Paints & Coatings Market, Global Outlook and Forecast 2023-2030
Global Paints & Coatings Market Overview
- Market Value (2022): $174,614.72 million
- Projected Market Value (2029): $241,245.56 million
- Compound Annual Growth Rate (CAGR, Forecast Period): 4.3%
- Influence of External Factors: COVID-19 and Russia-Ukraine War
Regional Market Breakdown
- China: The Dominant Player (37% Market Share)
- Europe: The Follower (21% Market Share)
Key Industry Players
Market Concentration
- Top 3 Companies: Collective Market Share of 15%
Paint is defined as a paints material in liquid or solid which when spread on a surface adheres and hardens forms a film that protect, decorated or add a specific feature to the surface on which it is deposited.
In the manufacturing and construction industry, Paints & Coatings play a crucial role as they serve both protective and decorative purposes when applied to various surfaces like walls, metal, and wood. These substances are carefully formulated by blending chemicals and pigments into a liquid medium.
The main objective of using paints and coatings is twofold: first, they act as a shield, safeguarding the underlying surface from corrosion, weathering, and other environmental factors. Second, they enhance the appearance of the surface, providing it with a desired aesthetic finish. Moreover, depending on the specific application, paints and coatings can be designed with specialized properties like fire resistance, chemical resistance, and the ability to deter graffiti.
Let's explore further into the functions and characteristics of paints and coatings:
Protective Function: A primary purpose of paints and coatings is to protect the surfaces they are applied to. For example, when applied to metal surfaces, they form a protective barrier that shields the metal from rust and corrosion caused by exposure to moisture and chemicals. This protective layer significantly extends the lifespan and durability of the material, making it suitable for a wide range of applications.
Decorative Function: Paints and coatings are widely valued for their decorative qualities. They come in an extensive array of colors and finishes, providing opportunities for creative expression and customization in both interior and exterior design. The decorative aspect of these products is particularly advantageous in architectural projects, where aesthetics play a significant role in creating visually appealing and harmonious spaces.
Functional Properties: Another remarkable feature of paints and coatings is their versatility to cater to specific functional needs. For instance, in construction, waterproof coatings are skillfully applied to concrete structures to prevent water penetration and potential damage caused by moisture. Similarly, in the culinary world, non-stick coatings are commonly used on cookware, facilitating easy cooking and cleaning experiences.
Types of Coatings:
Water-based Coatings: These coatings are environmentally friendly and contain low levels of volatile organic compounds (VOCs). As a result, they are frequently used in residential applications due to their ease of use and quick drying time.
Solvent-based Coatings: This type of coating includes organic solvents and offers excellent adhesion to various surfaces. As a result, they are often preferred in industrial settings and applications that demand high durability.
Powder Coatings: Powder coatings are applied as dry powder and then cured under heat, forming a robust and protective layer. Known for their durability, scratch resistance, and minimal environmental impact, they are often used in various industries.
Finish Options: The finish of paints and coatings further contributes to their versatility. Different finishes, such as matte, glossy, satin, or textured, cater to diverse design preferences and functional requirements. For instance, matte finishes are preferred in areas where surface imperfections need to be minimized, while glossy finishes provide a reflective and smooth surface.
The global Paints & Coatings market was valued at US$ 174614.72 million in 2022 and is projected to reach US$ 241245.56 million by 2029, at a CAGR of 4.3% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Report Scope
This report aims to provide a comprehensive presentation of the global market for Paints & Coatings, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Paints & Coatings.
