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Paints and Coatings Market Size, Share & Industry Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, and Others), By Product Type (Waterborne, Solvent Borne, Powder Coatings, UV Coatings and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, Packaging, and Others), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI101947



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The global paints and coatings market size was valued at USD 206.56 billion in 2023 and is projected to grow from USD 217.36 billion in 2024 to USD 303.97 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period. Asia Pacific dominated the paints and coatings market with a market share of 46.39% in 2023.

Paints and coatings are commonly used in the automotive, construction, wood, and transportation industries. They have a significant application in the construction sector, where they are used to protect structures from external damage. Besides, the product is used in numerous applications, such as decorating non-residential and residential buildings and infrastructures, automotive, marine, industrial wood, industrial plants, and others.

A quick look at the market overview shows that these materials are extensively used in various applications due to their properties, such as protection against environmental factors, reflection absorption, corrosion protection, hardness, and friction.

There is a growing trend toward high-tech coatings containing cationic galvanic coating materials that cover all crevices and corners of diverse metal parts, thus protecting them from corrosion. High-performance ceramics extend the service life of aircraft turbine engines and the automotive industry. It protects components, above all, against high temperatures, corrosion, and wear.

The outbreak of COVID-19 disrupted the supply chains of companies in the paints and coatings industry. Companies are focused on managing orders, inventory, and transit shipments amid the pandemic. During the pandemic, companies constantly used innovative techniques to stabilize their operations at production sites. Suppliers also gave importance to smooth logistics and distribution of raw materials during the pandemic. However, the market is expected to recover to pre-pandemic levels due to the growing construction and automotive industries.

Paints and Coatings Market Trends

Sustainability Development in Coatings Industry to Favor Growth

Paints and coatings protect and preserve the substrates applied to them, thus conserving material resources and energy. The sustainability aspect is routinely taken into account by firms in the conduct of their business activities. The key focus is on reducing volatile organic compounds (VOCs) around resource conservation and energy, improving process efficiency, renewable materials, and minimizing waste. For instance, DSM offers Decovery, a vegetable resin for paints. Decovery ingredients comprise low VOCs to improve and protect indoor and outdoor air quality, decreasing the carbon footprint by up to 34% by replacing crude oil, and are also safe. Therefore, the company focuses on sustainable solutions and transforming the industry from solvent-based to waste-based coatings.

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Paints and Coatings Market Growth Factors

Rapid Expansion of the Construction Industry Will Aid Market Growth

Paints and coatings are mainly used to protect and decorate infrastructure and buildings. These architectural developments include exterior and interior paints, sealants, primers, stains, and varnishes. Architectural paints permit odorless paints with amplified abrasion resistance and are available in numerous textures, from uniform to semi-gloss.

The construction industry is expected to grow by around USD 8.0 trillion by 2032. A surge in construction activity and government investment in several public infrastructure projects will likely boost the market’s growth. Additionally, advanced cutting-edge technologies are becoming the standard in the construction sector. The growing use of Building Information Modeling (BIM) cloud and collaboration computing is another factor responsible for the growth of the construction industry.

The growth of the industry led to huge product demand in other applications, such as commercial and residential construction. Moreover, such products are gaining momentum owing to applications such as coils, wood, industrial metals, and transportation and automotive which will boost the market growth.

Sustainable Development in the Coatings Industry May Favor Market Growth

Strict environmental regulations have created a massive demand for the sustainable development of coatings products. Paints and coatings preserve and protect the substrates they are applied to, 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.

Hence, paint manufacturers are introducing and innovating sustainable paint technology to meet the consumer demand. These companies are also following guidelines implemented by REACH to reduce VOCs and carbon footprint, thereby developing bio-based technologies and attaining recyclability.

For instance, 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.


Difficulty Obtaining Thin Films in Powder Coating to Hinder Overall paints and coatings Market Growth

The powder coating process is exceptional at attaining thick and smooth coatings. However, it is not easy to produce with thin coatings. It is tough 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 powder addition, insufficient temperature or curing time, and insufficient pre-treatment.

Paints and Coatings Market Segmentation Analysis

By Resin Analysis

Polyurethane Resin Expected to Generate Highest Revenue Due to Abrasion Resistant and Corrosion Resistant Properties

By resin, the market is segmented into acrylic, alkyd, epoxy, polyurethane (PU), polyester, and others.

