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Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, 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), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101947

 

KEY MARKET INSIGHTS

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The global paints and coatings market size was USD 145.15 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with abrasives witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 6.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 150.76 billion in 2021 to USD 217.66 billion in 2028 at a CAGR of 5.4% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Paints and coatings are widely used in the construction, automotive & transportation, and wood industries. They have a major application in the building and construction industry, where they are used to protect the structures from any external damage. Also, the product is used in various applications in decorating residential and non-residential infrastructures & buildings, industrial equipment, automobile & marine, industrial wood, and others.


A brief glimpse of the market overview shows that these materials are widely used in diverse applications, owing to their properties such as protection from environmental factors, corrosion protection, reflection-absorption, anti-friction, and hardness.


There is an increasing trend of high-tech coatings that include cationic electrocoating materials, covering all the corners and crevices of multifaceted metal parts, thereby protecting from corrosion. High-performance ceramic increases the lifespan of aircraft turbine engines as well as automotive. It mostly protects components from high temperatures, wear, and corrosion.


COVID-19 Outbreak has Disrupted the Supply Chain, Compelling Companies to Monitor Conditions Prudently


COVID 19 outbreak has disrupted the supply chain of companies operating in the paint and coatings sector. Companies are concentrated on managing the orders, inventory levels, and in-transit shipments amid the pandemic. During this pandemic, companies are constantly employing innovative techniques to stabilize their operations at manufacturing sites. Similarly,  suppliers are emphasizing smooth logistics and distribution of raw materials during the pandemic. For example, HMG Paints, a UK-based manufacturer, was fully operational and maintained higher levels of stocks for finished goods during the pandemic.


LATEST TRENDS


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Sustainability Development in the Coatings Industry to Favor Growth


Paints and coatings preserve and protect the substrates they are applied to, thus conserving material resources and energy. The sustainability aspect is routinely considered by companies while performing their business operations. The main focus is to reduce volatile organic compounds (VOC) to include resource conservation and energy, renewable materials, process efficiency enhancement, and waste minimization. For example, DSM offers Decovery, a plant-based resin for paint. The Decovery ingredients are safe and contain low VOCs to protect and improve outdoor & indoor air quality, reducing the carbon footprint by up to 34% by replacing crude oil. Thus, the company focuses on sustainable solutions and transforming the industry from solvent to waste-based coatings.


DRIVING FACTORS


Rapid Expansion of Construction Industry Will Aid Paints and Coatings Market Growth


Paints and coatings are majorly used in the decoration and protection of buildings & infrastructures. These architectural enhancements include 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 various textures, from even to semi-gloss sheens.


The construction industry is poised to grow around USD 8 trillion by 2030. An increase in construction activities and government investments in various public infrastructure projects is likely to support the 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 is another factor responsible for the construction industry's growth.


This industry's growth has led to huge product demand in other applications such as residential and commercial construction. Furthermore, these products also gain momentum due to applications such as automotive & transportation, wood, coils, and industrial metals that will lead to an upsurge in the global market.


RESTRAINING FACTORS


Difficulty Obtaining Thin Films in Powder Coating is Likely to Hinder the Overall Market Growth


The powder coating process is exceptional at attaining thick and smooth coatings. However, it is difficult to produce with thin coatings. It is difficult to control the speed and amount at which the powder is applied to the substrate. Thicker coatings can easily hide surface imperfections. Thinner coatings tend to show more orange-peeled textures due to inadequate addition of powder, insufficient temperature or curing time, and insufficient pre-treatment.


SEGMENTATION


By Resin Analysis


Epoxy Resin Expected to Generate Highest Revenue


Based on resins, the market is segmented into epoxy, acrylic, polyester, alkyd, PU, and others. 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 usage in coatings and paints. The increasing use of acrylic for architectural coatings of interior and exterior walls, windows, and panels is the major factor driving the product demand.


Epoxy resins have major applications in floor coatings, where epoxy thinner, a mixture of solvents and alcohols, is utilized for coatings. Epoxy coatings are broadly used because of their exceptional chemical resistance, low porosity, anti-sagging, corrosion-resistant, strong adhesion, durability, and bond strength.


Alkyd resins are mainly used for decorative gloss paints in residential homes and commercial offices. PU resins have good gloss, scratch resistance, and excellent adhesion and thermal stability. As a result of its properties, the demand for PU resin coatings is expected to contribute to the market size substantially.


By Technology Analysis


Solvent Borne Coatings Expected to Hold Dominant Share


Based on technology, the market is segmented into waterborne, solvent-borne, powder coating, and others. Waterborne coatings hold the largest paints and coatings market share due to increased usage in automobiles, furniture, plastic, wood, and printing inks industries. Waterborne coatings have benefits such as no VOC emissions, quick-dry, and easier application, which are the driving factors for this segment’s growth.


