Paints and Coatings Market

Paints and Coatings Market Size & Growth 2023-2028:

The Paint and Coatings Market are expected to grow from USD 188,540 million in 2022 to USD 232,360 million in 2028, with a CAGR of 7.45% during the forecast period.

Paints and coatings are composed of organic or inorganic resins and are inseparable in industrial sectors. They are used to impart a bright and decorative finish to the surface of a product, such as a component of metal, equipment, walls, etc. These coatings are applied to the surface to improve the durability and performance of the product. They offer excellent adhesion, and high resistance to corrosion and abrasion, which makes them favorable in a wide range of applications.

Drivers in the Paints and Coatings Market:

The fast pace of industrial advancement, rising number of end-use businesses, and escalating interest of the worldwide population in architecture are driving the global paints and coatings market. There is a vast untapped industry for the construction industry in developing nations that have been escalating each year due to the rising worldwide population. These factors are developing calls for construction materials, involving paints and coatings. The rising population and per capita income have been boosting the call for customer goods and automotive which in turn is fuelling industrialization. The employment of metals has also escalated to a high degree in the past 10 years. Paints and coatings are majorly used to protect machines and devices from rusting and corrosion in businesses.

As for customer goods, they serve the use of keeping corrosion at bay and making products look better. Architectural and decorative paints and coatings are employed majorly applied to the interior and exterior walls of houses and corporate buildings. Some of the new innovations that nanotechnology has initiated the formulators to create involve products that can conduct electricity, or show UV protective or self-healing properties. Besides these, they are also very resistant to scratch, mar wear, and corrosion. Therefore, these developments in technology and the introduction of the latest products are estimated to fuel future expansion across the paints and coatings industry in the foreseen period. 

Restraints in the Paints and Coatings Market:

The general raw materials employed for the making of paints and coatings involve resins, pigments, liquids, and additives. The increasing price of these raw materials is leading to additional funds on the part of paint and coating makers. In the last few years, the costs of raw materials, involving titanium dioxide and epoxy, have escalated highly across the world, forcing the dominating producers of coatings and paints to increase the costs of their product offerings. Hence, the increase in raw material costs hinders the expansion of the paints and coatings industry to some level.

Opportunities in the Paints and Coatings Market:

The escalating population across the globe and the rising number of nuclear families supports the call for new houses every year which in turn creates a call for paints and coatings. The rising industry for customer goods and automobiles is also propelling the expansion of the paints and coatings industry. 

Challenges in the Paints and Coatings Market:

The paints & coatings industry has been facing several environmental challenges with the escalating focus on observing state and local rules for wastewater discharge. Powder coating operations have a notable amount of metals, oil & grease, and suspended solids in their wastewater streams initiated during cleaning and pretreatment stages. Metal finishing firms that utilize different electroplating procedures have been facing the problem of adhering to rules owing to heavy metal contamination.

PAINTS AND COATINGS MARKET REPORT COVERAGE:

Market segmentation:

On the basis of the Type of Resin: 

• Acrylics

• Polyurethanes

• Polyesters

• Epoxy

• Alkyd

• Polyvinyl acetate (PVA).

 The acrylic resin sector dominated the paint and coatings market in 2017. This predominance can be attributed to the increasing use of acrylic resins in applications such as automotive, roofing, wall coverings, and construction.

On the basis of the Application:

The market is separated into automotive and transportation, aerospace, construction and packaging, health and medical devices, marine, electrical and electronic, and others, such as carpentry. The construction and construction segment are expected to expand in the coming years as a result of the growing urbanization and world population. Urbanization and changes in lifestyles are expected to guide the global construction industry in the coming years. The increase in population and the improvement of economic conditions have led to an increase in spending on infrastructure and infrastructure development throughout the world.

Paints and Coatings Market By Regional Analysis: 

• North America

• Europe

• Asia Pacific

• Latin America

• The Middle East and Africa

Asia-Pacific is one of the largest consumers of paints and coatings in the world. It is expected that the region's market will grow rapidly in the coming years. The increase in the consumption of paints and coatings in the region is attributed to the increase in the number of buildings and constructions and to the improvement of the industrial infrastructure of the region.

Major Key Players Involved In the Paints and Coatings Market:

1. 3M

2. Jotun Group

3. Sherwin-Williams Company

4. TIGER Coatings GmbH

5. Vitracoat America

6. Dai Nippon Toryo Co., Ltd.,

7. Kansai Nerolac Paints Limited

8. Diamond Vogel

9. Hentzen Coatings, Inc.

10. Berger Paints India Limited

11. National Paint Plants

12. Axalta Coating Systems Ltd.

13. Guangzhou Kinte Paints and Coatings