Tokyo, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The global paints and coatings market size was valued US$ 160.15 billion in 2021. The construction, transportation, and automotive sectors employ paints and coatings. It has a significant application in the construction and building business, where they are used to protect structures from harm from the outside. In addition, the product is used to decorate non-residential and residential buildings and infrastructures, industrial equipment, and other applications.
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The paints and coatings market players throughout the world are employing a variety of techniques to expand market share by responding to new trends and launching novel products. To control average temperature levels, some manufacturers are producing thicker aesthetic paints with highly technological properties that can be used in place of insulating materials such as wood, cotton, glass, and wool.
One of the major drivers of the paints and coatings market is the global automotive industry’s expansion. The rising foreign investments and economic growth in developing regions have raised per capita income. As a result, consumers’ purchasing power has increased. Thus, all the aforementioned factors are driving the growth of paints and coatings market during the forecast period.
Rising demand for high-performance coatings is one of the prime factors that driver the growth of the paints & coatings market. High-performance coating includes corrosion-resistant coatings, low-temperature and high-temperature coatings, and other coating products that are primarily used for commercial applications.
On the other hand, the fluctuating price of raw materials owing to the volatility in the prices of crude oil restricts the market growth for the paints & coatings product during the analysis period. In addition, stringent regulations pertaining to the implementation of solvent-borne paints & coatings expected to impart major challenges for the growth of the paints & coatings market.
Report Scope of the Paints and Coatings Market
| Report Coverage | Details |
| Market Size in 2021 | USD 160.15 Billion |
| Growth Rate From 2021 to 2030 | CAGR of 4.7% |
| Largest Revenue Share | Asia Pacific (35%) |
| Base Year | 2021 |
| By Material |
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| By Application |
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| By Product |
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Regional Snapshot
Asia-Pacific is the largest segment for paints and coatings market in terms of region. The paints and coatings are becoming more popular due to their use in non-residential and residential infrastructure coatings. They have a wide range of applications. The highly populated countries such as India and China are the largest consumer of the paints and coatings in the market. Furthermore, the use of paints and coatings in automotive industry is also driving the market growth in the Asia-Pacific region.
Europe region is the fastest growing region in the paints and coatings market. This is attributed to the growth in the automotive industry. Due to rising disposable income and an abundance of raw materials, the Europe is one of the world’s important automobile manufacturing hubs.
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Drivers
Rapid expansion of construction industry
The paints and coatings are commonly used to decorate and protect infrastructure and buildings. The industry is expected to be supported by an increase in construction activity and government spending in various public infrastructure projects. In addition, in the building business, the advanced cutting-edge technologies are becoming the growth driver for the paints and coatings market. As a result, the rapid expansion of construction industry is propelling the growth of paints and coatings market during the forecast period.
Restraints
Environmental degradation
With an increasing emphasis on complying with state and local regulations for wastewater discharge, the paints and coatings industry has been confronted with a slew of environmental challenges. Powder coating operations generate a significant number of metals, oil and grease, and suspended solids in their wastewater streams during the cleaning and pretreatment phases. Because of their wastewater streams, powder coating manufacturers find it difficult to comply with numerous state and local environmental regulations. Metal finishing companies that use various electroplating processes had difficulty adhering to regulations due to heavy metal contamination.
Opportunities
Sustainability development
The paints and coatings conserve material resources and energy by preserving and protecting the substrates to which they are applied. The companies often examine the issue of sustainability when conducting company operations. The primary goal is to reduce volatile organic compounds, which includes resource conservation and energy renewable resources, waste reduction, and improved process efficiency. As a result, the key market players are transforming the industry by providing waste-based coatings and paints.
Challenges
Lack of time for drying of waterborne paints
The waterborne coatings require more time to dry and cure than solvent borne coatings. Furthermore, waterborne coatings have excellent flow properties that change with humidity, affecting coating application. Water does not easily evaporate in high humidity, resulting in a poor cure and a decrease in performance. Waterborne coatings are also vulnerable to freezing temperatures. As a result, lack of time for drying of waterborne paints and coatings is a huge challenge for the growth of the market during the forecast period.
Report Highlights
- Based on the product, the waterborne segment is expected to have a significant revenue share due to rising construction funding and customer preference for eco-friendly products. The quick evaporation of water from the coating layer causes these coatings to dry faster than solvent-based formulations
- Based on the material, the acrylic segment is expected to have a significant revenue share in the paints and coatings market. The acrylic materials’ outstanding stability to resist during corrosion is expected to grow the market at a rapid pace. Acrylic resins are frequently utilized in the production of coatings and varnishes as water reducible and emulsion resins
- The architectural & decorative segment captured major market share and accounted for nearly 60% of value share in 2019 owing to significant development of road and rail infrastructure
Related Reports
- Automotive Paints & Coatings Market Research Report 2021 to 2027
- Industrial Coatings Market Research Report 2021 to 2030
- Conformal Coatings Market Research Report 2021 to 2027
- Optical Coatings Market Research Report 2021 to 2027
Key Players & Strategies
The global paints and coatings industry is highly fragmented in nature as it comprises of prominent number of tier 1 player that are primarily engaged in manufacturing of diverse range of paints & coating products. Besides these prominent manufacturers, the paints & coatings market is a hub of some small, however substantial manufacturers. As per an estimate, more than 50% of the top 20 manufacturers in the market contribute around 70% of the total production of paints & coatings.
Furthermore, these major market players are prominently involved in the inorganic growth strategies that include regional expansion, merger & acquisition, investment in Research & Development (R&D) activity, and many more to strengthen their foot hold in the global market. For example, in November 2019, Akzo Nobel N.V. announced to acquire Mapaero Coatings, a France-based aerospace coatings manufacturer. The acquisition helps the company to strengthen its global position in the aerospace coatings market.
Some of the key players operating in the market are Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Jotun, Axalta Coating Systems, LLC, RPM International Inc., Henkel AG & Company, KGaA, BASF SE, Kansai Paint Co., Ltd., Hempel A/S, Nippon Paint Holdings Co., Ltd., Sika AG, Beckers Group, 3M, and The Chemours Company among others.
Regional Analysis
- APAC
- China
- India
- Japan
- South Korea
- North America
- U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Italy
- Middle East & Africa
- South America
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