New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The latest research report from Persistence Market Research shows that the global paints & coatings market is currently valued at US$160,054.3 million in 2023. It's expected to grow by 5.1% annually from 2023 to 2033, reaching a total value of US$263,205.2 million by the end of this period.
The market for paints & coatings is split into two main categories: architectural and industrial. Architectural involves applying paints & coatings to residential, commercial, and institutional buildings, both inside and outside. On the other hand, the industrial category includes using paints & coatings in industries like automotive and electronics.
Looking back from 2017 to 2022, the United States, China, Germany, and India dominated the global market for paints & coatings, with a 2.7% annual growth rate. However, due to the significant drop in demand in 2020 caused by the global COVID-19 outbreak, this growth rate was historically low. Travel restrictions and the pandemic's impact on household income led to a decline in the building and construction industry, affecting the sale of paints and coatings.
Looking ahead, the demand for paints and coatings is expected to rise, driven by increased industrial and infrastructure construction in developing countries like China, India, and ASEAN. The market in these countries will also be supported by higher public and private spending on infrastructure development.
As aesthetics become more valued for both residential and commercial purposes globally, the architectural paints & coatings segment is expected to grow as well.
Taking all these factors into account, the global market for paints and coatings is predicted to have a strong annual growth rate of over 5% for the next 10 years.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 160,054.3 Million | |
| Estimated Revenue 2033 | US$ 263,205.2 Million | |
| Growth Rate - CAGR | 5.1% | |
| Forecast Period | 2022-2033 | |
| No. of Pages | 297 Pages | |
| Market Segmentation | By Technology, Base Type, Application and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Market Dynamics
Driving Forces: Over the next five years, housing and construction activities are poised for gradual expansion in North America and Europe. The construction industry in China is expected to grow at a faster rate than in Europe or North America, despite a significant slowdown over the past two to three years. Nations like India, Southeast Asia, and South America are witnessing an increase in construction levels to accommodate the rising urbanization trend, as people migrate from rural areas to cities for improved earnings. Infrastructure investment is a key driver, supported by governments worldwide aiming to enhance economic capacity and fuel post-Covid economic recovery. The civil engineering sector is projected to be the fastest-growing in the construction market. Australia's construction output is predicted to decrease by approximately 3% in 2023 due to high inflation and rising interest rates affecting residential construction. Belgium expects a 1.3% decline in construction output in 2023, mainly due to reduced activity in residential and industrial construction segments influenced by increasing inflation and higher financing costs.
Restraints: Thin-film powder coatings offer desirable features such as excellent flow properties, fine perforations, reduced edge build-ups, and consistent distribution of raw materials. While suitable for use in paints, protective coatings, and optical coatings, producing thin finishes with conventional powder coatings poses challenges, as polymer thickening can result in uneven textures. Powder coatings tend to create a thick finish on metal products, requiring uniform flow and leveling for thin films.
Successful thin-film application hinges on the correlation between color and pigmentation opacity in powder coatings. Polyurethane resins are preferred for achieving thin films due to their flow, physical properties, and cost-effectiveness. Substrate smoothness and wetting pose challenges in thin-film powder coating applications, making it challenging to replicate the thin films formed using wet paint systems.
Opportunities: Fluoropolymers, particularly polyvinylidene difluoride (PVDF), find extensive use in industrial and architectural coatings within the building and construction industry. PVDF excels in architectural applications, offering both excellent appearance and long-term substrate protection. It is the preferred fluoropolymer due to its solvency in ester and ketone solvents, allowing formulation into solvent dispersion coatings.
PVDF-based coatings can be applied through spray coating or conventional coil techniques and baked at temperatures between 230°C and 250°C. These coatings exhibit high dielectric strength, excellent weather resistance, and self-extinguishing properties. PVDF's stability to sunlight and UV radiation makes it a widely used base resin for durable exterior coatings. PVDF coatings, along with other fluoropolymers like polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and ethylene tetrafluoroethylene copolymer (ETFE), prove valuable in the building and construction industry, especially in regions with high summer temperatures. The enduring characteristics of fluoropolymer coatings surpass other resin coil coatings, making fluoropolymer-based coil coatings crucial in the building and construction sector. The demand for PVDF-based coil coatings is expected to rise in the future.
