How Has the Paints And Coatings Market Evolved Historically and What is its Current Size
The paints and coatings market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a significant increase in the size of the paints and coatings market. It is projected to expand from $267.54 billion in 2024 to $290.28 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.5%.
Factors contributing to the growth during the historical period include the surge in construction and real estate, advancement in the auto industry, expansion of industrial manufacturing, environmental laws and the cost of raw materials.
How Does the Forecast Look for the Paints And Coatings Market?
The paints and coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for paints and coatings is predicted to experience significant expansion in the coming years. The market is projected to reach $385.01 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%.
This growth during the forecast period is linked to a variety of factors such as the adoption of sustainable and eco-friendly practices, quick-paced urbanization, the ameliorating economy of developing markets, emphasis on infrastructure overhaul, and tough safety norms. The notable trends during the forecast period include digital implementation in manufacturing, smart coatings and nanotech, advanced technologies, environmentally-friendly and sustainable coatings, and focus on high-performance coatings.
What Are The Primary Growth Drivers In The Paints And Coatings Market?
The growth of the paint and coatings market is anticipated to be fueled by the increasing consumption by end-user industries. The usage of paints and coatings has seen a surge in various sectors. These materials play essential roles in industries such as automotive, construction, and manufacturing, serving not only to enhance aesthetics but also to protect surfaces and resist corrosion especially in the construction industry. In June 2023, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that privately-owned home initiations in May 2023 were happening at an annually adjusted rate of 1,631,000. This figure denotes a rise of 21.7% from the revised prediction of 1,340,000 in April 2023, and a 5.7% increase from the May 2022 rate of 1,543,000. Privately-owned home completions in May 2023 amounted to 1,518,000 on an annually adjusted basis, which is 5.0% higher than the May 2022 rate of 1,446,000 and 9.5% more than the revised estimate of 1,386,000 in April 2023. Consequently, the expansion in end-user industries is anticipated to steer the growth of the paint and coatings market.
How Are The Segments Defined Within The Global Paints And Coatings Market?
The paints and coatings market covered in this report is segmented –
1) By Type: Water Borne Coatings, Solvent Based Coatings, Powder Coatings, Other Paints and Coatings
2) By Type of Resin: Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd, Other Type of Resins
3) By Performance Range: Commodity Coating Range, Engineering Coating Range, High-Performance Coating Range
4) By Application: Architectural, Automotive, Wood, Packaging, Aerospace, Other Applications
Subsegments:
1) By Water Borne Coatings: Acrylic Coatings, Latex Coatings, Polyurethane Coatings
2) By Solvent Based Coatings: Alkyd Coatings, Epoxy Coatings, Nitrocellulose Coatings
3) By Powder Coatings: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
4) By Other Paints And Coatings: Specialty Coatings, High-Performance Coatings, Industrial Coatings
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How Are New Trends Expected To Influence The Growth Of The Paints And Coatings Market?
The use of biocides in paint has become a popular method to increase its durability and maintain its quality. These biocide additives have been specifically designed to shield paint from damage during its storage or to prevent the growth of algae and fungus once the paint is applied. The trend of using biocides in paint is expected to continue to rise due to the transition from solvent-based paint to water-based versions, which are more eco-friendly and safer for human health, and provide effective protection against mold and algae. Nevertheless, the shift from traditional chlorine and formaldehyde-based biocides to those that are more environment-friendly results in an increase in the cost of manufacturing paint. Some major companies, such as The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V, are known for utilizing biocide in the production of their paints.
Who Are the Key Players in the Paints And Coatings Market?
Major companies operating in the paints and coatings market include:
• BASF SE
• Sherwin Williams Company
• PPG Industries Inc.
• Arkema SA.
• Akzo Nobel N.V.
• Nippon Paint Holdings Co ltd.
• Masco Corporation
• RPM International Inc.
• KCC Corporation
• Axalta Coating Systems ltd.
• Diamond Vogel Paints
• The Valspar Corporation
• Asian Paints Limited
• Kansai Paint Co. Ltd.
• Jotun Group
• Hempel A/S
• DAW SE
• Benjamin Moore & Co.
• Berger Paints India Limited
• Berger Paints India Limited
• Rust-Oleum Corporation
• Dunn-Edwards Corporation
• Tikkurila Oyj
• Nihon Tokushu Toryo Co. Ltd.
• Kelly-Moore Paints
• Tnemec Company Inc.
• Chugoku Marine Paints Ltd.
• Behr Process Corporation
• Vitracoat America Inc.
• National Paints Factories Co. Ltd.
• Shalimar Paints Limited
What Is The Most Dominant Region In The Paints And Coatings Market?
Asia-Pacific was the largest region in the paints and coatings market in 2024. Western Europe was the second-largest region in the paints and coatings market. The regions covered in the paints and coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
