Paints and Coatings Market Size to Worth Around USD 373.85 BN by 2032

Tokyo, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The paints and coatings market size will reach at USD 181.28 billion in 2023. Coatings are largely used to improve surface qualities and stop substrate deterioration, as opposed to paints, which are colored liquids meant to enhance the substrate's aesthetics. Coatings that are waterborne, powdered, high solids, radiation-cured, and solvent-borne are a few examples of often-seen product varieties. It is frequently used to decorate buildings, infrastructure, and industrial equipment, both residential and non-residential. Anti-fouling, flame-retardant, and anti-microbial qualities are all present in paints and coatings.

Additionally, they shield the surface from damaging environmental factors like corrosion, weathering, and chemical exposure. They thus have a wide range of uses in the transportation, automotive, building, and marine industries. For instance, a report released by the National Investment Promotion and Facilitation Agency estimates that in 2021, infrastructure projects accounted for 13% of all FDI inflows. As a result, the expanding architecture and construction sector is anticipated to see an increase in demand for paints and coatings.

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Furthermore, the automotive industry has seen significant growth in the use of paints and coatings for corrosion protection applications in under-the-hood parts, engine components, interiors of containers, and storage vessels due to factors like increased disposable income, technological advancements, and the growth of original equipment manufacturers (OEMs).

Key Takeaway

• By product, the waterborne segment has generated revenue share of 39.4% in 2022.
• By material, the acrylic segment has held revenue share of 45% in 2022.
• The polyurethane segment is poised to reach at a CAGR of 5.8% between 2022 to 2030. 
• By application, the architectural and decorative segment revenue share was 59.6% in 2022.
• Asia Pacific region has accounted 39.7% revenue share in 2022.
  

Market Growth

Growing product consumption in the construction, automotive, and general industry application sectors is anticipated to drive the market. The demand for products across a range of applications is expected to be fueled by the rapid urbanization and industrialization occurring in emerging nations like India, China, and Southeast Asia. Granules, free powder, or particles from the integration process are subsequently put into the finished product matrix. Some of the most recent inventions made possible by nanotechnology include goods with electrical conductivity, UV protection, and self-healing capabilities. Aside from these, they are also very scratch, mar wear, and corrosion resistant. Consequently, these technological developments and the launch of new products are anticipated to increase over the projection period, the industry is expected to grow.

Regional Analysis

In 2022, the market was dominated by Asia Pacific, which includes China and Southeast Asia. Over the course of the forecast period, rising construction activities and escalating automobile industry demand in developing nations like China, India, Japan, and Southeast Asia are anticipated to propel the market.

Additionally, there is numerous potentials for market expansion due to the simple availability of raw materials and less onerous VOC emission regulations than those in North America and Europe. In 2022, the paints and coatings market were dominated by Europe. Since the UK has been one of the major markets for paint and coatings, the paints and coatings industry is likely to be impacted given how dynamic the European market has been since Brexit.

Demand for the product is anticipated to be driven by rising auto production in Hungary, Germany, Austria, Romania, and the UK, as well as by the robust manufacturing operations of businesses like Volkswagen AG, Daimler-Chrysler, Chevrolet, Dodge, and Mercedes-Benz.

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Scope of the Report

Technology Overview

The manufacturing process for paints and coatings is initiated by using raw materials such as pigments, solvents, and resins. Paints and coatings are manufactured by mixing a certain ratio of resin binders with solvents using a mechanical agitator in a mixing tank. After mixing, the batch is passed through a filter and the final product is packed for sale. In the case of colored paints and coatings, the manufacturing process remains the same except that the pigments are first dispersed in a portion of polymer/carrier.

SOLVENT-BASED

Solvent-based coating is a conventional technology used for manufacturing paints and coatings.
Lacquer thinner, aliphatic hydrocarbons, xylene, and toluene are some of the commonly used solvents in the manufacturing process. However, the global solvent market, in terms of paints and coatings, has undergone a paradigm shift owing to the adverse effects of volatile organic compounds present in crude oil-based solvents on the environment.

There are two variants of solvents namely conventional solvents and organic solvents. Conventional solvents consist of glycol ethers, hydrocarbons, acetate esters, alcohols, chlorinated and ketones. Organic solvents are majorly used in traditional applications such as dry cleaning and also in manufacturing industries. Organic solvents are highly flammable in nature except chlorinated solvents.

WATER-BASED
Water, as a solvent, is used in a coating for the external environment to improve thermal protection, wear resistance, and corrosion/glazing of the paints and coatings. Paints and coatings use water as a solvent medium that can be water-borne or solvent-borne depending on the formulation requirements. Water-based paints and coatings offer certain advantages over solvent-based products, which include low volatile organic compound (VOC) emissions, ease of application, and quicker drying time. Water-based products can be made using various resins such as styrene-butadiene, acrylic, and polyurethane.

