Paints and Coatings Market: Global Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics, Segmentation

Paints and Coatings Market was valued at US$ 188.64 Bn. in 2021, and it is expected to reach US$ 261.25 Bn. by 2029, exhibiting a CAGR of 4.15 % during the forecast period 2022-2029.
Paints and Coatings Market Overview:
Paints and coatings are used for decoration and protection. It is widely consumed both in Industry and construction of residential buildings. It protects things and buildings from getting damaged by water, UV ray, etc., and increase the life span.



 

The report explores the Paints and Coatings Market's segments (on Technology, Resin, End-User, Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Paints and Coatings Market’s drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Paints and Coatings Market's contemporary competitive scenario.
Paints and Coatings Market Dynamics:
To decorate and protect a surface, paints and coatings are applied to the substrate. When applied for decorative purposes, paints and coatings enhance the surface's longevity and aesthetics. Additionally, they shield the surface from damaging elements, rust, ageing, and chemical exposure. In some applications, paints and coatings also offer particular qualities including anti-fouling, flame retardancy, and anti-microbial capabilities. Due to economic expansion and the consequent rise in living standards of those in the region's developing nations, the building and construction industry in Asia Pacific has been growing rapidly. As a result, Asia Pacific is seeing an increase in demand for paints and coatings. The widespread use of paints and coatings in building, automotive and transportation industry is a major factor driving the global market for paints and coatings.

Increased urbanization in developing nations like China and India has increased housing demand, which in turn has increased construction activity there and, eventually, increased need for paints and coatings for both protection and adornment. Additionally, elastomeric coatings' growing use in tilt-up concrete in the building and construction sector is anticipated to propel the expansion of the paints and coatings market. The market for paints and coatings is anticipated to develop as a result of the introduction of new technologies such as OEM paints and advancements in powder coating technology. Furthermore, strict government regulations requiring the use of VOC-free coatings are probably going to boost demand for the paints and coatings industry.

The increase in industrialization and population is expected to cause the building and construction industry to expand quickly during the coming years. In the upcoming years, urbanization and shifting lifestyles are anticipated to push the global construction sector. Global spending on housing and infrastructure construction has increased due to population growth and bettering economic conditions. Infrastructure and structures are frequently decorated and protected with paints and coatings. Among the architectural improvements used to enhance a home's aesthetics are primers, sealers, varnishes, stains, floor paint, epoxy floor paint, and interior and exterior house paint.

Architectural paints come in a variety of textures, from semi-gloss to high-gloss sheens, and are low-VOC, odorless, and scrub-resistant. Due to an increase in building activity and government investment in different public infrastructure projects, the market is anticipated to grow.

The use of eco-friendly ingredients as part of sustainable or green chemistry has increased significantly in the paints and coatings sector. The demand for eco-friendly paints and coatings is supported by rising consumer awareness of sustainable products and tightening environmental rules about lowering emissions of volatile organic compounds. Since coatings don't include any solvents, their eco-friendliness has been one of the most significant elements in the paints and coatings sector. This has led to minimal VOC emissions and a decreased danger of combustion during application and storage.

Less waste and low emissions of CO2 and volatile organic compounds are expected to help preserve a green environment. Powder coatings are now chosen over other coatings for coating applications due to the technological benefits the product offers and the ease of application.

In order to defend against corrosion and abrasion, among other things, smart coatings are widely used in the medical, military, textiles, transport, construction, electronics, and other industries. Anti-corrosion by limiting interaction with corrosive or chemical substances, smart coatings protect metal surfaces. When exposed to extremely corrosive conditions and high temperatures, these coatings prevent substrates from corroding. Self-healing coatings use polymer-filled microcapsules, which are a component of smart coating. From construction to cosmetics, smart coatings are employed in a diverse range of industries and applications. paints are in airplanes to prevent corrosion; their high cost has a dramatic impact on the market's valuation. Similar to this, increased global trade is causing paint and coating applications on ship surfaces to increase. Ships sail farther than before as a result of increased trade, which accelerates surface deterioration. The market for paints and coatings is once again driven by the requirement for the infrequent application of paints and coatings for maintenance purposes.

The drying and curing processes for waterborne coatings take longer than those for Solventborne coatings. The superior flow characteristics of aqueous coatings also change with humidity, which has an impact on how the coating is applied. Water does not readily evaporate in high humidity, which leads to a poor cure and decreased effectiveness. Additionally vulnerable to cold temperatures are waterborne coatings. After freezing, many aqueous coatings become useless.

The market for paints and coatings is anticipated to benefit from advancements in paint and coating technologies. Core-shell technology, latent cross-linking, and 1K technologies, among others, have made it possible to modify, enhance, and protect the surface properties of materials in harsh conditions or aggressive environments, opening up lucrative opportunities for the growth of the paints and coatings market.

