The latest research study “Paints and Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global paints and coatings market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Paints are pigmented liquids that enhance the substrate’s aesthetics, whereas coatings help improve surface qualities and prevent substrate deterioration. Some commonly available product variants include radiation curing, waterborne, powder, high solids, and solvent-borne coatings.
They are used to decorate buildings, residential and non-residential infrastructure, and industrial equipment. They have anti-microbial, flame-retardant, and anti-fouling properties. They protect the surface from detrimental environmental factors such as corrosion, weathering, and chemical exposure. As a result, paints and coatings find extensive applications in the automobile, marine, construction, and transportation industries across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Paints and Coatings Market Trends and Drivers:
The global paints and coatings market is primarily driven by the rising product use on walls, roofs, door frames, panels, windows, and interior extrusions for protection, decoration, and aesthetics due to rapid growth in the construction industry. Moreover, the introduction of organic paints and coatings that are block-resistant, free from volatile organic compounds (VOCs), and manufactured using natural ingredients, including lemon peel extract, seeds, clay, vegetable, and soybean oil, is positively influencing the market growth.
Additionally, the rising use of environmentally friendly coatings that reduce the harmful effects of infrared and ultraviolet (UV) radiation and increase overall effectiveness is another major growth-inducing factor. Besides this, the surging adoption of paints and coatings in the automotive industry due to their color stability, abrasion and scratch resistance, flexibility, continuous protective film formation, corrosion, and durability has catalyzed the market growth. Furthermore, the escalating demand for waterborne and powder-based coatings owing to rising environmental consciousness is contributing to the market growth. Other factors, including ongoing research and development activities, favorable government initiatives, and increasing renovation activities, are also anticipated to propel the market growth.
Paints and Coatings Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Akzo Nobel N.V.
- Asian Paints Ltd.
- Axalta Coating Systems Ltd.
- Berger Paints India Limited
- Indigo Paints Limited
- Jotun A/S
- Kansai Paint Co. Ltd.
- National Paints Factories Co. Ltd.
- PPG Industries Inc.
- RPM International Inc.
- The Sherwin-Williams Company and Tiger Coatings GmbH & Co. KG.
The report has segmented the market on the basis of product, material and application.
Product:
- Waterborne Coatings
- Solvent-borne Coatings
- Powder Coatings
- High Solids/Radiation Curing
- Others
Material:
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
Application:
- Architectural and Decorative
- Non-Architectural
- Automotive and Transportation
- Wood
- General Industrial
- Marine
- Protective
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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