PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1531517
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1531517
The paints & coatings market size is projected to reach USD 227.5 billion by 2029 at a CAGR of 3.2% from USD 194.5 billion in 2024. Asia Pacific accounted for the largest share of the market in terms of value in 2023. The paints & coatings market in the region is projected to grow at the highest CAGR between 2024 and 2029 in terms of value. China, Japan, India, and Southeast Asian (ASEAN) countries such as Thailand and Indonesia are the important markets in the Asia Pacific.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion/Million) |
Segments | By Resin Type, By Technology, By End-use Industry, By Region |
Regions covered | Asia Pacific, Europe, North America, Middle East & Africa, and South America |
The key players in the paints & coatings market are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India). They have adopted various developmental strategies such as acquisitions, product launches, and contracts & agreements to increase their share in the market.
"India, by country is forecasted to be the fastest growing paints & coatings market during the forecast period."
India's expanding manufacturing sector, driven by government initiatives like "Make in India," has increased the demand for paints & coatings across various industries including automotive, packaging, electronics, construction, and healthcare. The automotive sector, in particular, is witnessing significant growth with increasing production and consumption, thereby boosting the need for paints & coatings for applications such as bonding, surface protection, and to name a few.
"Water-borne coatings is likely to account for the largest share of architectural paints & coatings market in terms of value."
Water-borne coatings are made by emulsifying the binders, pigments, and additives with water. Single-component emulsion coatings generate films by allowing polymer particles to agglomerate when water evaporates. Waterborne coatings are extensively employed in a variety of end-use sectors, including automotive, furniture, rail coatings, electrical and electronics, energy, and general industrial. Rising disposable income and purchasing power in Asia Pacific and South America are driving up consumer expenditure on autos, electrical and electronic devices, and appliances. Water-borne paint & coating producers have possibilities to leverage on the rise in growing nations such as China, India, and Brazil, which continue to spend considerably on automotive, furniture, rail, transportation, electrical, and other industrial applications.
"Solvent-borne coatings is likely to account for the largest share of industrial paints & coatings market in terms of value."
A solvent-borne coating is a liquid protective layer made up typically of organic chemicals and applied to a material's surface to prevent corrosion. Solvent-borne coatings are often more durable than aqueous coatings throughout the cure process. Solvents are used in paints & coatings to dissolve or distribute other ingredients such pigments, resins, and additives. Solvent-borne coatings remove the substrate's structure, resulting in no apparent scratches or tarnish. Primers, topcoats, and direct-to-metal paints are made from high-solid solventborne alkyd and alkyd-copolymers. Solventborne one-component (1K) and two-component (2K) polyurethane systems are employed in a wide range of industrial applications in the automotive sector.
The key companies profiled in this report are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N. V. (Netherlands), Nippon Paint Holdings (Japan), RPM International (US), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India).
The paints & coatings market has been segmented based on architectural resin type (Acrylic, Alkyd, Vinyl, Polyurethane, and Others), Industrial Resin Type (Polyurethane, Epoxy, Acrylic, Polyester, Alkyd, Fluoropolymer, and Others), Architectural Technology (Solvent-borne Coatings, Powder Coatings, Water-borne Coatings), Industrial Technology (Solvent-borne Coatings, Powder Coatings, Water-borne Coatings, and Others) Architectural End-use Industry (Residential, Non-residential), Industrial End-use Industry (General Industrial, Protective, Automotive Refinish, Wood, Marine, Coil, Packaging, Aerospace, Rail) and by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America).