The global paints and coatings market size was USD 146.54 billion in 2018 and is projected to reach USD 236.11 billion by 2026, exhibiting a CAGR of 6.2% during the forecast period.

Paints and coatings consist of countless formulated compounds that are pigmented liquid or liquefiable composition used to protect, color, and provide texture to objects. After applying a thin layer of paint, it turns into a solid film. Paints are used to decorate, protect and ensure prolonged life of materials. Whereas, covering objects in thin layer of paints or other films is called as coating. Paints & coatings are widely used in the construction, automotive & transportation, industrial, and wood industries. Paints & coatings have a major application in the building and construction industry where it is used to protect the structure from external harm.

Paints & coatings are used in various applications in decorating residential and non-residential infrastructures & buildings, industrial equipment, automobile & marine, industrial wood, and others. Paints & coatings are used in diverse applications, owing to its properties such as protection from the environmental factors, corrosion protection, reflection-absorption, ant-friction, hardness may propel the paints and coatings market growth over the forecast period.

There is an increasing trend of high-tech coatings that include cationic electro coating materials that cover all the corners and crevices of multifaceted metal parts and protect from corrosion. High-performance ceramic coatings are also increasing the lifespan of aircraft turbine engine and engine parts of automobile, protecting against high temperatures, wear, and corrosion.

MARKET DRIVERS

“Rising Demand for Paints & Coatings in Construction Industry Will Aid Market Growth”

Paints & coatings is majorly used in the decoration and protection of buildings & infrastructures. These architectural coatings include both interior and exterior house paints, primers, sealers, varnishes and stains. Architectural paints allow for less-VOC, odorless paints with increased-scrub resistance, and available in variety of textures, from even to semi-gloss sheens.

Increase in construction activities, along with government investments in various public infrastructure projects, is likely to support construction market. In addition to this, advanced cutting-edge technologies are becoming standard in the construction industry. The increasing use of building information modeling (BIM) collaboration, and cloud computing has been leading the growth of construction industry.

The growth in construction industry has led to a huge demand for paints & coatings in other applications such as residential and commercial construction. Furthermore, paints & coatings are also gaining momentum due to applications such as automotive & transportation, wood, coils and industrial metals that will lead to an upsurge in the paints & coatings market.

SEGMENTATION

By Resin Analysis

“Epoxy Resin is Expected to Generate the Highest Revenue during the Forecast Period”

The paints & coatings market is segmented into epoxy, acrylic, polyester, alkyd, PU, and others, on the basis of resins. Amongst these, acrylic resin accounts for the largest market share owing to its drying rate, adhesion, flexibility, and relative resistance properties making it suitable for the usage in paints & coatings. The increasing use of acrylic for applications in architectural coatings of interior and exterior walls, windows, and panels is the major factor driving the market demand.

Epoxy resins have major applications in floor coatings where epoxy thinner, a mixture of solvents and alcohols is utilized for epoxy coatings. Epoxy coatings are broadly used on account of their exceptional chemical resistance, low porosity, anti-sagging, corrosion resistant, strong adhesion, durability, and bond strength. Alkyd resins are mainly used for the purpose of decorative gloss paints in residential homes and commercial offices. PU resins have good gloss, scratch resistance and excellent adhesion and thermal stability. Rise in demand for PU resin coatings, owing to its properties, is expected to contribute to an increase in the paints & coatings market size substantially.

By Technology Analysis

“Solvent Borne Coatings is Expected to Generate the Highest Revenue during the Forecast Period”

The paints & coatings market is segmented into waterborne, solvent borne, powder coating, and others, on the basis of technology. Waterborne coatings hold the largest market share owing to the increased use of waterborne paints & coatings in automobiles, furniture, plastic, wood, and printing inks industries. Waterborne coatings have benefits such as no VOC emissions, quick dry, and easier apply, which are the driving factors for market growth. Solvent borne coatings are made of organic compounds are majorly used for humid and harsh environments such as industrial metals and equipment and exterior coatings of buildings.

Additionally, powder coatings are an emerging trend as they do not have a liquid carrier and produce thicker coatings without sagging, and also no solvent content and release very less amount of volatile organic compounds (VOC) into the atmosphere. They are used for various applications including coatings of complex parts of automobiles engines, and industrial machineries. A rise in demand for powder coatings is expected to contribute to an increase in the paints & coatings market size considerably.  

By Application Analysis

“Architectural Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”

As per paints & coatings market trends, the market is categorized into architectural, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, and others, on the basis of application. Amongst these applications, architectural segment is expected to remain dominant in terms of market revenue and volume during the forecast period. In architectural application, paints & coatings are mainly used for decorative purpose for residential and non-residential structure to protect from environmental harm, UV radiation, and others. Increasing use of paints & coatings from industries such as construction and automotive will lead to a growth of paints & coatings market.

Paints & coatings have witnessed high demand in the automotive industry owing to properties such as color stability, continuous protective film formation, corrosion resistance, abrasion and scratch resistance, flexibility, and durability. These properties together act as market driver for the growth of paints & coatings market.

The growth in coil segments can be linked to the increased demand for paints & coatings due to high production of sheets of various materials such as polymers, steel, and copper. Coils has uses in semiconductors, household wires and cables, automotive, building & construction, and others. The increased demand can be attributed to the increased usage of paints & coatings for these applications that will lead to the market growth of paints & coatings.

