Farmington, March 03, 2023 (GLOBE NEWSWIRE) -- The Global Paints And Coatings Market Size Was Valued At USD 160.03 Billion In 2021. The Market Is Projected To Grow From USD 167.04 Billion In 2022 To USD 235.06 Billion By 2030, Exhibiting A CAGR Of 5.0% During The Forecast Period. The COVID-19 outbreak has been frightening and unprecedented on a worldwide scale. In all regions, demand is lower than anticipated compared to before the outbreak. According to our analysis, the global market shrank by 6.3% in 2020 compared to 2019.
The wood, automotive, and construction sectors all make extensive use of paints and coatings. They are frequently employed in the building and construction sector to guard against external harm to structures. The product is also used to adorn a variety of different items, including industrial wood, automobiles, boats, and both residential and non-residential structures and buildings.
Request Sample Copy of Report “Paints and Coatings Market Size, Share & Trends Estimation Report By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- February 2022 - AkzoNobel Powder Coatings has launched the Interpon Futura collection with three new state-of-the-art color palettes: Merging World, Healing Nature and Soft Abstraction. The collection does not emit solvents or volatile organic compounds and contributes to AkzoNobel's overall sustainability program.
- February 2022 - PPG has agreed to acquire the powder coatings division of Arsonsisi, an industrial coatings company based in Milan, Italy. Arsonsisi is a renowned producer of specialty powder coatings for construction and industrial use.
Segment Overview
Resin Insights
Epoxy, acrylic, polyester, alkyd, polyurethane (PU), and other forms of resin are segmented on the market. Because of how rapidly it dries, how well it adheres, how flexible it is, and how generally resistant it is, acrylic resin has the largest market share. It is suitable for use in paints and coatings because of these attributes. The primary factor driving this product's demand is the expanding usage of acrylic for architectural coatings on interior and exterior panels, windows, and walls.
Epoxy thinner, a mixture of solvents and alcohols, is used to create floor coatings, which primarily use epoxy resins. Because they resist chemicals, have few holes, don't droop, don't corrode, stick well, endure a long time, and have a strong connection, epoxy coatings are frequently utilised.
Technology Insights
Because they are more frequently utilised in sectors including automobiles, furniture, printing inks, plastic, wood, and wood goods, waterborne coatings have the largest market share. The fact that aqueous coatings don't release VOCs, dry rapidly, and are simpler to apply is what is causing this market to flourish.
Solvent-borne coatings, which are applied to industrial metals, equipment, and the exteriors of buildings, are employed in humid and challenging situations.
Also, because powder coatings don't require a liquid carrier and may produce thicker coatings that don't sag, they are growing in popularity. They emit extremely minimal volatile organic compounds (VOC) into the air and don't have any solvents. They can be used, among other things, to coat intricate sections of automobiles, engines, and industrial gear. Powder coat finishes are resistant to rust, scratching, chemical or detergent reactions, and fading.
Application Insights
The architectural segment is anticipated to continue having the highest revenue and sales during the forecasted period. In order to preserve residential and non-residential structures from environmental deterioration, UV radiation, and other factors, coatings and paints are mostly employed for decorating. Due to the increasing use of these materials in sectors including building and automobiles, this market is predicted to expand.
Because they don't change colour, form a continuous protective film, resist corrosion, wear, and scratches, are flexible, and last a long time, paints and coatings are in high demand in the automotive sector. The market will expand as a result.
The enormous volume of polymer, steel, and copper sheets produced could be a factor in the expansion of the coil segment market. Coils are utilised in a variety of products, including semiconductors, home wiring and cables, automobiles, buildings, and construction.
Regional Outlook:
In terms of both revenue and volume, Asia-Pacific dominated the market in 2021, and it's possible that nothing will change in the coming years. This is due to the expansion of the building and construction sector as well as the auto industry in China, Japan, and India. The need for paints and coatings is rising since they are used to cover infrastructure in both homes and businesses. They are typically used to adorn walls, windows, and furniture. Due to its expanding population, China is the world's largest consumer, which is boosting the market for and industry of residential development. Its use in the car industry additionally influences the market's worth in the Asia-Pacific region.
