Austin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Paints & Coatings Market Size was valued at USD 186.74 billion in 2023, and is expected to reach USD 254.51 billion by 2032, and grow at a CAGR of 3.50% over the forecast period 2024-2032.”
The paints and coatings market had already been undergoing a change through new developments and emerging trends. It can be considered that changing consumer behavior and new technologies continued to set the stage for innovation in the paints and coatings market. AkzoNobel presented a new line of coatings that provided eco-friendliness and durability in January 2024. This action is seen to be meeting the changing needs in the sector for green products. Equally, in March 2024, PPG Industries announced the expansion of production facilities in Asia due to increased demand for its industrial coatings, especially for automotive and aerospace applications. And recently, in April 2024, Sherwin-Williams introduced a new paint technology that brings advanced performance in extreme weather conditions, further showing how this market is driven toward high-performance solutions.
The paints and coatings market has a very wide area of application across sectors like residential, commercial, and industrial. It is projected that the residential segment will capture a 40% market share. This can be explained by the rising number of renovation cases in houses and the emerging trend of custom looks in homes. On the other hand, the industrial segment is also mounting at an equally rapid growth rate for coatings applied in automotive and aerospace industries, due to innovative technologies in manufacturing and an increase in the chain of industrial activities. Innovations in eco-friendly and high-performance coatings further buoy the market, reflective of the broader shift toward sustainability and functionality.
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Key Players:
- AkzoNobel N.V. (Dulux, International)
- Alcoatec (Alcoa Paints, Alcoabond)
- Asian Paints Limited (Apcolite, Royale)
- Axalta Coating Systems (Corlar, Imron)
- BASF SE (R-M, Glasurit)
- Berger Paints India Limited (Luxol, Weathercoat)
- Covestro AG (Bayhydrol, Baybond)
- Hempel A/S (Hempel's Marine, Hempadur)
- Jotun A/S (Jotashield, Jotun Marine)
- Kansai Paint Co., Ltd. (Prestige, Kansai)
- Nippon Paint Holdings Co., Ltd. (Dulux, Nippon Paint)
- PPG Industries, Inc. (Pittsburgh Paints, Dulux)
- RPM International Inc. (Rust-Oleum, Zinsser)
- Sherwin-Williams Company (Emerald, SuperPaint)
- Sika AG (Sikagard, Sikafloor)
- Tikkurila Oyj (Tikkurila, Temal)
- Valspar Corporation (Cabot, Valspar Wood Coatings)
- The Dow Chemical Company (Dow Coating Materials, Dow Corning)
- The Sherwin-Williams Company (Sherwin-Williams, Minwax)
- Benjamin Moore & Co. (Aura, Regal)
Paints & Coatings Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 186.74 Billion |
| Market Size by 2032 | USD 254.51 Billion |
| CAGR | CAGR of 3.50% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Architectural Coatings, Industrial Coatings, Protective Coatings, Specialty Coatings) • By Technology (Waterborne, Solvent-borne, Powder Coatings, Others) • By Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Fluoropolymer, Others) • By End Use Industry (Construction, Automotive, Aerospace, Marine, Consumer Electronics, Others) |
| Key Drivers | • Expansion of Construction Activities in Emerging Economies Supports Paints & Coatings Market Growth • Growth of Automotive Industry Drives Demand for High-Performance Coatings in Paints & Coatings Market |
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Segment Analysis
The waterborne coatings segment dominated and accounted for the largest share of about 50% in the Paints and Coatings market in 2023. This growth is driven by increasing demands for eco-friendly and low-VOC products. Water-borne coatings are much preferred because of lower environmental impacts and better safety compared to their solvent-borne counterparts. For example, large players like AkzoNobel and Sherwin-Williams have greatly increased their offerings in waterborne products to meet new, more stringent regulating requirements, which are being set up by both regulating bodies and consumers in their demand for eco-friendly solutions. Architecturally speaking, waterborne coatings are applied very broadly where they give service life and usability, further entrenching their supremacy in the global landscape.
Trend Analysis: Paints and Coatings Market
One of the major trends of the paints and coatings market has to do with the rapid growth of smart coatings, in which advanced technologies have been specifically developed to enhance functionalities and performance. These new-fangled coatings, like self-healing and anti-microbial coatings, are realized due to long-term durability and other protective features. For instance, such self-healing coatings can instantly heal minor damages and hence increase the life of coated surfaces while decreasing maintenance costs. High-traffic areas and health facilities are the major users of anti-microbial coatings, whereby improved hygiene and safety help prevent the growth of harmful microorganisms. This trend demonstrates that industries are now turning to developing consumer needs and demands by paying greater emphasis to high-performance and multifunctional coatings.
Recent Developments
- February 2023: AkzoNobel Powder Coatings launched the Interpon Futura Collection, featuring three new palettes: Merging World, Healing Nature, and Soft Abstraction. This collection is solvent-free and is connected to the company's objectives in terms of sustainability.
- February 2023: PPG acquired the powder coatings division from Milan-based Arsonsisi, a leading architectural and industrial specialty coatings company.
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Regional Analysis
The Asia-Pacific region dominated and holds the largest Paints and Coatings market share at an estimated 45%. This is in response to rapid industrialization, urbanization, and massive investments made in infrastructure projects within countries like China and India. Large construction sectors are some of the significant factors that drive high demand for paints and coatings in this region. For example, the "New Infrastructure" initiative that is currently being implemented in China will raise additional demand for new coating solutions in the construction and industrial sectors, while the fast growth of the automotive industry in India spurs interest in more advanced coatings technologies.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Production Capacity and Utilization, by Country, by Region, 2023
- Feedstock Prices, by Country, by Region, 2023
- Regulatory Impact, by Country, by Region, 2023
- Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
- Innovation and R&D, by Region, 2023
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Paints & Coatings Market Segmentation, by Product Type
8. Paints & Coatings Market Segmentation, by Technology
9. Paints & Coatings Market Segmentation, by Resin
10. Paints & Coatings Market Segmentation, by End Use Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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