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As per the recently published report by MarketsandMarkets™, the “Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology(Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), & Region – Global Forecast to 2027″, size is estimated at USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%, between 2022 and 2027. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial also support growth. The paints and coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the paints and coatings market globally.
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- 456 Market data Tables
- 62 Figures
- 419 Pages and in-depth TOC on “Paints & Coatings Market – Global Forecast to 2027″
This report also provides a comprehensive analysis of the companies listed below:
There are various small, medium, and large players operating in the paints and coatings market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
Recent Developments
- In December 2022, AkzoNobel N.V. has completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio. The acquired business will complement AkzoNobel’s existing powder coatings offering and expand the range of innovative products the company supplies.
- In April 2022, PPG today announced that it has completed its acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.
- In November 2022, The Sherwin-Williams Company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH. This acquisition creates opportunities to accelerate their profitable growth in the global industrial wood market and fits company strategy of acquiring complementary, high-quality and differentiated businesses.
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Waterborne coatings segment is expected to account for the largest share in 2022.
Waterborne paint, specifically, waterborne epoxy coatings provide a high-gloss finish with excellent corrosion protection products for the marine and agricultural segments. Waterborne coatings are based on emulsifying the binders, pigments, and additives with water. Single-component emulsion coatings are used to form films through the coalescence of the polymer particles as the water evaporates. Waterborne coatings are used widely in various end-use industries such as automotive, furniture, rail coatings, electrical & electronics, energy, and general industrial.
Acrylic segment is expected to account for the largest share in 2022.
Acrylic is the most widely used resin due to its strength, stiffness, excellent solvent resistance, flexibility, impact resistance, and hardness. Paints & coatings contain polymeric materials for decorative and protective purposes. They improve surface properties, such as appearance, adhesion, and wetting, and provide resistance to corrosion and scratching. The coating process involves the application of paints & coatings to a substrate of one or more layers of functional materials, in the form of liquids, gases, or solids.
Asia Pacific is expected to account for the largest share in 2022.
Paints and Coatings market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa and South America. Asia Pacific dominated the global paints & coatings market. This dominance is attributed to the presence of major end use industries in the region. The demand for paints & coatings is growing, especially in the Asia Pacific region. The market in the region is expected to witness a high growth rate in comparison to other regions. The demand is attributed to the new infrastructure & construction projects and the continuous maintenance of the existing industrial systems. The demand for paints and coatings has increased in other Asia Pacific countries, such as South Korea, Singapore, India, Indonesia, as residential construction activities in these countries have risen. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the paints & coatings market growth.
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