Paints & Coatings Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Paints & Coatings Market size was estimated at USD 196.4 billion in 2023 and is projected to reach USD 246.6 billion in 2030 at a CAGR of 3.3% during the forecast period 2023-2030.

Paints are chemical compounds that are employed to enhance the visual appeal of the underlying surface on which it is administered, whilst coatings are primarily used to impede the deterioration of the substrate or for the purpose of safeguarding against corrosion. The application of paints and coatings endows the substrate with particular features including, but not limited to, anti-fouling, flame retardancy, and anti-microbial properties, which are highly desirable in various sectors such as architecture, manufacturing, automobile, aviation, and other areas of application.

The advent of high solid paints and coatings, which generate minimal to no volatile organic compounds (VOCs), has significantly expanded the scope of paint and coating usage across various end-use industries. High solid epoxies, for instance, are extensively employed in decking, hulls, cargo tanks, and other applications. Moreover, high solid paints and coatings necessitate less drying time and are facile to apply, rendering them highly sought-after for coating purposes in an array of end-use sectors. This is poised to propel the demand for high solid paints and coatings, thereby creating profitable openings for the market.

The outbreak of the highly infectious and contagious disease known as COVID-19 has caused massive disruption to the intricate and complex supply chains of companies operating within the paints and coatings industry. As a result, these companies have been placing a heightened level of focus on the management of crucial aspects such as orders, inventory, and transit shipments in a determined effort to navigate the challenges presented by the pandemic and to ensure that their operations continue to function in a smooth and efficient manner. In order to achieve this goal, these companies have been consistently and relentlessly employing innovative and cutting-edge techniques and strategies to stabilize their operations and production sites.

Delvens Industry Expert's Standpoint

Over the course of the next half-decade, it is expected that the activities related to housing and construction will gradually expand throughout North America and Europe. Furthermore, it is anticipated that the construction industry in China will experience a more rapid surge than both Europe and North America, despite experiencing a significant slowdown over the past two to three years. In order to keep up with the increased rates of urbanization brought on by individuals migrating from rural areas to cities in search of improved earnings, construction levels are on the rise in countries such as India, Southeast Asia, and South America. It is projected that construction activity will increase as a direct result of infrastructure investments. In a concerted effort to bolster their respective economies' productive capacities and fuel their post-Covid economic recoveries, governments around the globe continue to lend their support to substantial infrastructure investments. The civil engineering sector is expected to be the most rapidly-growing industry within the construction market. By 2023, it is predicted that Australia's construction output will experience a decrease of around 3%. Residential construction is being heavily impacted by high inflation and rising interest rates, which has resulted in property values declining and construction costs soaring. Belgium, on the other hand, expects its construction output to decline by 1.3% in 2023 following a 0.8% decrease in 2022, primarily due to lower activity in the residential and industrial construction segments. Both segments are being impacted by increasing inflation and rising financing costs associated with building activity.

Market Portfolio

Key Findings

• On the basis of technology, in modern industrial manufacturing, powder coating has become a popular dry finishing process. This method involves the use of finely grounded particles composed of pigments and resins, which are then electrostatically charged. These charged particles are then sprayed onto electrically grounded parts. The primary benefit of using powder-based industrial coatings is the low emission of volatile organic compounds (VOCs). This low emission rate leads to superior performance and cost efficiency, making it a highly desirable option for applications that require maximum abrasion resistance and hardness. It is worth noting that powder coatings are composed of 100% solid components. These components include binders, pigments, and additives in the form of finely atomized powder. Unlike other coatings, powder coatings do not contain solvents. There are two types of powder coatings: thermoplastic and thermosetting. Both types can be used in a variety of commercial and industrial applications.

• On the basis of application, Architectural paints and coatings, which are commonly referred to as decorative paints and coatings or building paints, are substances that are applied to both the exterior and interior walls of all categories of buildings, including residential, commercial, industrial, and institutional edifices. In addition to their aesthetic properties, these architectural paints and coatings possess certain protective characteristics. For example, exterior architectural paints and coatings act as a barrier that shields a building from harsh weather conditions, such as extreme rain, sunlight, and wind. These substances can be applied by either building contractors or end-users. Architectural coatings also have a variety of applications in decorative interiors, such as in furniture, wood flooring, wall paintings, and sculptures.

• On the basis of platform, the usage of paints and coatings is widespread in the residential sector with the purpose of mitigating the issues of shrinkage and cracks in concrete while simultaneously enhancing its workability and aesthetic quality. The principal determinant of the durability of a finishing coating is its ability to resist cracking. The occurrence of considerable shrinkage deformations that take place during both operation and the hardening of finishing coats are the primary factors contributing to the formation of cracks. The expansion of construction activity, as well as higher incomes, have led to economic growth and an increase in the number of new houses and remodeling efforts. Architectural paints and coatings for residential construction encompass both new paint and repainting. In the residential sector, architectural paints and coatings are utilized for both interior and exterior applications. Repainting serves as a means of refreshing the appearance of an establishment's old or worn-out interior and exterior.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. the Asia Pacific region, encompassing various countries in the Pacific Ocean, shall emerge as the frontrunner in the market for paints and coatings by the year 2022.

Regional Analysis

Asia-Pacific to Dominate the Market

• It is predicted that the Asia Pacific region, encompassing various countries in the Pacific Ocean, shall emerge as the frontrunner in the market for paints and coatings by the year 2022.
   
• This assertion is substantiated by the International Monetary Fund and the World Economic Outlook, which have revealed that China and Japan, two of the most influential economies worldwide, held the positions of second and third largest economies, respectively, during the same period in question.

Competitive Landscape

• AkzoNobel
• Asian Paints
• Axalta Coating Systems
• BASF Coating GMBH 
• Berger Paints India Limited
• Chugoku Marine Paints
• DAW SE
• Dunn-Edwards Corporation
• Hempel A/S
• Indigo Paints Ltd
• Jotun
• Kansai Nerolac Paints Limited
• Kwality Paints and Coatings Pvt. Ltd. (KPCPL)
• Masco Corporation
• Nippon Paint Holdings Co., Ltd.
• NIPSEA GROUP
• PPG Industries, Inc 
• RPM International Inc.
• The Sherwin-Williams Company
• Tikkurila Oyj

Recent Developments

• In December 2022, AkzoNobel N.V. has completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio. The acquired business will complement AkzoNobel’s existing powder coatings offering and expand the range of innovative products the company supplies.
   
• In April 2022, PPG today announced that it has completed its acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Paints & Coating Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope