Published: 2019 April 09
Updated : 2022 December 20

Paints and Coatings Market

SKU : CH175
180 pages
Report Summary
Table of Content

Paints and Coatings Market Segmented By Product Type (Acrylic, Alkyd, Epoxy, Polyurethane, Polyesters), By Formulation (Water-Borne Coatings, Solvent-Borne Coatings, Powder Based Coatings, UV-Curable Coatings), By Application (Architectural Application (Residential, Non-Residential, Infrastructure), OEM Coatings (General Industrial, Automotive OEM Coatings, Wood Coatings, Coil Coatings, Packaging), Special Purpose Coatings (Protective Coatings, Marine Coatings, Auto Refinish Coatings)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, Opportunities, and Forecast, 2022-2029

[150 Pages Report] The paints & coatings market was valued at USD 106.7 billion in 2018 and it is expected to grow at a CAGR of 4% to reach USD YY million by 2029.

Paints and Coatings Market Scope and Summary



Market CAGR


Segments Covered

By Product Type, By Formulation, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The paints & coatings are the liquid materials that are sprayed or applied to a substrate in the form of a thin layer. These materials are obtained from a synthetic or natural source that provides color or protection to the surface applied. The paints & coatings are used to decorate the surface by creating a solid film over the surface.

Paints and Coatings Market Dynamics And Trends

The market is driven by the rising demand for paints & coatings in decorative, marine, automotive, construction, and industrial applications to provide better visual appeal, and texture, increase shelf-life, and protect the product from external damage.

The market is dominated by the availability of innovative formulation technologies including anticorrosive protection, low-VOC content coats, and nano-coatings. Several companies are developing nano paints and coatings. The introduction of nanotechnology has led to the development of products that can conduct electricity, or exhibit UV protective or self-healing properties.

There is an increase in the launch of novel paints & coating products. For instance, in October 2019, AkzoNobel launched a recycled paint i.e. Evolve, a trade-grade emulsion derived from paint that would have otherwise been discarded. It is developed by the brand Dulux Trade (a subsidiary of AkzoNobel). Evolve is made from 35% recycled paint, gained from households across the United Kingdom.

In December 2019, Sirca Paints India launched the super chrome finish coating in the Indian market. Super Chrome finish is one of the super high-quality products that can be applied to leather, metal, plastic, glass & wood. It is the industry's brightest & most reflective chrome coating with unparalleled chrome appearance & unmatched reflective properties that replicates real chrome better than any other available coating in the market. It produces a chrome-like finish with a 90% reflection. It gives special colors on chrome such as rose gold, gold bronze, nickel, grey, copper brown, etc.

The market is witnessing the launch of the manufacturing facility for the production of paints & coatings. For instance, in February 2018, AkzoNobel opened the new €9 million facilities for the production of powder coatings. This new facility would complement AkzoNobel’s existing plant in Bangalore, adding new product lines in bonded metallic and functional powder coatings.

Several environmental challenges especially the state and local regulations for wastewater discharge are hindering the market growth. The powder coating operations comprised the number of metals, oil & grease, and suspended solids in the wastewater streams generated during the cleaning and pretreatment phases.

Paints and Coatings Market Segment Analysis and Market Growth

The paints & coatings market is segmented based on resin type as acrylic, alkyd, polyester, epoxy, polyurethane, fluoropolymer, polyether ether ketone (PEEK), polyaryletherketone (PAEK), polyether ketone (PEK), and others. The acrylic segment accounts for the highest market share due to the higher usage of acrylic paints and coatings are used in various industries including the automobile, medical devices, and construction industries because of their chemical characteristics and unique esthetic properties. Acrylic paint is a fast-drying paint made of pigment suspended in acrylic polymer emulsion. It is water-soluble but becomes water-resistant when dry. Acrylic paints and coatings are useful for modifying the appearance, hardness, flexibility, texture, and other characteristics of the paint surface. Acrylic surface coatings are used in all three of the paint and coatings including architectural coatings, product finishes for original equipment manufacturers (OEM), and special-purpose coatings. The acrylic coatings are used in organic solvent-borne, waterborne, powder, or radiation-curable formulations. These coatings and paints are used mainly in architectural, or decorative, finishes, and to coat industrial goods.

The epoxy segment is expected to have positive market growth owing to the increasing usage of epoxy paints & coatings used for various consumer and industrial applications due to their characteristics such as toughness, strong adhesion, chemical resistance, and other specialized properties. The epoxy resins for protecting ships, tanks, and marine structures from corrosion. The epoxy coating films are strongly resistant to most chemicals and make excellent anti-corrosion coatings.

Further, the paints & coatings market is also classified based on application as architectural, and industrial. The architectural segment accounts for the highest market share owing to the high usage of paints and coatings for coating the exterior and interior of residential and commercial buildings. The paints and coatings comprised good alkali resistance, water resistance, good bonding strength to cement surface layers or wood materials for decorative function and some special performances, convenient construction and repair, maintenance, and easy recoating. The paints and coatings are preferred for decorative purposes or adding colors to the interiors of residential buildings. The paints & coatings are useful for protecting residential and commercial buildings from environmental harm, ultraviolet radiation, and others. The paints and coatings also provide waterproof, fireproof, mildew-proof, thermal insulation, and sound insulation to the buildings.

Paints and Coatings Market Geographical Presentation

By region, the paints & coatings market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia-Pacific dominated the paints & coatings market share of YY%. The Asia-Pacific region is expected to be the fastest-growing region owing to the drastic growth in the automobile and construction industry. According to the India Brand Equity Foundation (IBEF), India is the fourth-largest auto market in 2018 with sales increasing 8.3 percent year-on-year to 3.99 million units. The domestic automobile sales were 26.27 million vehicles in 2019. The domestic automobile production was 0.92 million vehicles in 2019. The automobile exports grew 14.50% year-on-year in 2019. It is further expected that India would be the third-largest construction market in the world by 2025 as 11.5 million homes a year are expected to be added by 2025. There is a rising demand for coats and varnishes. Australia, Japan, Korea, and China are the leading countries driving the demand for coats and varnishes. India, Vietnam, and Taiwan are expected to witness the entry of new entrants in the upcoming years. Increasing the domestic income and purchasing power shall boost the demand for paints & coatings. It is further expected that the Asia-Pacific would maintain its dominant market position over the forecasted period.

North America is expected to have positive market growth owing to the rising investment in the construction of new residential and commercial industries and the automobile industry. The United States accounts for the highest market share of YY% as the United States is one of the largest construction industries worldwide. According to Select USA, the United States is the world’s second-largest market for vehicle sales and production. The sales of light vehicles sales were 17.2 million units in the United States in 2018. There is increasing research and development activities are transforming the automobile industry. Approximately, USD 18 billion is spent on research and development activities for the automobile industry. The market is hindered by stringent regulations including concerns regarding the release of volatile organic materials and the presence of perilous chemicals among consumers.

Paints and Coatings Companies and Competitive Analysis

The paints & coatings market is highly competitive with the presence of several international and local market players. Product diversification, technological advancement, revenue generation, and opportunities intensify the market competition.

AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems LLC, Nippon Paint Holdings Co., Ltd, Asian Paints Limited, and RPM International Inc. are the leading market players with significant market shares.

Companies are using novel product launches, technological advancement, new product development, capacity utilization, new manufacturing facility, and market expansion strategies for holding their position in the market. For instance, in May 2019, Hempel launched a new coating solution i.e. Hempaprime Shield 700 HS, a new epoxy primer for heavy-duty equipment and truck OEMs. This new coating would help in improving the productivity and quality of original equipment manufacturers (OEMs) by reducing production times and maximizing service life.

In June 2019, AkzoNobel added three new production lines at its Changzhou powder coatings plant in China. It is the company’s largest facility of its kind in the world. The Euros 3 million investment would help the company to support additional supplies of acrylic powder coatings, metallic powder coatings, and powder primers for the automotive sector.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for the paints & coatings Market and their expansion across the globe. For instance, in April 2020, AkzoNobel acquired 100% of the shares of Mauvilac Industries Limited, a leading paints and coatings company in Mauritius. The transaction includes a local production facility, four concept stores, and access to a strong distribution network. This acquisition would help in strengthening AkzoNobel’s footprint in Sub-Saharan Africa and supports its leading position in the African decorative paints market.

In May 2019, JSW Group entered the paints business in India with JSW Paints. This is part of the Group’s diversification into consumer-facing businesses and a historic first-time entry of an Indian conglomerate into the organized paints sector. JSW Group would provide a comprehensive offering for consumer homes through steel, cement, furniture, and now paints.

In 2016, BASF acquired Chemetall, a global leader in surface treatment that develops and manufactures customized technology and system solutions. This acquisition would help the company to become a complete solution provider for coatings. In October 2019, Dulux Trade (a subsidiary of AkzoNobel) entered into a partnership with Veolia UK to offer a new matt emulsion made from 35% recycled paint, which also produces 10% lower carbon emissions per liter.

The companies are raising investment for the development of the manufacturing facilities for the paints & coatings. For instance, In September 2019, Nippon Paint invested USD 60 million to construct a new, 270,000-sq-ft manufacturing plant in Chattanooga. The facility would focus on the production of automotive electrocoat (E-Coat) and topcoats.


Frequently Asked Questions

What are the paints & coatings market growth?

The market is growing at a high CAGR of 4%.

What is the paints & coatings market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in the paints & coatings market?

AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems LLC, Nippon Paint Holdings Co., Ltd, Asian Paints Limited, and RPM International Inc.

Trending Topics

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