The use of paints and coatings for roofing, wall finishing, and flooring in both developed and developing economies—the United States, China, India, and others—has accelerated the growth of the architecture and construction industry due to population growth and rapid urbanization. For example, a research conducted by the National Investment Promotion and Facilitation Agency found that 13% of all FDI inflows in 2021 came from infrastructure-related operations. Consequently, there will likely be a rise in demand for paints and coatings due to the growing architectural and building industry.
Furthermore, because of things like rising disposable income, technological advancements, and the expansion of original equipment manufacturers (OEMs), the automotive industry has witnessed a notable increase in the use of paints and coatings for corrosion protection applications in under-the-hood parts, engine components, interiors of containers, and storage vessels. According to estimates published by the India Brands Equity Foundation, for example, 26.36 million cars would be produced in India between 2016 and 2020, growing at a compound annual growth rate (CAGR) of 2.36%.
Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK), and other resin types are included in the paint and coatings market segmentation based on resin type. Over the course of the forecast period, the acrylic category, which held the biggest share of the global paint and coatings market by resin type, is expected to grow at the highest CAGR of 4.4%. This can be explained by the fact that acrylic paints are safe for children and pets, flexible, durable, and have fast drying times. They are also water soluble and low in toxicity.
Research Methodology:
After secondary research provided a fundamental understanding of the worldwide Paints & Coatings Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Paints & Coatings Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered.
The segmentation coverage of the study is provided below.
Paints & Coatings Market based on Resin Type:
- Acrylic
- Alkyd
- Epoxy
- Polyurethane
- Polyester
- Fluoropolymer
- Polyether Ether ketone (PEEK)
- Polyether Ketone (PEK)
- Polyaryl Etherketone (PAEK)
- others
Paints & Coatings Market based on Application:
- Architectural
- Industrial
Paints & Coatings Market based on Geography:
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa (MEA)
- UAE
- Turkey
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Architectural and Industrial are included in the paint and coatings market segmentation based on application. The application that generated the most income was architecture, which is expected to expand at a compound annual growth rate (CAGR) of 5.0% over the course of the projected year. The reason for this is that governments in developing economies, like China, India, and others, have been spending more money on building infrastructure, housing, township development, and development projects where paints and coatings are frequently used for both interior and exterior coating applications.
The report offers market insights by region for the following areas: North America, Europe, Asia-Pacific, and the rest of the world. Estimated to reach USD 65.75 billion in 2021, the Asia Pacific paint and coatings market is anticipated to grow at a substantial compound annual growth rate (CAGR) during the course of the study. Asia Pacific had the biggest market share in terms of volume and revenue in 2021, and it is expected to maintain that position for the duration of the forecast period. This could be explained by the growth of the building and automotive industries in China, Japan, and India. Paints and coatings are in greater demand since they are used on both residential and non-residential constructions. Additionally, the paint and coatings market in China had the most market share, while the paint and coatings industry in India had the highest rate of growth in the Asia-Pacific area.
The European paint and coatings market’s leading position and anticipated large market share expansion are largely to blame for the rising demand from the automotive industry. Europe is one of the world’s top automobile manufacturers because of its higher standard of living, easier access to raw materials, and higher level of discretionary spending. In addition, the paint and coatings market in Germany had the most market share, while the paint and coatings market in the United Kingdom had the quickest rate of growth in the European Union.
It is expected that North America would experience significant growth in the global market. The market will expand since the US is one of the top countries in the world for paint applications in construction and automotive manufacturing. In the US, these compounds are mostly used to make car refinishes and update outdated infrastructure. The sustained use of cutting-edge technology, growing disposable income, and growing used car consolidation will be the main drivers of market progress in this sector.
In order to diversify their product offerings, major industry players are heavily funding research and development, which will propel the paint and coatings market’s further expansion. Along with the considerable changes in the industry—such as new product releases, contracts, mergers and acquisitions, higher investments, and partnerships with other organizations—market participants are also engaging in a range of strategic initiatives to enhance their market share. In order to thrive in an increasingly cutthroat market, rivals in the paint and coatings sector need to offer reasonably priced goods.
One of the primary business strategies used by manufacturers in the paint and coatings sector to benefit customers and expand the market sector is local manufacturing in order to reduce operating costs. Some of the greatest significant benefits to medicine in recent times have come from the paint and coatings business. Major players in the paint and coatings industry, including Beckers Group (Maryland), Hempel A/S (Denmark), Kelly-Moore Paints (U.S.), Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (U.S.), RPM International INC (U.S.), KANSAI PAINT CO. LTD (Japan), Axalta Coating Systems Ltd. (U.S.), BASE SE (Germany), Solvay S.A. (Belgium), Shalimar Paints (India), Indigo Paints Pvt. Ltd (India), Diamond Vogel (U.S.), Berger Paints India Limited (India), Tiger Coatings GmbH & Co. Kg (Austria), Beckers Group (Maryland), Hempel A/S (Denmark), Kelly-Moore Paints (U.S.), and others are attempting to increase market demand for paints and coatings.
- This report illustrates the most vital attributes of the Paints & Coatings Market, which are driving and providing opportunities.
- This research gives an in-depth analysis of the Paints & Coatings Market growth on the basis of several segments in the market.
- This report presents the predictions of the past and present trends of the Paints & Coatings Market.
- This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Paints & Coatings Market.
