According to the report by Expert Market Research (EMR), the global paints and coatings market size reached a value of USD 179.98 billion in 2023. Aided by rapid urbanisation, industrialisation, and rising demand for green coating, the market is projected to further grow at a CAGR of 4% between 2024 and 2032 to reach a value of USD 255.59 billion by 2032.
Paints and coatings are essential formulations applied to surfaces for decorative, protective, and functional purposes. These formulations comprise a blend of pigments, binders, solvents, and additives designed to provide colour, texture, and performance characteristics to substrates such as buildings, automobiles, furniture, and industrial equipment. Paints are primarily used for aesthetic enhancement, while coatings offer additional functionalities such as corrosion resistance, weatherproofing, and chemical protection.
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Rapid urbanisation, population growth, and infrastructure development drive demand for paints and coatings in the construction, real estate, and infrastructure sectors. Urbanisation trends, coupled with government investments in transportation, utilities, and public infrastructure projects, fuel demand for architectural coatings, protective coatings, and industrial coatings for bridges, highways, and buildings, consequently driving up the paints and coatings market share.
The automotive and transportation sector represents a significant end-user segment for paints and coatings, with applications ranging from vehicle body coatings to aerospace coatings. Increasing vehicle production, automotive aftermarket demand, and technological advancements in automotive coatings drive the paints and coatings market growth, while trends such as electric vehicles (EVs) and lightweight materials present new opportunities for specialty coatings and functional finishes.
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The industrial and protective coatings segment encompasses a wide range of applications, including corrosion protection, fire protection, and chemical resistance in industrial facilities, pipelines, marine structures, and offshore installations. Growing emphasis on asset maintenance, infrastructure durability, and environmental compliance drives demand for high-performance coatings with advanced formulations, such as epoxy coatings, polyurethane coatings, and intumescent coatings.
Increasing environmental awareness, stringent regulations, and consumer preferences for eco-friendly products are driving the adoption of sustainable and green coatings in the paints and coatings market. Low-VOC (volatile organic compound) formulations, water-based coatings, and bio-based resins offer environmentally responsible alternatives to traditional solvent-based coatings, reducing emissions, minimising environmental impact, and enhancing indoor air quality, leading to paints and coatings market development.
Architectural and decorative coatings represent the largest segment of the paints and coatings market, encompassing interior paints, exterior paints, and wood coatings for residential, commercial, and institutional buildings. Trends such as colour customisation, textured finishes, and durable coatings drive demand for aesthetic enhancement, protection against weathering, and surface durability.
Industrial and OEM (original equipment manufacturer) coatings cater to the needs of manufacturing industries, including automotive, aerospace, electronics, and machinery. OEM coatings provide corrosion protection, scratch resistance, and surface aesthetics for metal, plastic, and composite substrates, while industrial coatings offer functional properties such as heat resistance, chemical resistance, and UV stability for industrial equipment and components, leading to paints and coatings market expansion.
Marine and protective coatings are essential for protecting marine structures, offshore installations, and industrial facilities from corrosion, abrasion, and fouling. Anti-corrosive coatings, antifouling coatings, and fire-retardant coatings provide long-term protection and maintenance for steel structures, concrete surfaces, and marine vessels in harsh marine environments, contributing to extended service life and reduced lifecycle costs.
As per the paints and coatings market analysis, Asia Pacific stands out as a prominent regional market for the worldwide paints and coatings industry, mainly because of the flourishing construction sector in the area. The expansion can be credited to the continuously increasing population and economic progress in emerging nations such as China and India. The incorporation of nano technology and anti-corrosion coating has enhanced the market demand for paints and coatings. These products are becoming more environmentally friendly and are equipped with enhanced features. Consequently, this is expected to boost the demand for the global paints and coatings sector in the projected period. Furthermore, the industry’s growth is also fuelled by the growing demand from the expanding automobile sector and is anticipated to experience substantial growth in the upcoming years.
Market Segmentation
The market can be divided based on the raw material, technology, end use, and region
Market Breakup by Raw Material
- Pigments and Fillers
- Solvents
- Resins
- Acrylic
- Alkyd
- Epoxy
- Polyurethane
- Others
- Additives
Market Breakup by Technology
- Powder-Based
- Water-Borne
- Solvent-Borne
- Others
Market Breakup by End Use
- Architectural
- Indoor
- Outdoor
- Industrial
- General Industrial
- Automotive and Transportation
- Wood
- Aerospace and Marine
- Protective
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global paints and coatings market. Some of the major players explored in the report by Expert Market Research are as follows:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- BASF SE
- Nippon Paint Holdings Co., Ltd.
- The Sherwin-Williams Company
- RPM International Inc.
- Beckers Group
- Others
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