Global Paints and Coatings Market – Industry Trends and Forecast to 2029

Global Paints and Coatings Market, By Resin Type (Acrylic, Epoxy Resin, Alkyd, Polyurethane, Polyester, Others), Technology (Water-Based Technology, Solvent-Based Technology, High Solids, Powder Coating, Others), Application (Architectural Application, Industrial Application) – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the last few years, there has been immense growth in the paints and coatings industry due to their increased usage across building and construction, automotive and semiconductor sectors. Additionally, there has been strong growth in the automobile sector, which have significantly contributed to the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), 95,634,593 automobiles were manufactured in 2018. The automobile industry is prepared to see a seismic change with an increased production rate in the future, which will further flourish the paints and coatings market, and the industry will have a certain demand influx, which will raise revenues during the forecast period.

 Global Paints and Coatings Market was valued at USD 184.00 billion in 2021 and is expected to reach USD 252.01 billion by 2029, registering a CAGR of 4.01% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

The paint and coating refers to a type of coverings that are widely used for applying on the surface of certain objects to prevent the surface against oxidization and sunlight exposure. This covering also assists in improving the durability of the object life and it is also utilized for functional and decorative purposes.

Paints and Coatings Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand for Paints and Coatings

The increase in applications of fluoropolymers in the building and construction industry and rise in demand for powder coatings in shipbuilding and pipeline industries is estimated to carve a way for the growth of the market. Fluoropolymers like polyvinylidene difluoride (PVDF) are utilized in both industrial and architectural coatings in the building and construction industry. PVDF is commonly employed in architectural applications when both outstanding look and long-term substrate protection are required. PVDF is the fluoropolymer of choice because it is solvent insoluble in ester and ketone solvents and may be formed into solvent dispersion coatings. One of the primary factors driving the growth of the paints and coatings industry is the increase in the number of residential and commercial projects around the world.

• Increased Demand Across Semiconductor Sector

The semiconductor industry was valued at $426.4 billion in 2018, and demand is expected to expand at a significant CAGR of 5.88 percent from 2019 to 2025. Nowadays, these semiconductors are coated with a special type of spray paint that gives those features like magnetic response and electrical conductivity. As the semiconductor sector is expected to increase, vendors in the paints and coatings market will benefit.

Furthermore, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia , will further propel the paints and coatings market growth rate. Additionally, the rise in use of powder coatings in the automotive industry and expansion of end use industries are projected to bolster the growth of the market.

Opportunities

• Regulations boosting Demand for VOC-free Coatings

Moreover, the initiatives taken by the public sectors by implementing environmental regulations in order to raise the demand for VOC-free coatings extend profitable opportunities to the market players in the forecast period of 2022 to 2029. The European Commission and other Federal government organizations develop new rules and regulations, such as the Eco-product Certification Scheme (ECS). These rules ensure that the environment is green and sustainable, with low or no harmful VOC emissions. These rules encourage paint and coatings firms to invest in bio-based raw materials, resulting in more environmentally friendly paints and coatings. Furthermore, government restrictions in the United States and Western Europe, particularly those relating to air pollution, will continue to encourage the adoption of innovative, low-polluting coating technologies.

• Technological Advancements and Developments

Additionally, the technological advancements in powder coating technology coupled with the developments to increase the performance of coatings will further expand the future growth of the paints and coatings market.

Restraints/Challenges

• Requirement of more time in Waterborne Coatings

The drying and cure period for waterborne coatings is longer than that of solvent-borne coatings. Furthermore, aqueous coatings have good flow qualities that fluctuate with humidity, impacting the application of the coating. Water does not easily evaporate in high humidity, leading to a poor cure and reduced performance. Waterborne paints are equally susceptible to cold temperatures. After freezing, many aqueous coatings are no longer useable. This factor will create hindrances for the growth of the paints and coatings market.

