Paints and Coatings Market Worth USD 221.74 Billion by 2028 at 5.79% CAGR - Report by Market Research Future (MRFR)

Paints and Coatings Market Insights and Industry Analysis by Resin Type [Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK) and others], Performance Range [Commodity Coating Range (Thermoplastic and Thermoset), Engineering Coating Range (Thermoplastic and Thermoset) and High-Performance Coating Range (Thermoplastic and Thermoset)], Application [Architectural (Residential and Non-Residential) and Industrial (Automotive, General Industrial, Wood) and Region, Competitive Market Size, Share, Trends, and Forecast to 2028

New York, New York, UNITED STATES

New York, USA, July 14, 2022 (GLOBE NEWSWIRE) -- Paints And Coatings Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Paints and Coatings Market Information by Resin Type Performance, Range, Application And Region - Forecast till 2028”, the market is estimated to grow at a 5.79% CAGR to reach USD 221.74 Billion by 2028.

Market Synopsis

The wood, automobile & transportation, and construction industries use paints and coatings extensively. They are widely employed in the building and construction sector to shield structures from any damage from the outside. Additionally, the product is applied in several ways to decorate infrastructure and buildings, both residential and non-residential, as well as industrial machinery, automobiles and boats, industrial wood, and other things. Cationic electrocoating chemicals in high-tech coatings, which cover all the nooks and crannies of multifarious metal parts and prevent corrosion, are rising. High-performance ceramic extends the life of both automotive and aircraft turbine engines. It mainly shields parts from extreme heat, abrasion, and corrosion.

Architectural paints are available in various textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. Another reason for expanding the construction sector is the growing usage of cloud computing and collaborative building information modeling (BIM).

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Report Scope:

Report AttributeDetails
2028 Market SizeUSD 221.74 Billion
CAGR5.79% (2021–2028)
Base Year2020
Forecast Period2021–2028
Historical Data2019
Forecast UnitsValue (Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Resin Type Performance, Range, Application And Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversAn increase in the demand for high-performance coatings
High-performance coatings have extensive usage in the marine world

Market Competitive Landscape

The outstanding companies in the paints and coating market are:

  • AkzoNobel N.V. (Netherlands)
  • The Sherwin-Williams Company (U.S.)
  • Asian Paints (India)
  • RPM International INC (U.S.)
  • Berger Paints India Limited (India)
  • Tiger Coatings GmbH & Co. Kg (Austria)
  • PPG Industries (U.S.)
  • Jotun (Norway)
  • Nippon Paint Holdings Co. Ltd (Japan)
  • Beckers Group (Maryland)
  • Hempel A/S (Denmark)
  • Kelly-Moore Paints (U.S.)

Market USP Covered

Market Drivers

One of the key factors contributing to the growth of the paints and coatings market size during the forecast timeframe is the rise in demand for high-performance coatings. The global market for paints and coatings is expanding due to various causes. Due to their exceptional resistance to harsh conditions for the inoculation of key instruments for maintenance and protection, the coating is anticipated to find great employment in operations like industrial pipelines, tank exteriors, and offshore platforms, among others. High-performance coatings are widely used in the marine and aircraft sectors and regular industrial settings.

Heavy-duty coatings are preferred for the long-term protection of instruments and other equipment. The development of nanotechnology has had a big impact on the sector. Industry players have employed this technique to create nano paints and coatings in addition to formulations with zero or minimal volatile organic compounds. This covers the addition of metals or ceramics to various compositions.

Market Restraints

The drying and curing procedures for various types of waterborne paints and coatings take a bit longer than solvent-borne coatings. Additionally, aqueous coatings are renowned for having good flow characteristics that aid in modifying how humidity affects the paint application. Water does not evaporate during the high humidity stages, which causes a poor cure followed by a decline in performance. It is also well known that waterborne paints and varnishes are vulnerable to cold temperatures. Many aqueous coatings cannot be used safely after being frozen.

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COVID 19 Analysis

With the current global pandemic scenario, many industries have noticed a decline in the number of preventative measures which need to be taken and put into place to stop the virus's spread in both regional and worldwide markets. Most individuals worldwide are terrified of the COVID-19 virus due to the rising cost of healthcare and the risk of catching the disease. Additionally, growing investments from international governments and well-known companies operating in numerous international locations assist in developing the market's product and service portfolio, enabling the market to expand significantly by the end of the forecast period, which will end in 2028.

Companies are continually using cutting-edge strategies to maintain the stability of their operations at industrial facilities during this pandemic. Suppliers emphasize efficient logistics and raw material distribution during the pandemic. The COVID-19 epidemic, however, could soon have a detrimental effect on the market expansion. Despite several concerns, like the economic recession of major economies and the good and negative effects of low crude oil prices, to name a few, the worldwide market has expanded moderately in recent years.

Market Segmentation

By Resin Type

The acrylic segment is assessed to lead the market segment.

By Performance Range

The commodity coating range segment is projected to advance the market segment.

By Application

The architectural segment is reviewed to lead the market segment.

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Regional Insights

When the paints and coatings industry trends take off, the APAC region is anticipated to become the one with the biggest growth rate. The APAC region's rapid industrial and architectural development is the primary cause of this. The Asia-Pacific region has seen significant advancement in automotive items, followed by a growth in the general industrial sector. The value of the paints and coatings market will probably increase due to the growth occurring worldwide. Additionally, the governments of emerging nations in the Asia-Pacific area have launched many beneficial initiatives sophisticatedly. This is anticipated to lead to an increase in residential construction activity, likely favoring market expansion.

The paints and coatings products have undergone a significant amount of technological advancement, which is anticipated to present a wide range of attractive chances for the growth of the paints and coatings market. Europe's market is anticipated to grow significantly throughout the forecasted period. During the anticipated period, Germany is also anticipated to contribute consistently and significantly to market growth. Additionally, due to the large engagement of American businesses, the North American market is projected to undergo and achieve good growth.

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