The paints and coatings market has seen significant trends in recent years, driven by various factors such as technological advancements, environmental regulations, and changing consumer preferences. One notable trend is the growing demand for eco-friendly and sustainable paints and coatings. With increasing awareness about environmental issues, consumers are seeking products that have minimal impact on the environment. As a result, manufacturers are investing in research and development to create paints and coatings that are low in volatile organic compounds (VOCs) and other harmful chemicals. These eco-friendly products are not only better for the environment but also safer for consumers and painters.
The powder coatings technology of the growing paints and coating market value is continuously improving for the functional quality of the pipeline industry. Along with the shipbuilding industry, the use of plastic tubes has been increasing in applications like electronics, chemicals, textile industry.
Another trend in the paints and coatings market is the rising popularity of water-based paints. Water-based paints have gained traction due to their low odor, quick drying time, and easy cleanup with water. They are also considered to be more environmentally friendly than solvent-based paints, as they emit fewer VOCs. As a result, many consumers, as well as professionals in the construction and painting industries, are making the switch to water-based paints for both interior and exterior applications.
Additionally, there is a growing demand for innovative coatings that offer enhanced performance properties. This includes coatings that provide protection against harsh weather conditions, UV radiation, corrosion, and abrasion. These high-performance coatings are used in various industries, including automotive, aerospace, marine, and industrial manufacturing. Manufacturers are continually developing new formulations and technologies to meet the evolving needs of customers and to stay ahead of the competition.
Moreover, digitalization and automation are transforming the paints and coatings market. Advancements in digital technology, such as computer-aided design (CAD) software, robotics, and smart sensors, are streamlining the manufacturing process and improving product quality and consistency. Automation allows for greater precision in mixing and application, reducing waste and increasing efficiency. Additionally, digital tools enable manufacturers to better track and analyze data, leading to more informed decision-making and improved product development.
Furthermore, the paints and coatings market is witnessing a shift towards customization and personalization. As consumers increasingly seek products that reflect their individual tastes and preferences, manufacturers are offering a wider range of colors, finishes, and textures to choose from. Customization options allow consumers to create unique and personalized spaces, whether it's in their homes, offices, or commercial buildings. This trend has led to the development of innovative technologies, such as digital color matching systems, that enable manufacturers to produce custom paint colors quickly and accurately.
Another significant trend in the paints and coatings market is the increasing adoption of bio-based and renewable raw materials. With growing concerns about the environmental impact of traditional petroleum-based chemicals, manufacturers are exploring alternative sources of raw materials, such as plant-based oils, resins, and additives. Bio-based paints and coatings offer similar performance properties to their petroleum-based counterparts but with the added benefit of being derived from renewable resources. This trend aligns with the broader shift towards sustainability and circular economy principles within the coatings industry.
Paints and coatings Market Size was valued at USD 192.1 billion in 2023. The paints and coatings industry is projected to grow from USD 199.1 Billion in 2024 to USD 254.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.30% during the forecast period (2024 - 2032). Construction industry growth is occurring quickly, and sustainable coatings industry development is the key market driver enhancing the growth of paints and coatings.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The main purposes of paints and coatings are to adorn and safeguard infrastructures and buildings. Interior and exterior house paints, primers, sealers, varnishes, and stains are some of these architectural improvements. Architectural paints are available in several textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. Architectural paints are available in various textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. By 2030, the construction sector is anticipated to rise by over USD 8 trillion. The industry is projected to be supported by a rise in building work and government spending on public infrastructure projects. Additionally, cutting-edge technology is increasingly becoming commonplace in the construction sector. Another reason for expanding the construction sector is the growing usage of cloud computing and collaborative building information modeling (BIM).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In both developed and developing economies, including the United States, China, India, and others, where paints and coatings are used for flooring, wall finishing, and roofing applications, a rise in population coupled with rapid urbanization has sped up the growth of the architecture and construction sector. For instance, according to a study released by the National Investment Promotion and Facilitation Agency, infrastructure-related operations made up 13% of all FDI inflows in 2021. As a result, the expanding architecture and construction sector is anticipated to increase demand for paints and coatings. Furthermore, the automotive industry has seen significant growth in the use of paints and coatings for corrosion protection applications in under-the-hood parts, engine components, interiors of containers, and storage vessels due to factors like increased disposable income, technological advancements, and the growth of original equipment manufacturers (OEMs). In India, for instance, 26.36 million vehicles will be produced between 2016 and 2020, increasing at a compound annual growth rate (CAGR) of 2.36%, according to research released by the India Brands Equity Foundation.