Challenges: Paints and coatings producers face increasing challenges due to regulatory policies implemented by various governments. Compliance with these policies necessitates continuous improvement in processes. Products failing to meet legal requirements are prohibited, especially in countries with stringent environmental regulations in Western Europe and North America.
Some legislators focus on limiting emission values solely based on VOC concentration in exhaust gases, potentially leading to approval for high mass emissions from processes requiring high airflows. This approach disregards the reduced atmospheric emissions associated with low-VOC coatings, emphasizing the need for a more comprehensive evaluation of emissions in the industry.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/paints-coatings-market.asp
Competitive Landscape:
Leading players in the market have concentrated on introducing novel products, fostering innovation, and expanding their production capabilities by establishing new manufacturing facilities in emerging economies. Key strategies encompass mergers and acquisitions, product advancements, collaborations with influential entities, strategic alliances, and the establishment of national and global distribution networks.
Some notable developments include:
- AkzoNobel is in the process of acquiring Group Orbis, a paints and coatings company based in Colombia. This move aims to enhance AkzoNobel's presence in South & Central America, with the complete acquisition expected to conclude before the first quarter of 2022.
- Nippon Paint, a Japan-based company, has officially launched its latest product - the Nippon Paint projection screen paint. This innovative product incorporates the brand's distinctive paint film technology and an eco-friendly formula, offering consumers an enhanced movie viewing experience.
- Kansai Plascon, a subsidiary of Kansai Paint, has introduced the world's first anti-mosquito paint in Lusaka. This product aims to support Zambia in achieving its goal of becoming malaria-free by the end of 2021.
These represent just a few of the numerous developments in the paints and coatings manufacturing industry, as detailed in the comprehensive report from Persistence Market Research.
Category-wise Insights
What are the main uses that contribute to the high consumption of paints & coatings?
As per Persistence Market Research, protective coatings stand out as one of the most commonly used applications in industrial paints and coatings. The global industrial segment is projected to see protective coatings make up over 17% of its composition, driven by increased use across various industries to safeguard industrial components.
In 2023, the industrial paints and coatings market is expected to generate sales of US$46.8 billion, primarily driven by protective coatings, general industrial applications, and the automotive sector, according to the annual market report from Persistence Market Research.
Which primary material is more favored in the production of paints & coatings?
Due to strict regulations imposed by various governments globally on solvent-based technologies, water-based architectural paints are gaining significant traction.
This segment is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.4% throughout the assessment period and is projected to contribute to over 50% of the overall value share.
Country-wise Insights
How is the paints & coatings market thriving in China?
Despite concerns about the industry during the global pandemic, the Chinese market is expected to grow by 5.7% annually in 2022. In 2023, China's total sales of paints and coatings are projected to surpass US$45 billion.
China is anticipated to dominate both the East Asian and global markets, holding a 78% market share in East Asia. The country's rapid growth in infrastructure, low-cost housing, commercial housing, and building projects is expected to drive demand for paints and coatings in China.
Although the Chinese market has both local and foreign competitors, it remains fragmented. Key businesses in China are expected to collaborate more with distributors and service providers as the market consolidates. Companies in China are focusing on overcoming challenges like strategic changes, a dynamic business environment, offering high-quality products, after-sales service, and more to boost overall demand for the product.
What are the driving factors for Paints & Coatings in India?
India's paints and coatings market is predicted to reach a value of US$13.1 billion by 2033.
Despite challenging economic conditions, a significant decline in the value of their currency, and disruptions in the supply chain due to COVID-19, Indian paint and coating manufacturers have benefited from stable raw material prices.
Since the third quarter of 2022, India's demand for paints and coatings has been gradually improving, and it is expected to return to its previous pattern soon.
The market has grown over time due to urbanization and industry activity, with customers in the Indian market shifting away from traditional whitewash to higher-quality paints, especially in tier-II/III towns. Lower-quality enamels, putty, and distemper also show promising prospects.
The Indian market is highly competitive, with major companies implementing various strategies to capitalize on the rising regional demand.
Key Questions Answered in the Report
- What factors are leading the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What are the pivotal elements shaping the market?
- How is the segmentation of the Paints and Coatings market done, considering types, fuels, applications, or other pertinent factors?
- Who are the primary participants in the Paints and Coatings market?
- What strategies are being employed by these players to secure a competitive advantage?
- What are the catalysts driving the expansion of the Paints and Coatings market?
- Which regions are projected to experience substantial growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Paints and Coatings industry?
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