A specific type of spray paint is used to cover semiconductors, imparting features like electrical conductivity and magnetic responsiveness. The vendors in the paints and coatings industry will subsequently have opportunities, as the semiconductor sector is expected to experience expansion.

Although paint serves practical and aesthetic purposes, it can also have detrimental effects on human health and the environment. Low-level paint exposure can cause headaches, nausea, and dizziness as well as burns to the skin, nose, throat, and eyes. Once the initial exposure is finished, these side effects are often minor and disappear. However, prolonged exposure to some of the paint's ingredients in high concentrations can have harmful effects, including respiratory problems, liver or kidney damage, and other health problems. The most major environmental impact of paints is the production of volatile organic compounds in during drying process after coating is applied. In the presence of nitrogen oxides, sunshine, and VOCs, oxygen in the air interacts to form ozone. Ozone is extremely toxic and affects lung tissue.
COVID-19 on Impact:
The COVID-19 epidemic has had a significant negative influence on market expansion in the building and construction industry. A decline in the growth of the construction industry has resulted from the suspension of all construction projects, movement restrictions, production halts, and labor shortages to contain the COVID-19 outbreak. This, in turn, is expected to impede the demand for paints & coatings in the architectural and decorative applications in the future.
Paints and Coatings Market Regional Insights:
The Asia Pacific region dominated the market with xx % share in 2021. The Asia Pacific region is expected to witness significant growth at a CAGR of xx% through the forecast period.

Because there are many factories in China, Asia Pacific is a significant producer of paints and coatings. The need for paints and coatings in the region is being further fuelled by the region's improving economic conditions. Asia Pacific has a significant market for epoxy paint, waterproof paint, Clearcoat spray Paint, Vinyl ester Coating, wood coatings, and roof coatings.

Expanding building activity and rising automobile sector demand, particularly in emerging nations like India, China, Korea, and Southeast Asia, are expected to drive market expansion in the future years. Additionally, the ease of obtaining raw materials and the less stringent VOC emission regulations in comparison to those in other countries, such as Europe and North America, present tremendous potential prospects for the industry in the years to come.

The second-largest market, Europe, contributed more than around 30% of global revenue in 2019. Over the course of the projection period, it is anticipated that the growth of the construction industry in a number of nations, including the UK, the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, will drive product demand. Increased funding from the EU is expected to accelerate the growth of the building industry in the region, along with supportive actions like subsidies, tax breaks, and incentives done by different governments.

The objective of the report is to present a comprehensive analysis of the Paints and Coatings Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Paints and Coatings Market dynamic, structure by analyzing the market segments and projecting the Paints and Coatings Market size. Clear representation of competitive analysis of key players by Vehicle Technology, price, financial position, product portfolio, growth strategies, and regional presence in the Paints and Coatings Market make the report investor’s guide.
Paints and Coatings Market Scope:



Global Paints and Coatings Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 188.64 Bn.


Forecast Period 2022 to 2029 CAGR:
4.15%
Market Size in 2029:
US $ 261.25 Bn.


 Segments Covered:
by Technology
• Waterborne
• Solventborne
• Powder Coatings
• Others


by Resin
• Acrylic
• Alkyd
• Epoxy
• Polyester
• Polyurethane
• Vinyl
• Fluoropolymer
• Others


by End-User
• Architectural
• Industrial
• Others



Paints and Coatings Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Paints and Coatings Market Key Players
• KKC Corporation
• Berger Paints India Limited
• Nippon Paints Holdings Co., Ltd.
• The Valspar Corporation
• Jotun A/S
• Asian Paints Limited.
• Kansai Paints Co., Ltd.
• Dow Coring
• Akzo Nobel N.V
• BASF SE
• The Sherwin Williams Company
• PPG industries, In.
• Axalta Coating System
• RPM international Inc.
• Hellos Group
• Masco Corporation
• TIKKURILAOYJ
• Diamond Vogel
• Backers Group

Frequently Asked Questions:

1] What segments are covered in the Global Paints and Coatings Market report?
Ans. The segments covered in the Paints and Coatings Market report are based on Technology, Resin, End-User.

2] Which region is expected to hold the highest share in the Paints and Coatings Market?
Ans. Asia Pacific region is expected to hold the highest share in the Paints and Coatings Market.

3] What is the market size of the Paints and Coatings Market by 2029?
Ans. The market size of the Paints and Coatings Market by 2029 is expected to reach US$ 261.25 Bn.

4] What is the forecast period for the Paints and Coatings Market?
Ans. The forecast period for the Paints and Coatings Market is 2022-2029.

5] What was the market size of the Paints and Coatings Market in 2022?
Ans. The market size of the Paints and Coatings Market in 2021 was valued at US$ 188.64 Bn.