Authored By: Sarah
02 Jul 2024

 Paints and Coatings Market Size to grow by USD 38.25 billion between 2024-2028

According to a research report “ Paints and Coatings Market” by Technology (Water-based, Solvent-based, High-solid paints and others) Resin Type (Acrylic resins, Epoxy resins, Polyurethane resins, Alkyd resins, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 38.25 billion, at a CAGR of about 4.02% during the forecast period. The real estate and construction sector's expansion, driven by the rise in office spaces, commercial complexes, and residential buildings, has significantly boosted the demand for paints and coatings, particularly architectural varieties. This trend is most pronounced in developing countries, where urbanization and substantial infrastructure investments fuel construction industry growth. The global population surge fuels demand for housing and infrastructure, making architectural paints and coatings, known for their highly reflective and seamless properties, increasingly preferred for construction and structural applications.

Browse market data tables, figures, and in-depth TOC on “Paints and Coatings Market” by Technology (Water-based, Solvent-based, High-solid paints and others) Resin Type (Acrylic resins, Epoxy resins, Polyurethane resins, Alkyd resins, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Technology, the Water-based segment is projected to dominate the market size in 2024

Acrylic resins, also recognized as acrylic elastomer coatings, are essential components in the production of high-performance paints and coatings. Derived from acrylic acid or methacrylic acid and other substances, these resins exhibit superior molecular weight and elasticity over an extensive temperature range. Acrylic resins offer significant advantages due to their inherent durability and flexibility. Additionally, they are cost-effective and water-soluble, contributing to reduced application temperatures and the provision of UV-protection to coating surfaces. During the manufacturing process, acrylic resins are blended into paint formulations to ensure the longevity of substrate membranes by preventing their deterioration and degradation.

By Resin Type, Acrylic resins  segment is expected to hold the largest market size for the year 2024

Water-based paints and coatings are formulated using water-soluble resins, which are produced through the processes of polycondensation and polymerization in an organic solvent medium. These resins encompass a range of types, including polyesters, polyacrylates, alkyds, epoxy, and epoxy esters. The formulation of water-based paints includes the incorporation of alcohols, glycol ethers, and other oxygen-containing solvents, which are miscible with water. These water-based paints offer significant benefits, such as reduced volatile organic compound (VOC) content, making them a preferred choice in developed countries like the US, Germany, the UK, and France, for applications in the automotive and architecture industries. Their low VOC content contributes to improved air quality and reduced environmental impact. These paints provide protection against corrosion and enhance the aesthetics of the surfaces to which they are applied.

APAC is forecasted to hold the largest market size by region in 2024

The Asia Pacific (APAC) region is projected to dominate the global paints and coatings market over the forecast period, driven by the expansion of industries such as construction, automotive and aerospace, and defense. Key contributors to market growth in APAC include China, India, Japan, and Australia. The region's competitive edge is further bolstered by the relocation of numerous automotive manufacturing companies to APAC, attracted by the region's abundant supply of low-cost labor. Governments in countries like India are implementing initiatives such as Make in India, FDIs, funding, and loans to entice automotive manufacturers to invest and establish production facilities within their borders. Indonesia, Malaysia, and Thailand are among the countries offering tax incentives to these companies.

The Paints and Coatings Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Akzo Nobel NV
  • Asian Paints Ltd.
  • Axalta Coating Systems Ltd.
  • BASF SE
  • Benjamin Moore and Co.
  • Berger Paints India Ltd.
  • Diamond Vogel
  • Dow Chemical Co.
  • Dunn Edwards Corp.
  • H.B. Fuller Co.
  • Hempel AS
  • Jotun AS
  • Kansai Paint Co. Ltd.
  • Masco Corp.
  • Nippon Paint Holdings Co. Ltd.
  • PPG Industries Inc.
  • RPM International Inc.
  • The Sherwin Williams Co.
  • Sika AG
  • Wacker Chemie AG
.

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Research Analysis Overview

The global paints and coatings market is a dynamic and diverse industry, encompassing a range of products from protective coatings and UV coatings to powder coatings, waterborne coatings, and solvent borne coatings. These coatings serve various industries, including the wood industry for finishes, architectural paints and coatings for interiors and exteriors, and commercial construction for low-cost housing. Protective coatings, such as those made with polyester resin or polyurethane (PU) resin, offer corrosion protection, hardness, and friction resistance. UV coatings ensure reflection absorption and are commonly used in the automotive and marine industries. High-tech coatings, like thermosetting and thermoplastic, include fluoropolymers, such as polyvinylidene difluoride (PVDF), which provide superior protection in extreme environments. Additives, binders, pigments, and evaporation-reducing technologies are essential components of these coatings. Markets for coatings include packaging coatings, coil coatings, general industries coatings, automotive refinish coatings, automotive OEM coatings, marine coatings, industrial wood coatings, and architectural coatings. Epoxy resin is a versatile binder used in various coatings applications. Overall, the paints and coatings market continues to grow, driven by advancements in technology and increasing demand for high-performance, sustainable, and cost-effective coatings solutions.

Market Research Overview

The global paints and coatings market is a dynamic and diverse industry, encompassing a wide range of products and applications. At its core are the processes of evaporation and polymerization, which transform raw materials into finished products. Additives, binders, pigments, and various types of resins such as polyester, polyurethane (PU), epoxy, alkyd, acrylic, and vegetable, play crucial roles in the formulation of paints and coatings. Key markets include oil consumption sectors like automotive and industrial, as well as emerging areas like electric car sales, healthcare facilities, commercial construction, low-cost housing, and urbanization. With increasing concerns over Volatile Organic Compounds (VOCs), waterborne and solvent-borne coatings are gaining popularity. Product categories include architectural paints & coatings, packaging coatings, protective coatings, coil coatings, general industries coatings, automotive refinish coatings, automotive OEM coatings, marine coatings, industrial wood coatings, and high-tech coatings for various industries. Applications range from protective coatings for aircraft turbine engines and high-performance ceramics to friction and hardness coatings, corrosion protection, reflection absorption, and UV coatings. Sustainability is a growing concern, with the use of renewable resources and eco-friendly technologies, such as powder coatings and PVDF fluoropolymers, becoming increasingly common. Other trends include thermosetting and thermoplastic resins, as well as advanced coatings for specific industries like aviation and marine.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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