The Paints & Coatings market size, estimations, and forecasts are provided in terms of and revenue ($ millions), considering 2022 as the base year, with history and forecast data for the period from 2018 to 2029. This report segments the global Paints & Coatings market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
This report aims to provide a comprehensive presentation of the global market for Paints & Coatings, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Paints & Coatings. This report contains market size and forecasts of Paints & Coatings in global, including the following market information:
Global Paints & Coatings Market Revenue, 2018-2023, 2024-2029, ($ millions)
Global Paints & Coatings Market Sales, 2018-2023, 2024-2029, (K TON)
Global top five Paints & Coatings companies in 2022 (%) China is the largest Paints & Coatings market with about 37% market share. Europe is follower, accounting for about 21% market share.The key manufacturers are PPG, AkzoNobel, Henkel, Sherwin-Williams, Valspar, RPM International, Axalta, BASF, Kansai Paint, Sika, 3M, Asian Paints, Nippon Paint, HB Fuller, Masco, Jotun, Hempel, KCC Corporation, DAW SE, Shawcor, Cromology, SK KAKEN, Carpoly, Taiho Paint, Berger Paints etc. Top 3 companies occupied about 15% market share.
We surveyed the Paints & Coatings manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
The demand for paints and coatings is fueled by several factors. Firstly, the construction industry's growth, particularly in emerging economies, drives the need for architectural coatings to protect and decorate buildings. Secondly, the automotive industry's expansion generates demand for coatings that enhance the aesthetics and durability of vehicles. Lastly, industrial activities require coatings for corrosion protection, chemical resistance, and other specialized applications.
Stringent environmental regulations and a growing focus on sustainability have shaped the paints and coatings market. Manufacturers are investing in research and development to create eco-friendly products with low VOC (volatile organic compound) content, reducing the impact on air quality and human health. Water-based paints and powder coatings are gaining popularity as greener alternatives to solvent-based products.
Total Market by Segment:
Global Paints & Coatings Market, by Resin Type, 2018-2023, 2024-2029 ($ Millions) & (K TON)
Global Paints & Coatings Market Segment Percentages, by Resin Type, 2022 (%)
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
Acrylic
- Acrylic paint is a versatile paint that can be used on a variety of surfaces, such as wood, canvas, metal, and even fabric. It is made from a water-soluble resin, which makes it easy to apply and clean up. Acrylic paint is also relatively durable, once it dries, it is water-resistant and can withstand some wear and tear.
Alkyd
- Alkyd paint is a type of oil-based paint that is known for its durability. It is often used on surfaces that need to withstand a lot of wear and tear, such as exterior walls and trim. Alkyd paint is also a good choice for priming surfaces, as it provides a good base for other paints to adhere to.
Polyurethane
- Polyurethane is a clear coating that can be used to protect and seal surfaces. It is often used on wood to protect it from moisture, abrasion, and chemicals. Polyurethane can also be used on other materials, such as concrete, metal, and plastic.
Epoxy
- Epoxy is a two-part coating that is known for its strength and durability. It is often used in industrial and commercial settings, such as on floors, countertops, and machinery. Epoxy is also a good choice for sealing garage floors and other concrete surfaces.
Polyester
- Polyester is a type of coating that is known for its flexibility and durability. It is often used on surfaces that need to withstand a lot of movement, such as boat hulls and car bodies. Polyester is also a good choice for coating metal surfaces, as it protects them from corrosion.