Among these, acrylic resin holds a significant market share in volume due to its adhesion, drying speed, relative resistance, and flexibility properties, making it suitable for use in paints and coatings. The growing use of acrylic for architectural coatings of exterior and interior walls, panels, and windows is the main factor driving demand for the product.

Epoxy resins have wide applications in floor coatings, where epoxy thinners, a mixture of alcohols and solvents, are used for coatings. Epoxy coatings are widely used owing to their low porosity, exceptional chemical resistance, corrosion resistance, sag protection, adhesive strength, strong adhesion, and durability.

Alkyd resins are generally used for decorative gloss paints in commercial offices and homes. PU resins contain properties of scratch resistance, good gloss, thermal stability, and excellent adhesion. Due to its properties, the growing demand for PU resin coatings is expected to contribute significantly to the market size increase.

By Product Type Analysis

Water-Borne Coatings Expected to Hold Dominant Share Due to Environment-Friendly and no VOC Emission Properties

By product type, the market is classified into solvent borne, waterborne, powder coating, UV coatings and others.

Waterborne coatings hold the largest paints and coatings market share due to increased usage in automobiles, plastic, furniture, printing inks industries, and wood. 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, have no solvent content, and release a small amount of volatile organic compounds (VOC) into the atmosphere. They are used for various applications, including coatings of complex parts of industrial machinery, automobiles, and engines. Powder coat finishes resist corrosion, scratches, chemicals, detergents, and abrasion.

By Application Analysis

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Architectural Segment to Exhibit a Significant CAGR Owing to Increasing Demand from Construction and Automotive Industries

By application, the market is divided into architectural, industrial wood, marine, automotive OEM, automotive refinish, general industries, coil, protective coatings, packaging and others.

The architecture segment is anticipated to dominate in revenue and volume throughout the projected period. In architectural applications, paints and coatings are chiefly used for decorative purposes for non-residential and residential infrastructure and buildings to protect them from UV radiation and environmental damage among other factors. The rising use of these materials in various industries, such as automotive construction, is anticipated to drive the growth of this market.

The high demand for paints and coatings in the automotive sector owing to their corrosion resistance, continuous protective film formation, color stability, scratch resistance, abrasion, durability, and flexibility will increase the market outlook.

The growth of coil segments can be associated with the high production of sheets made of several materials, such as steel, copper, and polymers. Coils are used in household wires, semiconductors, cables, construction, and automobiles, among others.

These materials are also used on commercial and military ships to protect against environmental effects such as UV radiation, thermal instability, and water. Industrial material is also covered by paint coatings, which provide fire, heat, and electrical resistance for industrial and machinery wood. Rising product demand in industrial and marine applications will further drive the market's growth.


Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific Paints and Coatings Market Size, 2023 (USD Billion)

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Asia Pacific had the highest market share in terms of volume and revenue in 2023 and may maintain its spot during the projected period. This is due to growing construction and building activity and the automotive sector in China, India, and Japan. The rising demand for paints and coatings is due to their application in the coatings of non-residential and residential infrastructures. They have great applications in decorating furniture, windows, and walls. The main consumer is China, as the growing population is leading the growth of the residential construction sector, which is driving the growth of the market. In addition, their use in the automotive industry boosts market value in the region.

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Europe occupies a prominent position, and its market share is expected to increase significantly, mainly due to growing demand from the automotive sector. Europe is one of the world's leading automobile manufacturers owing to its abundant raw materials and higher disposable income.

North America is predicted to witness remarkable growth in the global market. The U.S. is one of the largest consumers of coatings for construction and automotive applications worldwide, which will support the market’s growth. In the U.S., these products are primarily used for the conversion and rehabilitation of old infrastructures as well as for the production of automotive refinish coatings. Growing disposable income, continued adoption of innovative technologies, and increasing consolidation of used vehicles are key factors that will contribute to the market growth.

In Latin America, Brazil, Peru, and Colombia have planned nationwide infrastructure plans to drive regional investment. The growth of public and private sector infrastructure and maintenance spending in these countries drives the regional market's growth. Increasing industrialization in Brazil may drive demand for architectural coatings, further increasing sales.

The Middle East & Africa are anticipated to observe significant growth in the market. Saudi Arabia and Qatar are leaders in the regional flourishing of their construction industry. The rise of infrastructure and large residential projects in the region indicates growing product demand.

