Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyester, Fluoropolymer Polyurethane, Vinyl, and Others), by Coat Type (Clearcoat, Basecoat, Primer, and Activator & Fillers), by Technology (Water-based, Solvent-based, Hot Melt, Powder, and Others), and by Application (Architectural, Automotive, Marine, Coil, Industrial Wood, and Others) – Global Opportunity Analysis and Industry Forecast 2022-2030

Market Definition

The Paints and Coatings Market size was valued at USD 162.50 billion in 2021 and is estimated to reach USD 261.50 billion by 2030, registering a CAGR of 5.9 % from 2022-2030.

Paints are varied pigmented substances available in either oil form or water form used as protection against corrosion as well as for beautification. Coatings on the other hand refers to a covering that is applied to the surface of an object to enhance the properties preventing the corroding process on steel, water pipes, engineering equipment and others. Paints and coating include a wide variety of products like enamels, primers, varnishes, and caulks. They protect the surface under uncertain conditions such as extreme wild climate, fluctuating temperature, pollution, corrosion and Ultraviolet (UV) rays. They are widely used in building and construction and wood industry among others, where they are used to protect structures from any external damage.

Market Dynamics and Trends

The demand for paints and coating is growing significantly due to the increasing interest in interior design in urban areas along with growing various government initiatives such as development of smart cities, industrial corridors, infrastructure projects and reconstruction of existing cities. Also, growing demand for modern housing complexes, retail sector, housing and hospitality sector is driving the market growth.

For instance, in September 2020, Allnex launched a new eco-friendly phenolic resin ‘Phenodur’. This new coating is applicable for interior and exterior uses with a very low free formaldehyde value. Moreover, the growing semiconductor industry that uses special types of paints such as thermal spray coatings, ceramics and copper coatings that are helpful in electrical conductivity and magnetic response boosts the growth of the market. Furthermore, stringent environmental regulations by regulatory bodies prohibiting the use of toxins such as xylene, ethyl acetate, methylene chloride and glycol are driving the market for non-toxic eco-friendly paints.

However, the presence of toxins in paint thinner such as high volatile organic compounds (VOC), responsible for causing eye irritation, skin allergy and headache are restraining the growth of the market.  On the contrary, water-based paints and coatings that do not contain toxins, and low VOC coatings with features such as quick drying, low odor, non-yellowing, and UV resistance are expected to create ample growth opportunities for the market in the coming years.

Market Segmentation and Scope of the Study

The market share is segmented on the basis of resin, technology, application, and geography. On the basis of resin, the market is segmented into prodrylic, alkyd, epoxy, fluoropolymer polyurethane, polyster, polyurethane, vinyl, and others. On the basis of coat, the market is divided into clearcoat, basecoat, primer, and activator & fillers. On the basis of technology, the market is further divided into water-based, solvent based, hot melt, powder, and others. On the basis of application, the market is divided into architectural, automotive, marine, coil, industrial wood, and others. Geographic breakdown and deep analysis of each segment are included for North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific holds the lion share of global paints and coating market and is expected to continue dominating the market during the forecasted period. This is attributed to factors such as increasing residential and non-residential building & construction activities in China, Japan, and India. For instance, in February 2022, Indian government announced an investment of USD 601 million in ‘housing for all scheme under PM Awas Yojana. The investment in housing and construction has simultaneously increased the demand for house paints, primers, sealers, and varnishes in India.

Also, the presence of major players in the region such as Nippon Paint Holdings Co., Ltd., Asian Paints Ltd, Dulux Group Ltd. among others boosts the market growth in this region. For instance, in January 2022, Dulux Group Ltd. announced the acquisition of Cromology to enhance its brand portfolio. This acquisition will allow Dulux Group to strengthen its influence in the European market for the sale of paints and coatings in various industry verticals.

On the other hand, North America is expected to show a steady rise in paints and coatings market by collision repair shops applying lean management principles such as the 5S system (sort, set in order, shine, standardize and sustain) by creating new coatings on damaged vehicles. For instance, in June 2020, Penfund announced an investment of USD 160 million in caliber collision centers. This investment propelled the demand for high-quality paints and coatings to restore vehicles such that they look authentic and aesthetic.

Also, the presence of prominent market players including Axalta, PPG Industries and Red Spot Paint in this region boost the market growth. For instance, in June 2021, PPG Industries announced to complete its acquisition of Tikkurila, PPG controls 97.1% of Tikkurila’s issued and outstanding shares. This acquisition will offer customers access to a wide variety of portfolios in coatings through new technologies and resources.

Competitive Landscape

The paints and coatings market comprises of various market players such as PPG Industries, Sherwin-Williams Co., AkzoNobel, Nippon Paint Holdings Co., RPM International Inc., Axalta Coating Systems, BASF Coatings, Asian Paints Limited, Kansai Paint Co. Ltd. and Masco Corporation. These market players are adopting various joint strategies such as agreements and business expansion across various regions to maintain their dominance in the paints and coating market.  

For instance, in February 2022, Sherwin-Williams acquired AquaSurTech to strengthen its position in coatings solutions. This acquisition will improve and enhance the product portfolio for Sherwin-Williams as AquaSurTech focuses on the development of eco-friendly coatings for the PVC building products industry.

Moreover, in November 2021, Nippon Paint Automotive Coatings Co. Ltd. (NPAC) and Tong Yang Holding Corporation announced the acquisition of shares of five automotive coatings companies, which are consolidated subsidiaries of NPAC to make them wholly-owned subsidiaries of NPAC. This acquisition will enable increased demand for paints and coatings to accelerate profitable growth throughout China and other future markets.

KEY BENEFITS

• The paints and coatings market report provide the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the paints and coatings market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the paints and coatings market is provided in the report.

• The competitive analysis of the market players along with their market share in the paints and coatings market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS

By Resin

• Alkyd

• Fluoropolymer

• Acrylic

• Epoxy

• Polyster

• Polyurethane

• Vinyl

By Coat

• Clearcoat

• Basecoat

• Primer

• Activator

• Fillers

By Technology

• Water-based

• Solvent-based

• Hot Melt

• Powder

By Application

• Architectural

• Marine

• Coil

• Automotive 

• Industrial Wood

By Geography

• North America

  • UK

  • USA

  • Mexico

• Rest of Europe

  • Italy

  • Spain

  • Rest of Europe

• Asia Pacific

  • India

  • Australia

  • China

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

REPORT SCOPE AND SEGMENTATION:

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