Paints And Coatings Market Size, Share & Trends Analysis Report By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU), By Technology (Waterborne, Solvent-Borne, Powder Coating), By Application (Marine, Architectural, Automotive Refinish, Automotive OEM, Coil, General Industries, Industrial Wood, Protective Coatings, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Paints And Coatings Market Size

The global paints and coatings market size was valued at USD 178.05 billion in 2023 and is projected to reach from USD 183.57 billion in 2024 to USD 234.35 billion by 2032, growing at a CAGR of 3.1% during the forecast period (2024–2032).

Paints and coatings are applied to a surface to decorate and protect it. When used for decorative purposes, paints and coatings enhance the surface's durability and aesthetics. They shield the surface from damaging elements, rust, weathering, and chemical exposure. In some applications, paints and coatings also offer anti-fouling, flame retardancy, and anti-microbial properties.

The wood, transportation, and construction industries use paints and coatings extensively. They are primarily employed in the construction sector to shield structures from any damage from the outside. Additionally, the product is applied in many ways to decorate infrastructure, both residential and non-residential, as well as industrial machinery, automobiles and boats, industrial wood, and other things. The use of cationic electrocoating materials in high-tech coatings, covering all the corners and crevices of multifaceted metal parts and preventing corrosion, is rising.

Paints And Coatings Market Growth Factors

Rapid growth of the construction industry

Buildings and infrastructure are primarily decorated and protected with paints and coatings. These architectural improvements include primers, sealers, varnishes, stains, and interior and exterior house paints. Architectural paints allow for lower-VOC, odorless paints with increased scrub resistance and are available in various textures, from matte to semi-gloss sheens. The market will likely be supported by increased construction work and government investments in various public infrastructure projects.

Additionally, cutting-edge technologies are increasingly becoming commonplace in the construction sector. Another reason for expanding the construction industry is the growing use of cloud computing and collaborative building information modeling (BIM). Due to the industry's expansion, there is now considerable demand for its products in various fields, including residential and commercial construction. Furthermore, these products gain traction due to market-driving applications like wood, coils, automotive and transportation, and industrial metals.

Increasing demand for environment-friendly coating

Using low-VOC and environmentally friendly technologies, such as water-based coatings, powder coatings, and UV-curable coatings, is becoming increasingly popular in paints and coatings. The change is credited with implementing strict regulations on VOC emissions in many areas. It is expected to increase demand for low VOC water-based coatings during the forecast period. Water-based paints and coatings are gaining popularity among manufacturers because they are more affordable than the more common solvent-based paints and coatings. Architectural coatings frequently use water-based coatings due to their low VOC content, which makes them more environmentally friendly than solvent-based coatings. Therefore, it is anticipated that using environmentally friendly coating products will drive the paints and coating market during the forecast period.

Market Restraining Factor

Stringent and regulatory policies

To comply with various governments' growing regulatory policies, paints and coatings producers must continuously improve their processes. In some countries with strict environmental regulations, non-compliant products are prohibited. Regrettably, some legislators continue to set emission limits based solely on the concentration of volatile organic compounds in exhaust gases. This can lead to approval for processes with high mass emissions that require high airflows, as opposed to processes with low mass emissions that require only very low airflows. The concentration approach also disregards the reduced atmospheric emissions from using low-VOC coatings. These factors are restraining the market growth during the forecast period.

Market Opportunity

Increasing applications of fluoropolymers

Fluoropolymers, like polyvinylidene difluoride (PVDF), are used in the building and construction industry for industrial and architectural coatings. PVDF is primarily used in architectural applications where it is necessary to protect substrates over the long term and maintain an excellent appearance. Since it can be formulated into solvent dispersion coatings and has sufficient solvency in ester and ketone solvents, PVDF is the most frequently used fluoropolymer. This utilization of fluoropolymers can give growth opportunities to the market.

Paints And Coatings Market Regional Analysis

Asia-Pacific held the largest market share and will likely maintain that position during the forecast period. This can be attributed to expanding the automotive and building industries in China, Japan, and India. Paints and coatings are more popular because they cover residential and non-residential infrastructure. They are extensively used for furniture, windows, and wall decoration. China is the leading consumer because of its expanding population. Europe is primarily responsible for the automotive industry's rising demand due to its dominant position and anticipated significant market share growth. Due to its higher disposable income and accessibility to raw materials, Europe ranks among the top global producers of automobiles.

Paints and Coatings Market Segmental Analysis

By Resin

Due to its fast-drying time, adhesion, flexibility, and relative resistance qualities, acrylic resin has the largest market share in the resin segment. Therefore, it is ideal for use in paints and coatings. The primary factor driving the demand for the product is the expanding use of acrylic for architectural coatings on interior and exterior walls, windows, and panels. Epoxy resins are widely used in floor coatings, applied with epoxy thinner, a mixture of solvents and alcohols. Due to their excellent chemical resistance, low porosity, anti-sagging, resistance to corrosion, strong adhesion, durability, and bond strength, epoxy coatings are widely used. Alkyd resins are used mainly in decorative gloss paints for homes and businesses. PU resins have excellent adhesion, good gloss, scratch resistance, and thermal stability. Due to its characteristics, the demand for PU resin coatings is anticipated to increase the market size significantly.

By Technology 

Waterborne coatings currently hold the largest market share in the technology segment due to their expanding use in the automotive, furniture, plastic, wood, and printing industries. The advantages of waterborne coatings, including no VOC emissions, quick drying, and simple application, are causing this market to grow. Organic compounds are the basis of solvent-borne coatings used for harsh and humid environments on industrial metals, machinery, and building exteriors. Powder coatings are also popular due to their lack of a liquid carrier, capacity to create thicker coatings without sagging, lack of solvent content, and insufficient release of volatile organic compounds (VOC). They have a variety of uses, including coatings for intricate auto, engine, and industrial machinery parts. Powder coat finishes resist corrosion, abrasion, chemicals, and detergents.

By Application 

The architectural segment is expected to maintain its dominance in terms of revenue and volume during the forecast period. Coatings and paints are primarily used for decorative purposes in architectural applications to protect residential and non-residential structures from the elements, ultraviolet radiation, and other hazards. The market for these materials is anticipated to grow as their use expands in various sectors, including the automotive and construction industries. Due to their color stability, continuous protective film formation, corrosion resistance, abrasion and scratch resistance, flexibility, and durability, paints and coatings are in high demand in the automotive industry, improving market prospects.

Recent Developments

• February 2022- AkzoNobel Powder Coatings introduced the Interpon Futura Collection, which includes three new, on-trend color palettes: Merging World, Healing Nature, and Soft Abstraction. The collection emits no solvents or volatile organic compounds and contributes to AkzoNobel's overall sustainability program.
• February 2022-PPG agreed to acquire the powder coatings division of Arsonsisi, an industrial coatings company in Milan, Italy. An arsonist is a prominent producer of architectural and industrial specialty powder coatings.
• June 2022- PPG introduced the PPG DIGIMATCH camera and PPG VisualizID software for easier, faster color matching in the global refinish industry. The advanced tools are the latest components of the PPG LINQ™ end-to-end digital solution for the global refinish industry.