Global Paints & Coatings Market, by Type, 2018-2023, 2024-2029 ($ Millions) & (K TON)
Global Paints & Coatings Market Segment Percentages, by Type, 2022 (%)
Water-based/Solvent-free
Solvent-based
Powder Coatings
UV-curable Coatings
- Others
Water-based/Solvent-free
Solvent-based
Powder Coatings
UV-curable Coatings
Global Paints & Coatings Market, by Application, 2018-2023, 2024-2029 ($ Millions) & (K TON)
Global Paints & Coatings Market Segment Percentages, by Application, 2022 (%)
- Architectural/Decorative
- Industrial
- Automotive
- Wood Coatings
- Marine
- Packaging
- Aerospace
- Protective Coatings
- Others
Global Paints & Coatings Market, By Region and Country, 2018-2023, 2024-2029 ($ Millions) & (K MT)
Global Paints & Coatings Market Segment Percentages, By Region and Country, 2022 (%)
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- The Middle East and Africa (Middle East, Africa)
- South and Central America (Brazil, Argentina, Rest of SCA)
Competitor Analysis
The report also provides analysis of leading market participants including:
- Key companies Paints & Coatings revenues in global market, 2018-2023 (Estimated), ($ millions)
- Key companies Paints & Coatings revenues share in global market, 2022 (%)
- Key companies Paints & Coatings sales in global market, 2018-2023 (Estimated), (K MT)
- Key companies Paints & Coatings sales share in global market, 2022 (%)
key players include:
- PPG
- AkzoNobel
- Henkel
- Sherwin-Williams
- Valspar
- RPM International: Prominent in the Industry
- Axalta: Playing a Vital Role
- BASF: A Significant Player
- Kansai Paint: Making an Impact
- Sika: Known for Specialty Chemicals
- 3M: Diverse Range of Products
- Asian Paints: A Key Asian Player
- Nippon Paint: International Reach
- HB Fuller: Focusing on Adhesives
- Masco: Diverse Portfolio
- Jotun: Recognized for Protective Coatings
- Hempel: Global Presence in Coatings
- KCC Corporation: Strong in South Korea
- DAW SE: European Paints and Coatings
- Shawcor: Providing Pipe Coatings
- Cromology: Color Solutions Expert
- SK KAKEN: Active in Japan
- Carpoly: Notable in Coatings
- Taiho Paint: Recognized in Asia
- Berger Paints: Serving Various Markets
Recent Developments:
March 14, 2023, Axalta launched its new ICONICA collection in the United States, targeting the Architectural and Construction Market.
Nov 08, 2022 Sherwin-Williams to Acquire German Wood Coatings Companies, Oskar Nolte GmbH and Klumpp Coatings GmbH
Nov 30, 2022 Kansai Paint Co., Ltd. and Kansai Helios Coatings GmbH, a consolidated subsidiary in Europe, have decided to acquire all shares of CWS Lackfabrik GmbH
March 14, 2023, Axalta launched its new ICONICA collection in the United States, targeting the Architectural and Construction Market.
Nov 08, 2022 Sherwin-Williams to Acquire German Wood Coatings Companies, Oskar Nolte GmbH and Klumpp Coatings GmbH
Nov 30, 2022 Kansai Paint Co., Ltd. and Kansai Helios Coatings GmbH, a consolidated subsidiary in Europe, have decided to acquire all shares of CWS Lackfabrik GmbH
Outline of Major Chapters:
- Chapter 1: Introduces the definition of Paints & Coatings, market overview.
- Chapter 2: Global Paints & Coatings market size in revenue and volume.
- Chapter 3: Detailed analysis of Paints & Coatings manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
- Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
- Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
- Chapter 6: Sales of Paints & Coatings in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
- Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
- Chapter 8: Global Paints & Coatings capacity by region & country.
- Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
- Chapter 10: Analysis of industrial chain, including the upstream and downstream of the industry.
- Chapter 11: The main points and conclusions of the report.
Table of content
1 Introduction to Research & Analysis Reports
1.1 Paints & Coatings Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Paints & Coatings Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Paints & Coatings Overall Market Size
2.1 Global Paints & Coatings Market Size: 2022 VS 2029
2.2 Global Paints & Coatings Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Paints & Coatings Sales: 2018-2029
3 Company Landscape
3.1 Top Paints & Coatings Players in Global Market
3.2 Top Global Paints & Coatings Companies Ranked by Revenue
3.3 Global Paints & Coatings Revenue by Companies
3.4 Global Paints & Coatings Sales by Companies
3.5 Global Paints & Coatings Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Paints & Coatings Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Paints & Coatings Product Type
3.8 Tier 1, Tier 2 and Tier 3 Paints & Coatings Players in Global Market
3.8.1 List of Global Tier 1 Paints & Coatings Companies
3.8.2 List of Global Tier 2 and Tier 3 Paints & Coatings Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type - Global Paints & Coatings Market Size Markets, 2022 &
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