Because of the expanding demand from the automobile industry, Europe had a significant market share and is anticipated to see a significant growth in that share. Europe has a lot of money and raw materials, making it one of the best countries in the world to manufacture cars.
In North America, the global market is anticipated to expand rapidly. The growth of the market will be aided by the U.S. being one of the most significant markets for paints used in buildings and automobiles. These products are mostly used in the United States to renovate and repair ancient structures and to refinish automobiles. The market in this area will expand as a result of individuals continuing to adopt new technology, rising disposable incomes, and an increase in the number of people purchasing and selling old cars collectively.
Colombia, Brazil, and Peru all have national infrastructure improvement plans in Latin America. More money will be invested in the area as a result. The fact that both the public and private sectors in these nations are spending more on infrastructure and maintenance aids in the expansion of the regional market. The demand for architectural coatings may increase as Brazil gets more industrialised, which will assist to increase revenue.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.0% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 235.06 Billion |
| By Resin | Epoxy, Acrylic, Polyester, Alkyd, PU, Others |
| By Technology | Waterborne, Solvent Borne, Powder Coating, Others |
| By Application | Architecture, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, Others |
| By Companies | PPG Industries, Inc. (U.S.), Axalta Coating Systems (U.S.), Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan), AkzoNobel (Netherlands), Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India), Kansai Nerolac Paints Limited (India), NIPSEA GROUP (Singapore), The Sherwin-Williams Company (U.S.), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (U.S.), TIKKURILA OYJ (Finland), Asian Paints (India), Dunn-Edwards Corporation (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
The coatings sector needs to work on being more sustainable in order to support growth.
Paints and varnishes conserve energy and material resources by protecting and preserving the objects they are applied on. Businesses constantly consider how their operations impact society and the environment. The primary objective is to reduce volatile organic compounds (VOC). This involves employing renewable materials, streamlining procedures, conserving energy and resources, and cutting waste. For instance, DSM offers Discovery, a paint resin derived from plants. The Discovery components are secure and contain few volatile organic substances (VOCs). They safeguard and enhance indoor and outdoor air quality, and by displacing crude oil, they can cut carbon emissions by up to 34%. In order to shift the industry away from solvent-based coatings and towards waste-based coatings, the company focuses on environmentally friendly alternatives.
Driving Factors:
The building industry's rapid expansion will aid market growth.
Buildings and infrastructure are typically decorated and protected with paints and coatings. These construction upgrades include interior and exterior house paints, primers, sealers, varnishes, and stains. Architectural paints are odourless, easier to clean, and can be produced with fewer volatile organic compounds (VOCs). They also have various textures, ranging from semi-gloss to flat.
The construction sector is predicted to have increased by nearly USD 8 trillion by 2030. More building projects and government spending on public infrastructure projects are likely to benefit the market. In addition, the employment of cutting-edge technologies is becoming more and more commonplace in the construction sector. Building information modelling (BIM), teamwork, and cloud computing are all being used more and more in the construction business, which is contributing to its expansion.
Restraining Factors:
Due to the difficulty in obtaining thin films, the expansion of the powder coating industry as a whole will be hindered.
A wonderful technique to create coatings that are thick and smooth is by powder coating. On the other hand, thin coatings are challenging to produce. It is challenging to regulate how quickly and how much powder is applied to the substrate. Because the covering is thicker, surface imperfections are simple to conceal. When not enough powder was added, the temperature or curing time wasn't high enough, or there wasn't enough pretreatment, thinner coatings frequently exhibit more orange-peeled textures.
Key Segments Covered:
Top Market Players:
PPG Industries, Inc. (U.S.), Axalta Coating Systems (U.S.), Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan), AkzoNobel (Netherlands), Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India), Kansai Nerolac Paints Limited (India), NIPSEA GROUP (Singapore), The Sherwin-Williams Company (U.S.), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (U.S.), TIKKURILA OYJ (Finland), Asian Paints (India), Dunn-Edwards Corporation (U.S.), and others.
By Resin
- Epoxy
- Acrylic
- Polyester
- Alkyd
- PU
- Others
By Technology
- Waterborne
- Solvent Borne
- Powder Coating
- Others
By Application
- Architecture
- Automotive OEM
- Marine
- Coil
- General Industries
- Protective Coatings
- Automotive Refinish
- Industrial Wood
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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