The European Commission and other Federal government organizations develop new laws and regulations, such as the Eco-product Certification Scheme (ECS). These standards guarantee a green and sustainable environment with little to no toxic VOC emissions. The National Referral Centre for Lead Projects in India (NRCLPI), the Quality Council of India (QCI), and the Pollution Control Board Authorities strongly advised the Government of India (GOI) to fix lead content below 90 ppm for all decorative and household paints. As a result, the regulations on lead control in households and Paints & Coatings were put into place in 2016. These restrictions encourage paints and coatings producers to spend money on bio-based raw ingredients for their products, making paints and coatings more environmentally friendly. However, in recent years, significant advances and innovations have enhanced the Paints and coatings industry to cater to the demand.
The paints and coatings market segmentation, based on Resin type, includes Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK) and others. The acrylic category, which accounted for the largest share of the worldwide market for paints and coatings by resin type, is projected to expand at the highest CAGR of 5.1% throughout the forecast period. This is explained by the fact that acrylic paints have several benefits, including short drying times, water solubility, low toxicity, safety around children and pets, and flexibility and durability.
Based on application, the paints and coatings market segmentation includes Architectural and Industrial. By application, the architectural segment was the largest revenue generator and is anticipated to grow at a CAGR of 5.0% during the forecast period. This is attributed to the fact that governments of developing economies, such as China, India, and others, have increased spending on the development of townships, housing, built-up infrastructure, and construction of development projects where paints and coatings are widely used for exterior and interior coating applications.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Paints and coatings market accounted for USD 65.75 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Regarding revenue and volume, Asia Pacific held the largest market share in 2021 and will likely keep that position throughout the projected period. This might be attributed to the expansion of the automobile and building sectors in China, Japan, and India. Because they cover residential and non-residential constructions, paints and coatings are in higher demand. Moreover, China Paints and coatings market held the largest market share, and the India Paints and coatings market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Because of its dominant position and predicted significant market share expansion, Europe Paints and coatings market is primarily responsible for the rising demand from the automobile sector. Due to its greater level of discretionary income and accessibility to raw materials, Europe ranks among the top worldwide makers of vehicles. Further, Germany's paints and coatings market held the largest market share, and the U.K.'s paints and coatings market was the fastest-growing market in the European Region.
In the international market, North America is anticipated to have notable expansion. The United States is one of the world's top consumers of paints for use in building and automotive applications, which will support market expansion. These compounds are mostly utilized in the United States to produce automobile refinish and renovate aging infrastructure. The market expansion in this area will be primarily driven by the continued use of novel technology, rising disposable income, and increasing consolidation of used automobiles.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for paints and coatings. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming more and more competitive, competitors in the paints and coatings industry must provide affordable products.
Manufacturing locally to cut operational costs is one of the manufacturers' main business methods in the paints and coatings industry to benefit customers and develop the market sector. The paint and coatings industry has recently given medicine some of the most important advantages. The paints and coatings market major players such as AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Jotun (Norway), Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (U.S.), RPM International INC (U.S.), KANSAI PAINT CO. LTD (Japan), Axalta Coating Systems Ltd. (U.S.), BASE SE (Germany), Solvay S.A. (Belgium), Shalimar Paints (India), Indigo Paints Pvt. Ltd (India), Diamond Vogel (U.S.), Berger Paints India Limited (India), Tiger Coatings GmbH & Co. Kg (Austria), Beckers Group (Maryland), Hempel A/S (Denmark), Kelly-Moore Paints (U.S.), and others are working on expanding the paints and coatings market demand by investing in research and development activities.
A Fortune 500 American business that provides specialty materials, paints, and coatings worldwide is PPG Industries, Inc. PPG is headquartered in Pittsburgh, Pennsylvania, and operates in more than 70 nations. PPG released PPG ENVIROCRON PCS P4 powder coatings for furniture, home décor, and architectural applications in August 2021. This most recent generation of powder coatings satisfies the growing need for matte and premium-textured surfaces in various applications, from urban and office furniture to aluminum and steel substrates for building construction.
A Dutch multinational corporation known as Akzo Nobel N.V.—stylized as AkzoNobel—manufactures paints and performance coatings for consumers and industry alike. Grupo Orbis, a producer of paints and coatings, was purchased by AkzoNobel in June 2021. AkzoNobel will be able to strengthen its position in South and Central America thanks to this tactical purchase.
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