POWDER COATING

Powder coatings come in two resin types, namely thermoplastics and thermosetting plastic polymers. Thermosetting plastic polymers is expected to account for a significant market share over the forecast period as they are comparatively more heat stable than thermoplastics. This is a modern advantage over the traditional solvent/water-based technology. The use of powder-based technology reduces/eliminates the issues related to liquid technologies. Following are the advantages of powder-based coatings over liquid coatings:

• Performance – Powder coatings exhibit better resistance to chemicals, corrosion, weather, chipping, and scratching compared to wet paints. Powder coatings are better in terms of color as they stay bright and fresh for a long period.
• Operational costs – Powder coatings are more economical and cover more surface area compared to any other organic solvent. These coatings reduce the cost in terms of operational labor as the operators require less training and guidance. Powder-based paint technology offers minimized waste production, reduced energy costs, and lower disposal costs

Market Dynamics of the Paints and Coatings Market

Market Drivers

The automotive industry's rising demand for paints and coatings is anticipated to drive market expansion. Demand for paints and coatings is growing due to the increased production of cars worldwide. Additionally, a number of manufacturers are launching paints to meet the escalating demand from the automotive sector. To make the parts of automobiles resistant to rust and corrosion, paint and coatings are applied.

The expansion of the building and construction industries as a result of the government's increased investment is anticipated to fuel the market for paints and coatings. Global population growth, along with accelerated urbanization and industrialization, is driving the rising demand for construction and infrastructure. On buildings, paints and coatings are frequently employed to offer weather resistance. Therefore, it is anticipated that the construction and building sector's growth will accelerate market expansion.

GROWING CONSTRUCTION ACTIVITIES ARE PUSHING THE DEMAND FOR PAINTS AND COATINGS MARKET
Construction industry is one of the major application segments of paints and coatings market, which accounts for more than 40% of the total demand for global paints and coatings market in 2019. Rising population, increasing urbanization rate, and industrial growth have resulted in the rising need for construction and infrastructure development across the globe, especially in emerging regions such as Asia Pacific, Central & South America, and the Middle East. Construction industry requires several types of paints and coating formulations to meet the requirements from different applications. Abrasion and wear-resistant paints and coatings, high temperature paints and coatings, intumescent coatings, and water-resistant coatings are some of the commonly used paint and coating products in the industry. They are applied to different construction equipment to ensure resistance to wear & tear, anticorrosion, aesthetic, durability, and operational efficiency.

Rising infrastructure spending in China is expected to potentially fuel the growth of construction industry over the forecast period. For instance, according to the National Development and Reform Commission (NDRC), in January 2019, China announced to invest USD 142 billion on 26 infrastructure projects including rail projects in Chengdu, Kunming, Chongqing, Zhengzhou, and Xian as well as the expansion of Xianyang International Airport. In addition, according to an article published by the World Resources Institute in 2019, China is expected to invest USD 13 trillion in construction activities by 2030. All these steps taken by the Chinese government to boost construction industry in the county are expected to drive the demand for paints and coatings over the forecast period.

Similarly, construction industry in India is anticipated to register a significant growth rate over the forecast period owing to the increasing infrastructure investments by the government and growing residential sector. Strong economic growth and rising government spending to develop infrastructure in the country are prominently fueling the growth of construction industry in India. Private sector is emerging as a key player across various infrastructure sectors including roads, communication, power, and airports. The Indian government is offering a single-window clearance facility for speedy approvals of construction projects to boost the country’s infrastructure. In addition, government initiatives such as Housing for All, Make in India, and Smart Cities are likely to propel the growth of construction industry in the country in the coming years.

INCREASING AWARENESS REGARDING ENVIRONMENTALLY FRIENDLY AND SUSTAINABLE
ALTERNATIVES IS ANTICIPATED TO BOOST THE PAINT AND COATINGS MARKET

Paints and coatings industry has witnessed significant growth in the use of environment-friendly
materials as a part of sustainable or green chemistry in the recent years. Rise in consumer awareness for sustainable products and increasingly strict environmental regulations regarding the reduction of volatile organic compounds (VOC) emissions are supporting the demand for eco-friendly paints and coatings. The eco-friendly nature of coatings has been one of the most important factors in the paints and coatings market as these coatings do not contain any solvents, resulting in negligible VOC emissions as well as reduced risk of combustion during its application and storage.
Stringent government regulations regarding the environment, especially air pollution, in the U.S., China, and Western European countries will continue to be a driving factor for the adoption of low-pollution coating technologies in the coming years. These regulations have led to the shift in demand from solvent-based coatings to low-VOC or eco-friendly products, such as high solids, powder coatings, waterbased, and UV-curable coatings. These low-VOC products contain lesser solvents that evaporate during the application phase and help in achieving a greener environment with minimum or zero VOC emissions.

China is expected to witness high demand for eco-friendly coatings over the forecast period owing to the several government initiatives for the reduction of VOC emissions in the country under the 13th FiveYear Plan. Under the 13th Five-Year Plan, the government is also focusing to raise the production of environmentally friendly coating varieties by 57% of the total coatings output in China by 2020. This push toward eco-friendly coatings is likely to outpace the development of overall paints and coatings industry, thereby boosting the demand for eco-friendly paints and coating in the coming years.

