Paints and coatings market to grow by USD 38.25 billion between 2024 and 2028, APAC to occupy 53% market share, Technavio

NEW YORK, March 15, 2024 /PRNewswire/ -- The paints and coatings market size is forecast to increase by USD 38.25 billion, at a CAGR of 4.02% between 2023 and 2028. APAC is estimated to contribute 53% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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Vendor Landscape 

The global paints and coatings market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer paints and coatings in the market are 3M Co., Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and Co., Berger Paints India Ltd., Brillux GmbH and Co. KG, DAW SE, Hempel AS, Henkel AG and Co. KGaA, Jotun AS, Kansai Paint Co. Ltd., KCC Co. Ltd., Masco Corp., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin Williams Co. and others.

What's New? 

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong 

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Vendor Offerings 

• Akzo Nobel NV: The company offers paints and coatings under the brand names Alba, Armstead, Astral, Awlgrip, and Bruguer.
• 3M Co. - The company offers paints and coatings that help floors to resist wear, tear, and stains.
• Asian Paints Ltd. - The company offers paints and coatings that include interior paints, exterior paints, waterproofing, wood paints, metal paints, brushes and tools, and adhesives.

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Segment Overview

Technavio has segmented the market based on technology (water-based, solvent-based, and others), application (industrial and architectural), resin type (acrylic resins, epoxy resins, polyurethane resins, alkyd resins, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

• Water-based paints, comprising water-soluble resins like polyesters and polyacrylates, are witnessing significant growth. Valued at USD 73.65 billion in 2018, this segment dominates the market. These paints offer corrosion protection and aesthetics with low volatile organic compound content. Primarily used in developed countries like the US, Germany, the UK, and France, they find extensive application in automotive and architecture industries. With their eco-friendly nature, water-based paints are poised to fuel market growth.

Geography Overview
By geography, the global paints and coatings market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global paints and coatings market.

•         APAC is set to contribute 53% to global market growth, with key insights from Technavio analysts. The region, led by countries like China, India, Japan, and Australia, is bolstered by growth in construction, automotive, aerospace, and defense industries. Automotive manufacturers are relocating to APAC for cost-effective labor, supported by initiatives like Make in India and tax subsidies in Indonesia, Malaysia, and Thailand. Rapid industrialization, development focus, and thriving construction sectors in China and India further propel market growth in APAC.

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The growing real estate and construction industry is notably driving the market growth:

The booming real estate and construction sectors globally are driving demand for paints and coatings, particularly in office spaces, commercial complexes, and residential buildings. Rapid urbanization, coupled with substantial infrastructure investments, is further propelling growth, especially in developing nations. With the rising global population driving demand for housing and infrastructure, the seamless and highly reflective properties of architectural paints and coatings make them a preferred choice in construction applications.

Significant Market Trends:

The growing adoption of UV-curable coatings is an ongoing market trend influencing growth. These coatings offer excellent performance and provide rapid assembly-line benefits with an emphasis on research and development (R&D) for UV-curable coatings. For instance, BASF SE offers diverse multi-functional polyol intermediates used in the production of UV-curable acrylic monomers and oligomers for coatings. Also, currently, UV-curable coatings have a small market share however, their usage is projected to increase due to the adoption by automotive OEMs. Hence, such trends boost the market growth during the forecast period.

Increasing the use of glass in buildings is a significant challenge hindering market growth:

Glass is an eco-friendly material widely used in contemporary architecture, particularly in offices and malls, offering energy savings and aesthetic enhancement. Manufacturers provide tailored glass solutions with features like thermal insulation and fire resistance. Despite its benefits, factors hinder market growth.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights -

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What are the key data covered in this paints and coatings market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the paints and coatings market between 2023 and 2027
• Precise estimation of the size of the paints and coatings market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the paints and coatings market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of paints and coatings market vendors

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Analyst Review:

The Paints and Coatings Market is a dynamic landscape with various stakeholders, including paint manufacturers and coating solutions providers. These entities cater to diverse sectors, offering a wide range of products such as industrial coatings, architectural paints, decorative coatings, automotive coatings, and protective coatings. Specialty coatings like waterproof coatings, anti-corrosion coatings, high-performance coatings, epoxy coatings, polyurethane coatings, and acrylic coatings meet specific industry needs.

With advancements in formulation chemistry, there's a shift towards eco-friendly options like water-based coatings, UV-cured coatings, and powder coatings. These innovations align with regulatory compliance and environmental standards, driving the demand for sustainable and green coatings. Market segmentation reveals a growing interest in marine coatings, aerospace coatings, wood coatings, metal coatings, concrete coatings, floor coatings, roof coatings, exterior paints, and interior paints.

Application methods vary from spray painting to brush painting, roller painting, dip coating, and electrostatic coating. Factors such as coating thickness, surface preparation, paint curing, and drying time influence the durability and performance of coatings. Weather resistance, chemical resistance, scratch resistance, impact resistance, gloss level, and finish options (matte, satin, glossy) are critical considerations for consumers.

Challenges include navigating economic factors, technological advancements, and regulatory landscapes while seizing market opportunities. Innovation in coatings, supply chain efficiency, and effective distribution channels are key drivers for growth in this competitive industry. Embracing emerging technologies and fostering a circular economy through paint recycling contribute to sustainable development in the paints and coatings sector.

Market Overview:

The paints and coatings market is witnessing robust growth driven by increasing demand for industrial coatings, architectural paints, and automotive coatings. Protective coatings are also in high demand, particularly in sectors requiring durability and resistance to harsh environments. Specialty coatings, including water-based and powder coatings, are gaining traction due to their environmental advantages and superior performance. However, adherence to stringent environmental regulations remains a challenge for manufacturers. Market segmentation and competitive analysis are crucial in navigating this dynamic landscape. Despite challenges, the market presents significant opportunities for innovation and growth, particularly with advancements in eco-friendly coatings and emerging technologies.

Related Reports:

The global powder coating market size is projected to reach a value of USD 4.19 billion, with an accelerated CAGR of 5.2% between 2022 and 2027.  

The global water-soluble paints market size is estimated to grow at a CAGR of 5.93%  and the water-soluble paints market size forecast is set to increase by USD 11.02 billion between 2022 and 2027.

Table of Contents

1 Executive Summary

2 Landscape

3 Sizing

4 Historic Size

5 Five Forces Analysis

6 Segmentations

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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