Global Paints and Coatings Market – Industry Trends and Forecast to 2031

Global Paints and Coatings Market, By Resin Type (Acrylic, Epoxy Resin, Alkyd, Polyurethane, Polyester, and Others), Technology (Water-Based Technology, Solvent-Based Technology, High Solids, Powder Coating, and Others), Application (Architectural Application and Industrial Application) - Industry Trends and Forecast to 2031.

Paints and Coatings Market Analysis and Size

Technological advancements in the paints and coatings market have revolutionized product formulations, enhancing durability, eco-friendliness, and colour vibrancy. These innovations have led to increased application efficiency and reduced environmental impact. The benefits include a prolonged lifespan of coated surfaces, improved aesthetics, and cost-effective maintenance solutions, driving growth and satisfaction across various industries.

Data Bridge Market Research analyses that the global paints and coatings market size was valued at USD 199.05 billion in 2023, is projected to reach USD 272.63 billion by 2031, with a CAGR of 4.01% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Paints and coatings are versatile substances applied to surfaces for protection, decoration, or function. They consist of pigments, binders, solvents, and additives. These materials form a protective layer against corrosion, weathering, and abrasion while enhancing the aesthetic appeal of various objects, from buildings and vehicles to furniture and machinery.

Paints and Coatings Market Dynamics

Drivers

• Growing Construction Industry

The growing construction sector propels demand for paints and coatings, notably in emerging markets. With heightened construction endeavors spanning residential, commercial, and industrial domains, these products are essential for surface protection and aesthetic enhancement. They reflect the paints and coatings industry's robust growth trajectory and its pivotal role in driving the market growth.

For instance, according to the World Bank, China aims to construct 250 million square meters of residential space annually until 2025 to accommodate urban growth. India plans to build 80 million affordable homes by 2023, which will boost paint and coating usage.

• Growing Trend of Renovation and Remodelling Activities

Renovation and remodeling projects in residential and commercial sectors fuel the steady demand for paints and coatings. As consumers seek to update and rejuvenate their spaces, the demand for high-quality paint products remains essential for modernization efforts. This sustained demand drives growth in the paints and coatings market, supporting a dynamic industry landscape.

Opportunities

• Advancement in Technology

Technological advancements in paint and coating formulations, including low-VOC options, eco-friendly coatings, and self-healing capabilities, propel market growth by enhancing performance, durability, and environmental sustainability. These innovations cater to consumer demand for safer, more efficient products while creating opportunities for the industry's evolution towards more sustainable practices and solutions.

For instance, according to the 2022 United Nations Environment Program report, powder coatings constitute more than 30% of the coating demand in the European automotive sector, reflecting their growing preference and adoption.

• Emergence of Smart Coatings

Advancements in nanotechnology and materials science have fueled the emergence of smart coatings, offering functionalities such as self-cleaning, anti-microbial, anti-corrosion, and temperature regulation. These innovations present lucrative market opportunities across diverse industries, promising enhanced performance and durability while addressing evolving consumer demands and environmental concerns.

 Restraints/Challenges

• Raw Material Price Volatility

Raw material price volatility, affecting resins, pigments, solvents, and additives, directly impacts production costs, squeezing manufacturers' profit margins. This unpredictability poses challenges in pricing for consumers as manufacturers struggle to anticipate and stabilize costs, potentially leading to fluctuating prices and reduced profitability in the paints and coatings market.

• Supply Chain Disruptions

Natural disasters, conflicts, trade disputes, or pandemics can disrupt supply chains, leading to raw material shortages, transport delays, and increased costs, impacting businesses and global economies. Robust supply chain management is vital for ensuring operational continuity amidst such challenges, emphasizing the need for proactive strategies to mitigate risks and maintain seamless operations in the paints and coatings industry.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In December 2022, Akzo Nobel N.V. finalized the acquisition of Lankwitzer Lackfabrik's aluminum wheel liquid coatings business, bolstering its global presence in the Paints and coatings market, consistent with its strategy of portfolio expansion and market position reinforcement
• In November 2022, Sherwin-Williams Company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH, aligning with its strategic objectives of portfolio diversification and market stronghold in the paints and coatings industry on a global scale
• In July 2021, In a renewal of collaboration, AkzoNobel N.V. extended its partnership with Mercedes-Benz for four years, affirming its provision of vehicle refinish products and services in China and Indonesia, emphasizing automotive and specialty coatings
• In March 2021, Qlayers introduced a groundbreaking coating technology, offering fully automated, safer, and faster solutions than conventional methods. This cost-effective innovation ensures uniform application, eliminates overspray and provides long-term protection against corrosion and other coating needs

Paints and Coatings Market Scope

The market is segmented on the basis of resin type, technology, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Resin Type

• Acrylic
• Epoxy Resin
• Alkyd
• Polyurethane
• Polyester
• Others

 Technology

• Water-Based Technology
• Solvent-Based Technology
• High Solids
• Powder Coating
• Others

Application

• Architectural Application
• Industrial Application

Paints and Coatings Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by resin type, technology, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa , Brazil, Argentina, and Rest of South America.

Asia-Pacific is poised to lead the paints and coatings market, commanding substantial market share and revenue throughout the forecast period. This dominance stems from heightened construction endeavors and increasing automotive sector demands, notably in China, India, Japan, and Southeast Asia, fostering robust growth within the region.

Europe is estimated to show lucrative growth in the paints and coatings market over the forecast period, driven by the expansion of the construction sector in various regional countries. This surge in construction activities demands enhanced coatings for protection and aesthetics, fueling market expansion and innovation.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Paints and Coatings Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the paints and coatings market are:

• Akzo Nobel N.V. (Netherlands)
•  PPG Industries Inc., (U.S.)
•  The Sherwin-Williams Company (U.S.)
•  RPM International Inc., (U.S.)
•  NIPSEA GROUP (Japan)
• Arkema (France)
•  Cardolite Corporation (U.S.)
•  BASF SE (Germany)
•  Evonik Industries AG (Germany)
•  Reichhold LLC 2 (U.S.)
• DSM (Netherlands)
•  Qualipoly Chemical Corp. (Taiwan)
•  Arakawa Chemical Industries,Ltd. (Japan)
•  Alberdingk Boley (U.S.)
•   Eternal Materials Co.,Ltd.  (Taiwan)
•  Wacker Chemie AG (Japan)
• DIC CORPORATION (Japan)