Paints & coatings are applied to commercial and military ships for protection from the environmental effects like water, UV radiation, and thermal instability. Industrial material is also covered through coatings of paints that provides heat and fire resistance, electrical resistance to machineries and industrial wood. Increasing demand for paints & coatings in marine and industrial applications will further boost the growth of paints & coatings market.

REGIONAL ANALYSIS

Asia Pacific accounted for the highest market share in terms of revenue and volume in 2018 and may remain the largest during the forecast timeframe due to expanding building & construction and automotive industries in China, Japan, and India. Increasing demand for paints & coatings is attributed to its application in coatings of residential and non-residential infrastructures. They have a major application for decoration of walls, windows and furniture. China is the major consumer of paints & coatings as the growing population is leading the growth of residential construction sector which is fueling the growth of the market. Additionally, its use in automotive industry is also driving the paints & coatings market value in Asia Pacific.

Europe occupied a major share and is anticipated to witness substantial growth in the global paints & coatings market. The growth can be attributed to the increasing demand for paints & coatings from the automotive industry. Europe is among the leading global producers of automobiles due to higher disposable economy and abundance of raw materials.

Furthermore, North America is expected to witness noteworthy growth in the global paints & coatings market. The U.S. is one of the major consumers of paints for automotive and construction applications globally, which will aid market growth. Paints & coatings in the U.S. are mainly used for the purpose of remodeling and refurbishing old infrastructures and manufacturing of automotive refinish. Continuous acceptance of innovative technologies, growing disposable income, and increasing consolidation of used vehicle are some prime factors that will contribute to the market growth in this region.

In Latin America, Colombia, Brazil, and Peru have planned nationwide infrastructure plans that will boost further investment in the region. The growth in infrastructure and upkeep expenditure by the public and private sectors in these countries is advancing the growth of the paints & coatings market. Growing industrialization in Brazil may boost the demand for architectural coatings that will further help in increasing the paints & coatings market revenue.

The Middle East & Africa is expected to observe substantial growth in the paints & coatings market. Saudi Arabia and Qatar are leading in the regional flourishing of their construction sectors. The surge behind infrastructure and large-scale residential projects across the Middle East indicate the increasing demand for paints & coatings.

KEY INDUSTRY PLAYERS

“Key Market Players Are Expected to Strengthen the Market Position by Offering Paints & Coatings to the Construction and Automotive Industries”

The major producers of paints & coatings are present in Asia Pacific. Some of the key market players for paints & coatings market are PPG Industries, Inc., Axalta Coating Systems, Nippon and Kansai (Kansai Paint Co., Ltd.), and AkzoNobel. PPG Industries, Inc. are major global manufacturers and supplier of paints, coatings, and specialty materials. The company has 156 manufacturing sites in more than 52 countries. On the other hand, Axalta Coating Systems develops and manufactures coatings for industrial, light and commercial vehicles, and refinish applications. The company has 46 manufacturing sites within 130 countries, also they have adopted acquisition strategy to increase its presence in various regions. Similarly, other key players in the market have developed strong regional presence, distribution channels, and product offerings.

List of Key Companies Covered

• PPG Industries, Inc.


• Axalta Coating Systems


• Nippon and Kansai (Kansai Paint Co.,Ltd. )


• AkzoNobel


• Kwality Paints and coatings Pvt. Ltd. (KPCPL)


• Kansai Nerolac Paints Limited


• NIPSEA GROUP


• The Sherwin-Williams Company


• Jotun


• Nippon Paint Holdings Co., Ltd.


• RPM International Inc.


• TIKKURILA OYJ


• S K Kaken Co., Ltd


• Dunn-Edwards Corporation

REPORT COVERAGE

A growing trend is observed in the penetration of the paints & coatings market across various industries such as construction, automotive, coil, wood, and others.

The report provides qualitative and quantitative insights on the paints & coatings market and detailed analysis of market size & growth rate for all possible segments in the market. The paints & coatings market is segmented by resin, technology, application, and geography. Based on the resin, the market is classified into epoxy, acrylic, polyester, alkyd, PU, and others. By technology, waterborne, solvent borne, powder coating, and others. By application, the paints & coatings market is divided into architectural, automotive OEM, marine, coil, general industrial, protective coating, automotive refinish, industrial wood, and others. Geographically, the global paints & coatings market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.

Along with this, the report provides an elaborative analysis of the global paints & coatings market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global paints & coatings market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.

Report Scope & Segmentation

Key Industry Developments

• In October 2019, Berger paints acquired the construction materials maker STP Ltd. through this acquisition will enhancement its businesses concerning selling, manufacturing, and distribution.


• In July 2019 – Axalta broadcasted the expansion of landshut and montbrison plants to create a second production facility for bonded metallic powder coatings. The new equipment will have efficiency, faster turns and the ability to produce small batches having high UV stability and durability. 


• In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, manufacturer of automotive coating. The acquisition will enhance PPG’s automotive coatings offering, and add formulating and manufacturing solutions by adding newer products to its present portfolio.


• February 2018, AkzoNobel inaugurated a new €9 million facility for the production of powder coatings to further strengthen the manufacturing footprint in the country.