Paints and Coatings Market size is estimated at USD 175.2 billion in 2024 and is projected to reach USD 310.4 billion by the end of 2037, registering around 4.5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of paints and coatings is assessed at USD 183 billion.
The paints and coatings industry is driven by increased development of technology and a focus on sustainability. As various industries across the globe are trying to work on aesthetic appeal and protection, the demand for value-added coatings is on an upward curve. Opportunities abound in the automotive, infrastructure development, and residential construction sectors, where high-performance coating usage is gaining significance. Also, the trend of using eco-friendly products is impelling manufacturing companies to prepare effective yet safe formulations for the environment.
Government regulations and initiatives also play an important role in boosting market growth. For instance, in February 2022, The Sherwin-Williams Company entered an agreement with the state of North Carolina to extend the manufacturing capacity in Statesville, for which the minimum investment required will be around USD 300 million. Apart from this, several regulations such as the Clean Air Act and EU legislation about volatile organic compounds (VOCs) make a sufficient number of coatings greener, which adds to the growth momentum.
Growth Drivers:
Challenges:
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.5% |
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Base Year Market Size (2024) |
USD 175.2 billion |
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Forecast Year Market Size (2037) |
USD 310.4 billion |
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Regional Scope |
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Material (Polyester, Acrylic, Alkyd, Epoxy, Polyurethane, and Others)
By 2037, acrylic segment is expected to dominate over 45.9% paints and coatings market share due to better properties of acrylic, such as excellent durability, UV resistance, and fast-drying properties. These are some of the reasons coatings based on acrylics are in high demand from both architectural as well as industrial applications. In addition, Akzo Nobel N.V. announced that it had finalized the acquisition of the aluminum wheel liquid coatings business of Lankwitzer Lackfabrik GmbH in December 2022, enhancing its global outreach coupled with an enriched portfolio of acrylic-based products.
Product (Solvent-borne Coatings, Waterborne Coatings, Powder Coatings, High Solids/Radiation Curing, and Others (Specialty Coatings))
In paints and coatings market, waterborne coatings segment is expected to hold more than 42.5% revenue share in 2024. Waterborne coatings are more in demand as they contain low VOCs and, thus have fewer impacts on the environment. The waterborne coatings have excellent performance, meeting the strictest environmental regulations. In August 2021, PPG announced the introduction of PPG ENVIROCRON PCS P4 powder coatings. These address the increasing demand for environmentally friendly coatings in architectural and furniture applications, thus boosting the growth of the waterborne segment.
Application (Non-Architectural and Architectural & Decorative)
Architectural and decorative segment is likely to dominate paints and coatings market share of around 59% by the end of 2037. Rising constructions and renovations worldwide are driving this segment category. Higher-grade decorative coatings for better appearance and durability are required to promote the better stability of a structure. In February 2022, The Sherwin-Williams Company signed an agreement regarding the expansion of its production capacity of architectural paints and coatings in Statesville, North Carolina State, which shows the potential and growth of the segment.
Our in-depth analysis of the market includes the following segments:
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Material |
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Product |
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Application |
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Asia Pacific Market Analysis:
Asia Pacific in paints and coatings market is predicted to account for around 40.3% revenue share by 2037 due to rapid industrialization and urbanization, especially in China and India. The rapidly growing construction sector, coupled with rising production in the automotive industry, acts as a strong factor for growth. Besides, the surging demand for eco-friendly products is driving the market. The market outlook is positive as governments and industries are inclined toward sustainable development.
China continues to be one of the major players in the Asia Pacific paints and coatings market, based on large construction and automotive industries. In 2023, electric vehicle sales in China surpassed global levels, surging nearly threefold to 6.2 million units. This surge in EV manufacture, automatically enhances the need for advanced coatings solutions, boosting this market further. This growth underlines China's strategic importance in the global market.
Another key market in Asia Pacific includes India. The rapid urbanization in India and the need for the growth of infrastructure in the country have fueled market growth. The government has also put in place policies that continue to enhance the use of sustainable products. In January 2023, Asian Paints Ltd launched a new water-based paint production facility after investing USD 267 million. The development is an indication of the country’s commitment and focus on eco-friendly solutions and places it among the leading players in Asia Pacific.
Europe Market Analysis:
By 2037, Europe paints and coatings market is likely to dominate over 29.5% share owing to stringent environmental regulations related to the need for sustainability. The region’s well-established automotive and construction industry acts as a major source for driving demand. It is estimated that the improvement of eco-friendly coatings across Europe is impacting the market and will continue to do so in future years. The growth momentum is positive as many countries in Europe are focused on developing and technologically advancing in the green movement.
Germany is one of the leading markets in Europe primarily due to its well-established automotive and industrial sectors. The environmental regulations imposed by the government are driving up the need for sustainability in coatings. In November, Sherwin-Williams Company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH. This is in line with a strategy to diversify its coating business and expand its industrial-machinery coatings business in Germany. These factors hint that the country is a significant market for paints and coatings.
France is another key market for paints and coatings due to a notable construction sector and an active aerospace industry. The local government is pushing sustainable development with many legislative measures. A French Ministry of Ecological Transition report in 2022 claims that the country is expected to achieve carbon neutrality by 2050. In addition, there is a high demand for eco-friendly coatings as the coatings manufacturers work to align with national goals.
The global paints and coatings sector features numerous prominent businesses committed to advancing their respective positions. Industry pioneers such as PPG Industries, Akzo Nobel N.V., Sherwin-Williams, Asian Paints, and Axalta Coating Systems consistently lead the way through cutting-edge research and expanded operations. These companies invest heavily in developing novel products and advanced technologies to satisfy the evolving needs of diverse industries. Strategic partnerships and targeted acquisitions also allow companies to diversify their portfolios while amplifying their notable market presence.
A noteworthy development was by PPG in June 2022, the launch of the PPG DIGIMATCH camera system and PPG VisualizID software application. Together, these digital solutions comprise PPG's comprehensive LINQ platform serving the worldwide automotive refinishing sector, underscoring PPG's dedication to pioneering technological breakthroughs. Such industry-advancing innovations are indispensable for maintaining a competitive advantage and addressing the increasing demand for high-performance coatings.
Here are some leading players in the paints and coatings market:
Author Credits: Rajrani Baghel
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