List of Key Companies in Paints and Coatings Market

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

This market is competitive and fragmented with key manufacturers operating in the industry such as PPG Industries, Inc., Axalta Coating Systems, Nippon, Kansai (Kansai Paint Co., Ltd.), Jotun, the Sherwin-Williams Company, and AkzoNobel. Most global corporations have integrated raw material production and sales activities to maintain product quality and expand their regional presence. This gives businesses a competitive edge in the form of a cost advantage, which improves profit margins. To remain competitive and meet the changing demands of end-users, corporations are also placing more emphasis on their R&D efforts.

Additionally, companies have adopted strategies, such as acquisition, partnership, and new product launches, to increase their presence in various regions.



  • February 2023: AkzoNobel Powder Coatings introduced the Interpon Futura Collection, which includes three new, on-trend color palettes such as Merging World, Healing Nature, and Soft Abstraction. The collection emits no solvents or volatile organic compounds and contributes to AkzoNobel's overall sustainability program.

  • February 2023: PPG agreed to acquire the powder coatings division of Arsonsisi, an industrial coatings company situated in Milan, Italy. Arsonsisi is a prominent producer of architectural and industrial specialty powder coatings.

  • February 2023: H.B. Fuller Company acquired Apollo, the U.K.’s independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction industries.

  • August 2021: PPG introduced PPG ENVIROCRON PCS P4 powder coatings for architectural, home décor, and furniture applications. This latest generation of powder coatings meets the increased demand for matte and premium-textured surfaces in applications ranging from aluminum and steel substrates for building construction to urban and office furniture.

  • June 2021: AkzoNobel acquired paints and coatings maker Grupo Orbis. This strategic acquisition will allow AkzoNobel to expand its position in South and Central America.

  • December 2020: Jotun launched its Jotacote Universal S120 primer to the global market in the North East Asian and West European markets. Jotacote Universal S120 is the world’s first PSPC-approved single-coat, solvent-free system.


An Infographic Representation of Paints and Coatings Market

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The report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, technologies, and resin types. Also, the report offers insights into the 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



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 4.5% from 2024 to 2032


Value (USD Billion) and Volume (Kiloton)



By Resin

  • Epoxy

  • Acrylic

  • Polyester

  • Alkyd

  • Polyurethane (PU)

  • Others

By Product Type

  • Waterborne

  • Solvent Borne

  • Powder Coating

  • UV Coatings

  • Others

By Application

  • Architectural

  • Automotive OEM

  • Marine

  • Coil

  • General Industries

  • Protective Coatings

  • Automotive Refinish

  • Industrial Wood

  • Packaging

  • Others

By Region

  • North America (By Resin, Product Type, Application, and Country)

    • U.S. (By Resin, Product Type, and Application)

    • Canada (By Resin, Product Type, and Application)

    • Mexico (By Resin, Product Type, and Application)

  • Europe (By Resin, Product Type, Application, and Country)

    • Germany (By Resin, Product Type, and Application)

    • U.K. (By Resin, Product Type, and Application)

    • France (By Resin, Product Type, and Application)

    • Italy (By Resin, Product Type, and Application)

    • Spain (By Resin, Product Type, and Application)

    • Russia (By Resin, Product Type, and Application)

    • Rest of Europe (By Resin, Product Type, and Application)

  • Asia Pacific (By Resin, Product Type, Application, and Country)

    • China (By Resin, Product Type, and Application)

    • India (By Resin, Product Type, and Application)

    • Japan (By Resin, Product Type, and Application)

    • South Korea (By Resin, Product Type, and Application)

    • Indonesia (By Resin, Product Type, and Application)

    • Rest of Asia Pacific (By Resin, Product Type, and Application)

  • Latin America (By Resin, Product Type, Application, and Country)

    • Brazil (By Resin, Product Type, and Application)

    • Rest of Latin America (By Resin, Product Type, and Application)

  • Middle East & Africa (By Resin, Product Type, Application, and Country)

    • Saudi Arabia (By Resin, Product Type, and Application)

    • South Africa (By Resin, Product Type, and Application)

    • UAE (By Resin, Product Type, and Application)

    • Rest of the Middle East & Africa (By Resin, Product Type, and Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 206.56 billion in 2023 and is projected to reach USD 303.97 billion by 2032.

In 2023, the Asia Pacific market size stood at USD 95.82 billion.

Growing at a CAGR of 4.5%, the market will exhibit steady growth during the forecast period (2024-2032).

By application, architectural segment is expected to be leading the market during the forecast period.

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

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

Asia Pacific dominated the market share in 2023.

Rising demand from residential and non-residential sectors is an important factor expected to drive the product adoption.

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