Paints and Coatings Market to Experience 5.0% CAGR during 2023-2030; Increased Manufacturing of OEMs due to Heavy Investments Will Drive Market Growth

The global paints and coatings market size was valued at USD 164.00 billion in 2022. The market is projected to grow from USD 171.55 billion in 2023 to USD 241.32 billion by 2030, exhibiting a CAGR of 5.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, 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, 2023-2030”.

In the building, woodworking, automotive, and transportation sectors, paints and coatings are widely used. They are used to shield buildings from harm from the outside in the construction industry, where they have a large application. Additionally, the product is applied in a wide range of industries, including automotive, maritime, industrial wood, industrial plants, and others. It is utilized to decorate both residential and non-residential buildings and infrastructure. These materials are widely utilized in a variety of applications due to their qualities such as resistance to environmental variables, absorption of reflections, protection from corrosion, hardness, and friction, as can be seen from a short glance at the market overview.

Supply Chain Disruption Due to COVID-19 Emergence Forces Businesses to Carefully Monitor Situations

The paint and coatings industry's supply chain has been hampered by the COVID-19 outbreak. The pandemic has businesses concentrating on handling orders, inventory, and transportation shipments. Companies continuously applied novel strategies to maintain the stability of their production sites' operations during this epidemic. During the epidemic, suppliers placed a high priority on efficient raw material distribution and transportation. Due to the expanding automotive and construction sectors, the industry is anticipated to return to its pre-pandemic levels.

Companies are Investing Heavily to Increase Manufacturing

PPG stated in January 2022 that it would invest more than USD 10 million to increase the manufacturing of automotive OEM coatings at its facilities in Weingarten, Germany. PPG is expanding its current facility by 10,000 square feet so that it can make more than 5,000 metric tons of waterborne basecoats annually.

Construction Industry's Rapid Expansion Will Support Market Growth

The main purposes of paints and coatings are to protect and embellish structures and infrastructure. Paints, sealants, primers, stains, and varnishes are a few of these architectural advancements. Architectural paints allow for odourless paints with enhanced abrasion resistance and are offered in a variety of textures, from uniform to semi-gloss. The expansion of the construction industry is also attributed to the increased usage of cloud and collaboration computing, as well as Building Information Modeling (BIM). These factors are anticipated to increase the global market share,

The powder coating method excels at producing thick, smooth coatings. However, thin coatings are challenging to manufacture. It is challenging to regulate how quickly and how much powder is put to the substrate which may impede the paints and coatings market growth.

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Competitive Landscape

By Concentrating Primarily on the Construction and Automotive Industries, Key Market Players Will Strengthen their Position

The sector is highly competitive and fragmented, with major players like PPG Industries, Inc., Axalta Coating Systems, Nippon, Kansai (Kansai Paint Co., Ltd.), Jotun, the Sherwin-Williams Company, and AkzoNobel competing in it. To preserve product quality and increase their regional presence, the majority of multinational firms have combined their sales and raw material production operations. Businesses gain a cost advantage as a result, which raises profit margins and offers them a competitive edge. Businesses are focusing more on their R&D efforts in order to stay competitive and suit the evolving needs of end users.

Notable Industry Development:

• June 2021: PPG acquired Tikkurila, a Nordic paint and coatings company. This acquisition will help PPG to expand paint and coatings options that will include Tikkurila’s environment-friendly decorative products and high-quality industrial coatings.

List of Key Players Profiled in the Report:

• AkzoNobel (Netherlands)


• Kansai Nerolac Paints Limited (India)


• Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)


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


• The Sherwin-Williams Company (U.S.)


• NIPSEA GROUP (Singapore)


• Nippon Paint Holdings Co., Ltd. (Japan)


• Jotun (Norway)


• Axalta Coating Systems (U.S.)


• TIKKURILA OYJ (Finland)


• Dunn-Edwards Corporation (U.S.)


• Asian Paints (India)


• RPM International Inc. (U.S.)


• PPG Industries, Inc. (U.S.)

Further Report Findings:

• In terms of volume and revenue, Asia Pacific dominated the paints and coatings market in 2022, and it's possible that it will continue to do so throughout the anticipated time period. The automobile industry in China, India, and Japan, as well as rising construction and building activities are set to drive the market growth.


• Europe holds a significant position and is anticipated to see a significant gain in market share, mostly as a result of rising demand from the automobile industry.


• On the international market, North America is likely to have notable growth. The growth of this market will be aided by the U.S. being one of the world's major consumers of coatings for use in automotive and construction applications.


• The market is expected to expand significantly across the Middle East and Africa. Leading nations in the regional growth of their building industries are Saudi Arabia and Qatar.

Table of Segmentation