• Stringent Regulatory Policies

Paint and coatings manufacturers must constantly enhance their processes to meet the growing number of regulatory policies imposed by various governments. In nations with severe environmental rules, such as Western Europe and North America, products that do not fulfil the legal requirements are not allowed. Unfortunately, some legislators continue to set emission limits solely on the basis of VOC concentrations in exhaust gases. This could lead to acceptance of high mass emissions from processes that require high airflows versus low mass emissions from procedures that only require extremely low airflows. When low-VOC coatings are applied, the concentration technique ignores lower air emissions. These stringent policies further result in more time for approval, which creates challenges for the paints and coatings market growth rate.

This paints and coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the paints and coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Paints and Coatings Market

The recent outbreak of coronavirus had a negative impact on the paints and coatings market. Chinese economy would be further harmed by diminished global demand for its products as a result of the outbreak's impact on foreign economies. As the epidemic worsens, the rate of growth will decline precipitously, owing to uncertain markets and rising credit stress. Movement restrictions in Europe and the United States are causing a serious dent in economic activity. India and Southeast Asian countries are also experiencing huge economic disruptions. Lockdowns imposed by the governments of various countries brought industries and offices to a halt, and life came to a halt. During these difficult times, manpower was restricted by the government's rules and restrictions in order to keep the industries running. Many industries, including construction, automotive, white goods, and electronics, have slowed as a result of the threat to paint and coatings demand and market. Due to the severe laws and limits that must be observed, the industries must maintain the government's decorum.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. Furthermore, the industry is qualified to recoup from losses caused by a boom in specific segments of the paints and coatings market and industries such as antimicrobial coatings utilized in the food and healthcare industries. Furthermore, rising investments from global governments and prominent companies operating in various global regions assist in developing the market's product and service portfolio, which will aid the market's growth at a rapid pace by the conclusion of the forecast period.

Recent Development

• In July 2021, the collaboration between AkzoNobel N.V. and Mercedes-Benz was renewed for another four years. This means that the company will continue to provide vehicle refinish goods and services in China, including automotive and speciality coatings, as well as be a preferred partner in Indonesia.
• In March 2021, Qlayers coating technology provides a fully automated, safer, more uniform, and faster solution than the industry's current human coating procedures. It's a cost-effective, long-term solution that eliminates overspray. Customers can use this technique to apply anti-corrosive coating systems and other coating systems.

Global Paints and Coatings Market Scope

The paints and coatings market is segmented on the basis of resin type, technology and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Resin Type

• Acrylic
• Epoxy Resin
• Alkyd
• Polyurethane
• Polyester
• Others

Technology

• Water-Based Technology
• Solvent-Based Technology
• High Solids
• Powder Coating
• Others

 Application

• Architectural Application
• Industrial Application

Paints and Coatings Market Regional Analysis/Insights

The paints and coatings market is analyzed and market size insights and trends are provided by country, resin type, technology and application as referenced above.

The countries covered in the paints and coatings market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rise in construction activities and growing demand from the automotive sector in emerging countries, such as China, India, Japan, and Southeast Asia within the region.

Europe on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the expansion of the construction sector in various countries in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Paints and Coatings Market Share Analysis

The paints and coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to paints and coatings market.

Some of the major players operating in the paints and coatings market are

• AkzoNobel N.V. (Netherlands)
• PPG Industries Inc., (U.S.)
• The Sherwin-Williams Company (U.S.)
• RPM International Inc., (U.S.)
• NIPSEA GROUP (Japan)
• Arkema (France)
• Cardolite Corporation (U.S.)
• BASF SE (Germany)
• Evonik Industries AG (Germany)
• Reichhold LLC 2, (U.S.)
• DSM (Netherlands)
• Qualipoly Chemical Corp. (Taiwan)
• Arakawa Chemical Industries,Ltd. (Japan)
• Alberdingk Boley (U.S.)
• Eternal Materials Co.,Ltd.  (Taiwan)
• Wacker Chemie AG (Japan)
• DIC CORPORATION (Japan)