Solvent-borne coatings are made of organic compounds 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, 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 machinery. Powder coat finishes resist corrosion, scratches, chemicals, detergents, and abrasion.


By Application Analysis


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Architectural Segment to Exhibit a Significant CAGR


Based on application, the market is categorized into architectural, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, and others. Amongst these applications, the architectural segment is expected to remain dominant in terms of revenue and volume during the forecast period. In architectural applications, coatings and paints are mainly used for decorative purposes for residential and non-residential structures to protect them from environmental harm, UV radiation, and others. Increasing use of these materials in diverse industries such as construction and automotive is expected to fuel this market's growth.


High demand for paints and coatings in the automotive industry, owing to its color stability, continuous protective film formation, corrosion resistance, abrasion and scratch resistance, flexibility, and durability, will boost the market prospects.


The growth in coil segments can be linked to the high production of sheets of various materials such as polymers, steel, and copper. Coils are used in semiconductors, household wires, cables, automotive, building & construction, etc.


These materials are also applied to commercial and military ships for protection from environmental effects such as water, UV radiation, and thermal instability. Industrial material is also covered through coatings of paints that provide heat and fire resistance, electrical resistance to machinery, and industrial wood. Increasing product demand in marine and industrial applications will further boost the market growth.


REGIONAL INSIGHTS


Asia Pacific Paints and Coatings Market Size, 2020 (USD Billion)

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The Asia Pacific accounted for the highest market share in terms of revenue and volume in 2020 and may remain the largest during the forecast time frame. This is ascribable to the increasing building & construction activities and automotive industries in China, Japan, and India. Increasing demand for coatings and paints is attributable to their application in coatings of residential and non-residential infrastructures. They have a major application for the decoration of walls, windows, and furniture. China is the major consumer as the growing population is leading the growth of the residential construction sector, which is fueling the market's growth. Additionally, their use in the automotive industry is driving the market value in the Asia Pacific.


Europe occupied a prominent position and is anticipated to witness substantial growth in the market share, mainly attributable to the increasing demand from the automotive industry. Europe is among the leading global producers of automobiles owing to higher disposable income and an abundance of raw materials.


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


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


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The Middle East & Africa is expected to observe substantial growth in the global 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 indicates the increasing product demand.


KEY INDUSTRY PLAYERS


Key Market Players to Strengthen the Market Position by Majorly Focussing on Construction and Automotive Industries


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


LIST OF KEY COMPANIES PROFILED:



  • PPG Industries, Inc., (U.S.)

  • Axalta Coating Systems (U.S.)

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

  • AkzoNobel (Netherlands)

  • Kwality Paints & 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)

  • S K Kaken Co., Ltd (Japan)

  • Dunn-Edwards Corporation (U.S.)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • October 2019 - Berger Paints India acquired the construction materials maker STP Ltd. This acquisition will enhance the company’s position in selling, manufacturing, and distributing products.

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


REPORT COVERAGE


An Infographic Representation of Paints and Coatings Market

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The market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, technology, and resin types. Also, the report offers insights into paints and coatings market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion) and Volume (Kilo Tons)



Segmentation



  Resin; Technology; Application; and Region



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 Region  




  • North America (By Resin, By Technology, By Application)

    • The U.S. (By Technology)

    • Canada (By Technology)

    • Mexico (By Technology)



  • Europe (By Resin, By Technology, By Application)

    • Germany (By Technology)

    • UK (By Technology)

    • France (By Technology)

    • Italy (By Technology)

    • Spain (By Technology)

    • Russia (By Technology)

    • Rest of Europe (By Technology)



  • Asia Pacific (By Resin, By Technology, By Application)

    • China (By Technology)

    • Japan (By Technology)

    • India (By Technology)

    • South Korea (By Technology)

    • Indonesia (By Technology)

    • Rest of Asia Pacific (By Technology)



  • Latin America (By Resin, By Technology, By Application)

    • Brazil (By Technology)

    • Rest of Latin America (By Technology)



  • Middle East & Africa (By Resin, By Technology, By Application)

    • Saudi Arabia (By Technology)

    • South Africa (By Technology)

    • UAE (By Technology)

    • Rest of the Middle East & Africa (By Technology)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 145.15 billion in 2020 and is projected to reach USD 217.66 billion by 2028.

In 2020, the Asia Pacific market size stood at USD 71.71 billion

Growing at a CAGR of 5.4%, the market will exhibit steady growth during the forecast period (2021-2028).

The architectural application is expected to be the leading segment in this market during the forecast period.

The rising demand from the construction industry will aid the market growth.

PPG Industries, Inc., AkzoNobel, Jotun, and Axalta Coating Systems are major players in the global market.

Asia Pacific dominated the market share in 2020.

Rising demand from residential and non-residential sectors is an important market trend.

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Paints and Coatings Market Size, Share and Global Industry Trend Forecast till 2026
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