The presence of solvents in coatings is directly proportional to VOC emissions. Conventional liquid coatings contain over 60% solvents, which results in VOC emissions for long durations, even after their application. On the contrary, eco-friendly coatings contain no solvents, which results in negligible VOC emissions into the atmosphere.

Low carbon dioxide (CO2) and VOC emissions coupled with less wastage are expected to contribute toward maintaining a green environment. Technological advantages offered by the product and the simplicity of application have resulted in powder coatings being a preferred choice for coating applications compared to other coatings.

Market Restraints

The usage of paints and coatings that contain volatile organic compounds (VOCs) is connected to some health risks. For instance, patients with sinusitis and asthma may be significantly impacted by paint with high VOC levels. Additionally, VOCs can cause significant eye and throat irritation as well as a burning feeling in the nasal passages. These considerations may discourage consumers from buying VOC-containing paints and coatings, which would hamper the expansion of the paints and coatings business.

STRINGENT REGULATIONS REGARDING TOXIC SOLVENTS

Volatile Organic Compounds (VOCs) are required to conform to various statutory regulations and
legislations. These organic compounds, which are widely utilized in paints and coatings for technical applications, are subject to several governmental and federal regulations for controlling VOC emissions and to limit human exposure to toxic substances.

National and international regulatory bodies ensure the legal conformity of VOCs in new application areas, the environmental relevance of VOCs, and raw material safety evaluations based on ecotoxicological and toxicological data. Chemical industry associations, such as The European Chemical Industry Council (CEFIC) and German Chemical Industry Association along with other scientific groups, are constantly working on evaluating and developing low VOC content paints and coatings for their application in various industrial sectors.

Formaldehyde, D- limonene, Toluene, Acetone, Ethanol, 2- propanol, and Hexanal are some of the volatile organic compounds. VOC emissions contribute to both indoor and outdoor air pollution. Since 1998, the Environment Protection Agency (EPA) is monitoring the use of VOCs in various products such as protective coatings for various industries, household cleaners, consumer products, fuel containers, and aerosol coatings.

As per the Clean Air Act amendments, the EPA has implemented programs to reduce emissions of VOC and related elements that lead to ozone degradation. The agency has implemented the National Ambient Air Quality Standards (NAAQS) and may also sanction areas, where the manufacturers have to follow the set of standards. Thus, stringent regulations by the EPA, OSHA, EU, and other regional agencies across the globe are expected to challenge the growth of paints and coatings market over the forecast period.

Market Opportunities

The number of end-use industries where paints and coatings could be applied has increased as a result of the development of high-solid paints and coatings that emit little or no volatile organic compounds (VOCs). High-solid epoxies, for instance, are frequently employed in decking, hulls, cargo tanks, and other applications. High-solid paints and varnishes also require minimal drying time and are simple to use. High-solid paints and coatings are highly sought after for coating applications in a variety of end-use sectors as a result of these qualities. This is expected to enhance demand for high-solid paints and coatings, opening up attractive market opportunities.

Market Segmentations of the Paints and Coatings Market

Product Insights

In 2022, the waterborne category controlled the greatest proportion of the global market. Growing construction investment and changing consumer preferences for environmentally friendly products are anticipated to have an impact on the segment's growth during the study period. The majority of water-based paints and varnishes are utilized in poorly and inadequately ventilated rooms. Due to the quick evaporation of the coating's water content, water-based coatings dry more quickly than solvent-based solutions. Due to strict government rules for items with high Volatile Organic Compounds (VOC) content, the solvent-borne coatings market is predicted to grow more slowly than other product categories. Additionally, the growing use of solvent-based coatings for industrial and architectural purposes is anticipated to drive the segment's expansion in the coming years due to their quick drying times and improved performance in humid, open environments.

Application Insights

More than 45% of global revenue in 2022 came from the architectural and decorative segment, which dominated the market. Over the forecast period, rising construction activity and considerable development of the rail and road infrastructure in a number of developed and developing nations, including the U.S., India, China, Germany, the U.K., and European nations, are anticipated to fuel product demand in the segment.

The non-residential sectors, such as FMCG, IT, telecom, and retail, have grown rapidly in the rising regions, such as the Asia Pacific and MEA, which have increased demand for coatings. In the near future, it is anticipated that a growing number of FMCG firms in China, India, and Singapore would increase the market share of architectural & decorative paints and coatings.

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Recent Development

• In November 2019, to improve its position internationally in the aircraft coatings market, Akzo Nobel N.V. purchased Mapaero Coatings, a French aerospace coatings company.
• In June 2017, in order to accelerate its expansion strategy and broaden its line of paints and coatings products, The Sherwin-Williams Company purchased Valspar Corp. in June 2017.

Market Segmentation

By Material

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

By Product

• Solvent-borne Coatings
• Waterborne Coatings
• Powder Coatings
• High Solids/Radiation Curing
• Others (Specialty Coatings)
  
  

By Application

• Non-Architectural
  • Wood
  • Automotive & Transportation
  • General Industrial
  • Protective
  • Marine
  • Others
• Architectural & Decorative

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA
  
  

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