"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global paints and coatings market size was valued at USD 154.64 billion in 2019 and is projected to reach USD 249.70 billion by 2027, exhibiting a CAGR of 6.3% during the forecast period.
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 the 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 providing protection from corrosion. High-performance ceramic coatings are also increasing the lifespan of an aircraft turbine engine and engine parts of automobiles, protecting against high temperatures, wear, and corrosion.
COVID-19 Outbreak has Disrupted the Supply Chain, Compelling Companies to Monitor Conditions Prudently
COVID 19 is disrupting companies’ supply chain in the paint and coatings sector. Companies are managing the orders, inventory levels, and in-transit shipments. During this pandemic, companies are making sure of the continuous operation of warehouse and manufacturing sites, while logistics providers continue to distribute raw materials on time, ensuring their smooth transportation. For example, HMG Paints, a UK-based company, is fully operational during this pandemic and is maintaining higher levels of stocks of finished goods and raw materials.
Request a Free sample to learn more about this report.
Increasing Adoption of Sustainable Materials 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, use of renewable materials, process efficiency enhancement, and waste minimization. For example, DSM offers Discovery, a plant-based resin for paint. The Discovery 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.
Rapid Expansion of Construction Industry will Aid in the Market Growth
Paints and coatings are majorly used in the decoration and protection of buildings & infrastructures. These architectural enhancements 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 a variety of 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, along with 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 growth of the construction industry.
The growth in this industry has led to huge product demand in other applications such as residential and commercial construction. Furthermore, these products are also gaining momentum owing to applications such as automotive & transportation, wood, coils, and industrial metals that will lead to an upsurge in the global market.
Difficulty Obtaining Thin Films in Powder Coating 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, whereas thinner coatings tend to show more orange-peeled textures owing to inadequate addition of powder, insufficient temperature or curing time, and insufficient pre-treatment.
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 paints and 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 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 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 decorative gloss paints in residential homes and commercial offices. PU resins have good gloss, scratch resistance, and excellent adhesion and thermal stability. Growing demand for PU resin coatings, as a result of its properties, is expected to contribute to an increase in the market size substantially.
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 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 application, which are the driving factors for this segment’s growth.
Solvent-borne coatings are made of organic compounds that 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, 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 machinery. Rising demand for powder coatings is expected to grow and to contribute to the paints and coatings market growth.
To know how our report can help streamline your business, Speak to Analyst
Architectural Segment to Exhibit a Significant CAGR
On the basis of 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 the growth of this market.
High demand for paints and coatings in the automotive industry, owing to properties such as 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 have been used in semiconductors, household wires and cables, automotive, building & construction, and others. The increased demand can be attributed to the increased usage of paints as well as coatings for these applications that will lead to market growth.
These materials are also applied to commercial and military ships for protection from the 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.
Asia Pacific Paints and Coatings Market Size, 2016-2027 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific accounted for the highest market share in terms of revenue and volume in 2019 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 paints as well as coatings 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 growth of the market. Additionally, their use in the automotive industry is driving the market value in Asia Pacific.
Europe occupied a prominent position and is anticipated to witness substantial growth in the paints and coatings 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 some of the 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 regional market. Growing industrialization in Brazil may boost the demand for architectural coatings that will further help in increasing revenues.
The Middle East & Africa is expected to observe substantial growth in the 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 increasing product demand.
Key Market Players to Strengthen the Market Position by Majorly Focusing on Construction and Automotive Industries
Some of the key players in the market are PPG Industries, Inc., Axalta Coating Systems, Nippon, and Kansai (Kansai Paint Co., Ltd.), and 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, and 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.
An Infographic Representation of Paints and Coatings Market
To get information on various segments, share your queries with us
The paints and coatings market research 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 industry trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Million) and Volume (Million KT)
Fortune Business Insights says that the global paints and coatings market size was USD 154.64 billion in 2019 and is projected to reach USD 249.70 billion by 2027.
In 2019, the market value stood at USD 154.64 billion.
Growing at a CAGR of 6.3%, the market will exhibit steady growth in the forecast period (2020-2027).
The architectural segment is the leading segment based on application.
The rising demand from the construction industry will aid market growth.
PPG Industries, Inc., AkzoNobel, Jotun, and Axalta Coating Systems are few of the leading players in the global market.
Asia Pacific dominated the global market in 2019.
Rising demand from residential and non-residential sectors is an important market trend.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry