[Today's Chemical Industry News] Paints and Coatings Market Size & Share to Surpass $219.67 Billion by 2030 | Vantage Market Research

WASHINGTON, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Paints and Coatings Market accounted for USD 159.27 Billion in 2022 and is expected to have USD 219.67 Billion by 2030 at a CAGR of 4.10% over the forecast period of 2023-2030.

The paints and coatings market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.

The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Market Overview

According to Vantage Market Research, one of the key factors affecting the expansion of the paints and coatings market is the rising demand from the construction industry. This is because, as urbanization and industrialization have increased, so have construction activities all over the world. For protective and aesthetic reasons, paints and coatings are crucial building materials utilized in both residential and commercial construction. Additionally, government programs for infrastructure improvement and rising individual disposable income are both boosting the market for paints and coatings. The growth of the paints and coatings Market is anticipated to be fueled by the continued expansion of the construction sector, which will increase consumer demand for paints and coatings.

We forecast that the automobile industry will account for more than 30% of all sales by 2030. The rise of the automotive paints and coatings market is being driven by increased demand for passenger cars and commercial vehicles, as well as the need for protection against harsh climatic conditions. Furthermore, the growing popularity of electric vehicles is expected to raise demand for specialized coatings that can protect the surfaces of batteries and other components from wear and tear, heat, and corrosion.

The Asia Pacific region is currently leading the paints and coatings industry, accounting for the majority of both value and volume. This expansion is being driven mostly by rising urbanization and infrastructural development in emerging nations such as India and China. Furthermore, the growing demand for eco-friendly and low-VOC coatings is driving producers to innovate and develop more sustainable alternatives. The region's growth potential is likely to continue as disposable income and living standards rise, resulting in increased demand for home décor and refurbishment. The growing emphasis on industrial growth in countries such as Indonesia and Thailand is likely to fuel demand for protective coatings.

Market Dynamics

Growing Infrastructure Development to Drive the Market:

The demand for paints and coatings is expanding as governments throughout the world continue to spend on infrastructure projects such as roads, bridges, buildings, and other structures. This is due to the vital function that paints and coatings play in preserving these buildings against corrosion, weathering, and other types of deterioration. Furthermore, the desire for high-performance coatings that can protect structures in hostile environments is driving the paints and coatings industry. Coatings that are resistant to chemicals, abrasion, and impact, for example, are employed in industrial and marine applications.

Increase in Construction Activities to Promote Market Growth:

As more residential and commercial buildings are built, there is a greater need for high-quality, long-lasting paints and coatings with enhanced functions such as weather resistance, corrosion resistance, and fire protection. Furthermore, rising awareness of the benefits of decorative paints and coatings in improving the look and aesthetics of buildings contributes to market growth. As consumers and builders seek ecologically friendly goods, the market for eco-friendly and sustainable paints and coatings is growing.

Top Players in the Global Paints and Coatings Market

  • AkzoNobel N.V.
  • PPG Industries, Inc.
  • The Sherwin-Williams Company
  • Axalta Coating Systems LLC
  • Nippon Paint Holdings Co., Ltd.
  • RPM International Inc.
  • Kansai Paint Co., Ltd.
  • Jotun Group
  • Hempel A/S.

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Top Trends in the Global Paints and Coatings Market

  • According to Vantage Market Research (VMR), one trend in the paints and coatings industry is the rising demand for ecologically sustainable and eco-friendly products. Customers are becoming more conscious of the environmental effect of standard paints and coatings and are looking for solutions that are free of dangerous, volatile organic compounds (VOCs) and other toxic chemicals. Furthermore, there is an increasing tendency towards employing renewable and bio-based raw ingredients in the manufacture of paints and coatings. As a result, firms in this market are likely to prioritize R&D efforts in order to create and launch such sustainable goods in order to fulfill shifting customer preferences and regulatory needs.
  • The rising demand for smart coatings is another trend that VMR anticipates will persist in the paints and coatings market. These coatings may react to environmental elements, including light, temperature, and humidity, to give self-cleaning, anti-corrosion, and anti-fouling qualities. Smart coatings may also be utilized to improve the performance and longevity of goods in sectors such as aerospace, automotive, and electronics. Because of their superior qualities and capabilities, smart coatings have grown in popularity since the emergence of nanotechnology.

Top Report Findings

  • Based on Product Type, the paints and coatings market includes a diverse range of product types, such as emulsion, epoxy, polyurethane, and acrylic paints, as well as coatings such as powder, waterborne, and solvent-borne coatings. Because of their low VOC content and environmental friendliness, aqueous paints have emerged as the dominating category in recent years. Waterborne paints are also noted for their outstanding color retention, quick drying time, and ease of application.
  • Based on Application the paints and coatings market is generally classified by application, with automotive, construction, and industrial industries dominating the industry. The construction industry is now the greatest user of paints and coatings, owing to increased infrastructure investment and rising demand for residential and commercial structures. Construction paints are well-known for their long-lasting characteristics, high adhesion, and resistance to environmental conditions.
  • Based on End-User, the paints and coatings industry caters to a wide range of end-users, including automobile manufacturers, construction firms, and the industrial sector. Original equipment manufacturers (OEMs) are the largest end-user group in the automobile industry, and they require high-performance and long-lasting coatings for vehicle exteriors and interiors. Coatings are used in the industrial sector to protect equipment and surfaces against corrosion, wear and tear, and fire. The oil and gas sector is a prominent end-user are in this category, requiring coatings with high-temperature resistance and anti-corrosive qualities.

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Top 10 Players Generate More Than 64% of the Global Paints and Coatings Market Revenue.

According to the analysis, the top three important companies in the paints and coatings market are AkzoNobel N.V., PPG Industries, Inc., and The Sherwin-Williams Company. These companies are likely to gain from expanding demand for their services as well as increased investment in new technologies to improve their offerings. BASF SE, Axalta Coating Systems LLC, Nippon Paint Holdings Co., Ltd., RPM International Inc., Kansai Paint Co., Ltd., Jotun Group, and Hempel A/S are among the other key competitors. According to a recent analysis issued by Vantage Market Research, the top ten firms generate more than 64% of the market's revenue.

Automotive Segment in the Paints and Coatings Market to Generate Over 46% Revenue

Vantage Market Research analyzed the market for Paints and Coatings to understand its recent situation and potential future growth factors. For better understanding, based on End-Users, the paints and coatings market is categorized into; Building and construction, Automotive, Industrial machinery, Aerospace, Marine, Furniture, and others.

According to our projections, the automotive market will account for more than 46% of overall sales by 2030, owing to the increased need for innovative and visually appealing coatings in the automotive industry. Vehicle production and sales are expanding, mostly in emerging nations, generating demand for improved coatings that increase vehicle durability, performance, and aesthetic appeal. Furthermore, tight environmental rules governing VOC emissions have compelled automakers to seek other alternatives, such as water-based coatings. This has increased demand for environmentally friendly coatings in the automobile sector. The usage of advanced coatings in the automotive sector is projected to increase in the future years as electric vehicles and autonomous driving technologies become more popular.

The rising demand for paints and coatings in the architectural category, on the other hand, increased in 2022, accounting for the bulk of sales due to the rising need for paints and coatings in the building industry. Growth in urbanization and industrialization have led to the development of new buildings and infrastructure in both established and emerging nations, driving expansion in the construction sector. The architectural category comprises paints and coatings of different sorts, such as exterior, interior, and protective coatings. The growing knowledge of the advantages of utilizing paints and coatings to reduce maintenance costs, improve aesthetics, and increase longevity is boosting demand for architectural paints and coatings. Furthermore, the creation of environmentally friendly and sustainable coatings that meet.

Browse market data Tables and Figures spread through 165 Pages and in-depth TOC on Paints and Coatings Market Forecast Report (2023-2030).               

Global Paints and Coatings Market Segmentation

By Product Type

  • Water-based coatings
  • Solvent-based coatings
  • Powder coatings
  • UV coatings
  • Others

By Application

  • Architectural coatings
  • Industrial coatings
  • Automotive coatings
  • Marine coatings
  • Aerospace coatings
  • Wood coatings
  • Others

By End-Users

  • Building and Construction
  • Automotive
  • Industrial machinery
  • Aerospace
  • Marine
  • Furniture
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 159.27 Billion
Revenue Forecast by 2030USD 219.67 Billion
CAGR4.10% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersBraskem S.A, Axalta Coating Systems Ltd, Akzo Nobel N.V
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