Global Paints and Coating Market

The paints and coating market size was valued at USD 150.7 Billion in 2020 and projected to reach USD 202.35 Billion by 2027, growing at a CAGR of 4.3% during the forecast period, 2020-2027.

Rapid urbanization and industrialization in developed and developing countries and growing demand for industrial coating across the globe. This, in turn, is anticipated to contribute to the paints and coating market growth in the forecast period.

Moreover, the introduction of several innovative manufacturing processes and technologies to cater to new and varied demands of consumers propel the growth of the global paints and coating market in the upcoming years.

Additionally, factors such as modern advances in paint technology, improved economic conditions and increasing product consumption in automotive, construction and other general industries are anticipated to drive the global growth of the paints and coating market.

What is Paints and Coating?

Paints and coatings are applied to the exterior of the house to offer it a new look. The purpose of applying paint and coating is to protect it from freezing winters, soaking rain, blistering summers and daily bombardment of UV radiation without cracking, fading and peeling away.

Growth Driver

Growing demand for Paints and Coatings from construction and automotive industries

The rapid growth in the construction of residential and commercial buildings and the growing automobile industry are the major factors driving the growth of the paints and coating market across the globe. The increased spending on aesthetical appearance for residential and commercials buildings like shopping malls, hotels, offices, and others will add to the growth of the paints and coatings during the forecast period.

The surge in demand for architectural coating across the globe

There is a major growth opportunity for paints and coating in the global market and are largely used in the architectural sector for exterior and interior applications. There is a surge in demand for architectural coating due to the increase in construction activities across the globe. This will fuel the growth of the global paints and coating market.  

However, the major factors restraining the growth of the global paints and coating market are the strict government regulations and environmental challenges for wastewater discharge.

Pre Covid-19 impact

Factors such as growing concern towards environmental situations and increasing focus on developing environment-friendly paints and coatings drive the market for paints and coating. Additionally, rapid urbanization with growing disposal income across the globe had created several opportunities for the paints and coating market in the Pre-covid era.

Covid-19 impact

Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. The World Health Organization has declared COVID-19 a public health emergency. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and many others.

Post Covid-19 impact

Since the COVID-19 virus outbreak in December 2019 resulted in a decrease in the demand for paints and coating market across several sectors. COVID-19 pandemic has affected several industries, including the architectural and industrial industries. Due to the pandemic, activities that utilized paints and coatings across the industries have slowed down owing to the temporary stoppage of manufacturing facilities and industrial activities in the lockdown. Therefore, with the outbreak of the COVID-19, the market will grow at a low rate for paints and coatings across the globe, which has negatively impacted the paints and coating market value in 2020 and subsequent years.

Technology Segmental Analysis

The paints and coating market is segregated into waterborne, solvent-borne, powder, and other technology-based technologies.

The waterborne segment is estimated to have the highest market share in the paints and coating market type segment. This is due to the growing consumer demand for eco-friendly products increasing spending in the construction industry. Waterborne paints and coatings are broadly used in confined and poorly ventilated spaces and dry faster than solvent-borne.

Type Segmental Analysis

Based on the type, the paints and coating market is bifurcated into alkyd, acrylic, polyester, polyurethane, epoxy and other types.

The acrylic segment will dominate the paints and coating market by 2027 owing to the factors such as high performance, high-gloss colors, outstanding water resistance, excellent stabilization, ease to handle and moderately priced. Acrylics are available in several forms, such as enamels, latex, powders, and other such forms.

End-Use Industry Segmental Analysis

Based on the end-use industry, the paints and coating market is classified into architectural and industrial.

The architectural segment is estimated to have the highest market share in the end-use segment for the paints and coating market. This is due to its application in wood flooring, furniture, wall paintings and sculptures. Increasing safety standards across the globe will surge the demand for waterproof and fireproof coatings, thereby shifting the focus towards architectural coatings. The architectural segment is further segmented into residential and non-residential.

Region Segmental Analysis

The paints and coating market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.

The Asia Pacific is estimated to project considerable growth over 2020-2026. It is due to the rapid urbanization, growing construction activities, increasing disposable income of consumers and increasing demand from the automotive sector in the region.

However, Europe will have a prominent share in the paints and coating market by 2027, owing to the region’s rapidly increasing population and government initiatives and safety regulations.

Competitor Analysis

Companies include Jotun Group, Nippon Paint Holding Co. Ltd, PPG Industries, BASF SE, RPM International, Henkel AG and Co., KGaA, Kansai Paint Co., Ltd., Tikkurila OyjHempel A/S, Asian Paints Ltd, Berger Paints Ltd., The Sherwin-Williams Company, Evonik Industries AG, Axalta Coating Systems, Ltd are the key players in the global paints and coating market.

Key Stakeholders

• Market research and consulting firms
• Investors
• Paints and coating manufacturers
• Paints and coating suppliers
• Research organizations and consulting companies
• Technology providers
• Regulatory bodies

Recent Developments

1. In June 2019, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help decrease the moisture through roofs and walls. The new covering gave a cost-effective solution to the problems faced in manufactured housing facilities.
2. In April 2020, Akzo Nobel NV acquired Mauvilac, a paints and coatings firm, to expand its presence in Sub-Saharan Africa.
3. In December 2020, PPG Industries purchased 9% shares of Tikkurila, and it is planning to procure the company by March 2021 completely.