrial piping, offshore platforms, tank exterior, and containers are some well-known applications of coatings due to their tolerance to extreme conditions. Besides general industrial applications, the rising utility of paints and coating in marine and aerospace industries can add to the market rise. The upscaling utility of paints and coating in transportation industry is expected to provide vital growth opportunities for start-ups dealing in coatings and paint products. In addition, the increasing demand for paints and coatings developing pipeline and shipbuilding fields is also expected to provide thrust to the market.
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Market Segmentation
The segment assessment of the paints and coating market is based on resin type, application, and performance range.
The resin-type based segments of the paint and coatings market are acrylic, epoxy, alkyd, fluoropolymer, polyurethane, polyetheretherketone (PEEK), polyester, polyether ketone (PEK), and poly aryl ether ketone (PAEK) among others. The acrylic segment is likely to dominate the worldwide market at significantly high CAGR in the review period. Hike in sales of global paints and chemicals that are of acrylic-base due to their affordability can support the market uprise. The growing utility of acrylic industrial coating and architectural paints can add to the market rise.
The performance range-based segments of the paint and coating market are engineering coating range, high performance coating range, and commodity coating range. The commodity coating segment studies architectural, packaging, and consumer goods. The commodity coating range segment is expected to hold share of about 58% by 2028. The growth dynamics of the architectural segment is anticipated to impact the progress of paint and coating market.
The application-based segments of the paint and coating market are industrial and architectural. The architecture segment is expected to rise at around 5.3% CAGR in the review period. The surge in residential and non-residential infrastructure solution across the globe can prompt the market upsurge through the study period. This is likely to cause the architectural segment to rise at decent pace in the review period.
Regional Analysis
According to the research by MRFR on the regional expansion of the paint and coating, the APAC market is anticipated to witness rapid expansion in the review tenure. Expansion of the automotive sector and growing demand for industrial and architectural growth are likely to contribute to the regional market expansion. Increase in urban population and expansion of different end-use industries can bolster APAC paints and coating market growth through the assessment period. The launch of numerous favorable programs by governments in the developing APAC regions for supporting enormous residential construction activities can add momentum to APAC market growth.
In Europe, the paints and coatings market is expected to thrive at 4.7% CAGR in the evaluation tenure. MRFR study reveals that Germany is expected to contribute a significant share to the regional market rise.
In North America, the paints and coating market is expected to be led by the U.S. The escalation of disposable income, ingression of disruptive technologies, and increasing consolidation of used vehicles are some factors thar are responsible for the expansion of North America market through the review period.
Paints and coating market in MEA is projected to rise at a steady growth rate due to infrastructural development.
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Key Players
Jotun (Norway), AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Asian Paints (India), The Sherwin-Williams Company (U.S.), Nippon Paint Holdings Co. Ltd (Japan), RPM International INC (U.S.), KANSAI PAINT CO. LTD (Japan), BASE SE (Germany), Axalta Coating Systems Ltd. (U.S.), Kelly-Moore Paints (U.S.), Shalimar Paints (India), Solvay S.A. (Belgium), Diamond Vogel (U.S.), Indigo Paints Pvt. Ltd (India), Tiger Coatings GmbH Co. Kg (Austria), Berger Paints India Limited (India), Hempel A/S (Denmark), and Beckers Group (Maryland) are some reputed players in the paints coatings market that are listed by MRFR to study the market. The intensifying competition in the global paints coatings market due to the expansion of product portfolio these players is expected to significantly impact the market.
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