The size of the global paints and coatings market was USD 183.38 billion in 2021 and is predicted to have a revenue compound annual growth rate (CAGR) of 2.9% during the forecast period. The demand for paints and coatings is increasing due to better protection and durability against Ultraviolet (UV) radiations and harsh weather conditions, which is driving market revenue growth. Various industries, such as automotive and transportation and construction, are the major consumers of paints and coatings. Partnerships and agreements undertaken by market players are also expected to drive revenue growth. For example, Choksey Chemicals Pvt. Ltd (CCPL), a leading manufacturer of building chemicals and waterproofing solutions, collaborated with Nippon Paint Private Limited on 1 February 2021. According to the agreement, Nippon Paint India would support CCPL as sales and marketing partners in building and construction and retail.
Decorative paint accounts for 75% of the paint industry and is expected to experience significant revenue growth. Rising demand for waterproofing and fireproofing in regions with tropical climates is supporting the growth of the paints and coatings market. About 55% of all coatings are used to design and protect new construction and maintain current projects, such as private residences and flats, municipal areas, and plants and industries. Another 35% of coatings are utilized to protect industrial products.
Innovative coatings, such as nanocoatings, are expected to drive market revenue growth. Nanocoatings are thin and transparent, enhancing their aesthetic appeal, and can be applied to a wide variety of substrates, such as metals, plastics, ceramics, and polymers. These coatings prevent the growth of harmful bacteria in a medical setting and avoid fingerprints from forming on automotive surfaces. Nanocoatings significantly reduce the level of Volatile Organic Compounds (VOC) compared to traditional polymer coatings, which is expected to drive revenue growth of the market. Muse Nanobots, a subsidiary of Muse Wearables, developed a nanotech coating for textiles that can inactivate the Coronavirus within five minutes of contact, which could provide enhanced protection for travelers, frontline healthcare, hospital, hotel, and restaurant staff. Huawei, a Chinese technological powerhouse, applied P2i's nanocoating technology to its latest flagship handset, which protects the device from liquid damage and corrosion caused due to spills and splashes. P2i, a world leader in liquid repellent nanotechnology, has applied its unique liquid-repellent coating to over 100 million cellphones.
The demand for waterproof coatings is also expected to drive revenue growth. Waterproof paints contain a crystalline microstructure that is water-soluble and penetrates deep into the cementation matrix, and are made up of two-component acrylic polymer modified and white cement. One of the ways the sector uses technology to extract the right information regarding painting solutions is through tools such as Moisture Meter, which monitors the health of walls both inside and outside to provide an accurate update on whether waterproofing is required. As living standards develop and per capita coatings usage rises, international companies have a stronger foothold in developing countries. Nippon Paint Pvt. Ltd. collaborated with Choksey Chemicals Pvt., a construction chemicals and waterproofing material manufacturer, on 29 January 2021, to expand its product portfolio beyond paints and coatings to waterproofing, agricultural, flood, thermal insulation, and tiling coating products.
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Paints and Coatings Market Segments:
The paints and coatings market has been segmented by Reports and Data based on four factors: resin type, technology, end-use, and region.
In terms of resin type, the market has been categorized into Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Ceramic, and Others. The revenue generated by each category is presented in USD Billion for the years 2019-2030.
The technology used in paints and coatings is also a crucial factor in determining the market size. Reports and Data has segmented this market into four categories: Water-based Coatings, Solvent-based Coatings, Powder Coatings, and UV-based Coatings. The revenue generated by each of these technologies is presented in USD Billion for the years 2019-2030.
The end-use of paints and coatings has been categorized into three segments: Architectural, Residential, Industrial, and Others. The revenue generated by each category is presented in USD Billion for the years 2019-2030.
Finally, the paints and coatings market has been segmented by region into North America (including the U.S., Canada, and Mexico), Europe (including Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and Rest of Europe), Asia Pacific (including China, India, Japan, South Korea, and Rest of APAC), Latin America (including Brazil and Rest of LATAM), and Middle East & Africa (including Saudi Arabia, UAE, South Africa, Israel, and Rest of MEA). The revenue generated by each of these regions is presented in USD Billion for the years 2018-2030.
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Paints and Coatings Market: Strategic Developments
The paints and coatings market is expected to experience significant growth during the forecast period, with various segments contributing to this trend. One of the segments that is expected to grow at a rapid rate is epoxy, due to its applications in floor coatings. These coatings are known for their low porosity, exceptional chemical resistance, and strong adhesion, making them a popular option for industrial-grade floors. Additionally, epoxy has excellent properties of long-term resistance to corrosion and gloss retention, further driving its growth in the market.
Another segment that is expected to register significant growth during the forecast period is solvent-based coatings. This can be attributed to the increased usage of aliphatic hydrocarbons, lacquer thinner, toluene, and xylene in various industries. China, in particular, is the leading consumer of solvent-borne paints due to its use in the automotive sector and industrial/commercial construction. Companies are also moving towards green compositions from traditional colors, although at a higher cost.
The architectural and decorative segment is also expected to experience growth due to increasing renovation and refurbishment activities in residential, non-residential, and commercial architectures in developed countries such as the U.S., Canada, Germany, Japan, Turkey, and Australia. Architectural coatings can take many forms, including decorative coatings, roof coatings, wall paints, or deck finishes, and are applied on a structure or building exterior.
Lastly, the rising disposable income and purchasing power in the Asia Pacific region is creating high demand for paints and coatings. While various countries are expected to contribute to the market revenue growth, existing economies such as Japan, Korea, Australia, and China are expected to be the significant contributors to this trend. Overall, the paints and coatings market is poised for significant growth across various segments in the coming years.
Paints and Coatings Market: Competitive Landscape
The paints and coatings market report includes some of the major players in the industry. These companies are expected to have a significant impact on the growth and development of the market. The list of major companies includes AkzoNobel NV, PPG Industries, Inc., The Sherwin-Williams Company, RPM International, Inc., Nippon Paint Holding Co., Ltd., Tikkurila Oyj, Axalta Coating Systems, Asian Paints Ltd., Berger Paints India Ltd., and Jotun Group.
AkzoNobel NV is a Dutch multinational company that specializes in decorative paints, performance coatings, and specialty chemicals. PPG Industries, Inc. is a global supplier of paints, coatings, and specialty materials. The Sherwin-Williams Company is an American company that produces paints and coatings for industrial, commercial, and retail customers. RPM International, Inc. is a multinational holding company that owns subsidiaries that manufacture and market coatings, sealants, and other specialty chemical products.
Nippon Paint Holding Co., Ltd. is a Japanese company that produces paints and coatings for the automotive, industrial, and architectural industries. Tikkurila Oyj is a Finnish company that produces decorative paints and coatings for both consumers and professionals. Axalta Coating Systems is a global company that develops and manufactures coatings for automotive, industrial, and commercial vehicles.
Asian Paints Ltd. is an Indian company that specializes in decorative paints, industrial coatings, and powder coatings. Berger Paints India Ltd. is another Indian company that manufactures and sells paints and coatings for the automotive, industrial, and architectural sectors. Jotun Group is a Norwegian company that produces protective coatings, decorative paints, and marine coatings.
These major players in the paints and coatings market are expected to drive innovation and growth in the industry, and their strategies and actions will have a significant impact on the market's future developments.
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