Paints and Coatings Market Research Report - Forecast till 2027

Paints and Coatings Market Research Report: Information by Resin Type [Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK) and others], Performance Range [Commodity Coating Range (Thermoplastic and Thermoset), Engineering Coating Range (Thermoplastic and Thermoset) and High-Performance Coating Range (Thermoplastic and Thermoset)], Application [Architectural (Residential and Non-Residential) and Industrial (Automotive, General Industrial, Wood, Marine, Packaging and Others)] - Forecast till 2027

ID: MRFR/CnM/0355-CR | February 2021 | Region: Global | 236 pages

Paints & Coatings Market Overview


As per the analysis conducted by Market Research Future (MRFR), the market for Paints & Coatings Market is expected to exhibit a CAGR of 5% while acquiring a significant market value during the forecast period.


Paints & coatings are the decorative finishes which enhances the appeal of the surface of the metal component, devices, walls, or others. The global paints & coatings market comprises a significant number of tier 1 players that are mainly engaged in manufacturing a wide range of paints & coating products. Along with these prominent manufacturers, the market is a hub to some small yet substantial manufacturers.


COVID-19 is expected to have a negative impact on the market of paints & coatings market. The lockdown imposed in various countries is projected to hamper the market growth due to disruption caused in the manufacturing and supply units.


Key Players



  • AkzoNobel N.V. (Netherlands)

  • PPG Industries (U.S.)

  • Jotun (Norway)

  • Nippon Paint Holdings Co. Ltd (Japan)

  • The Sherwin-Williams Company (U.S.)

  • Asian Paints (India)

  • 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.)


Market Dynamics


Global Market is majorly influenced by a significant increase in construction, rising disposable income, and rapid urbanization in the developing regions. Overall, the global paints and coatings market is slated to exhibit an increased demand from the architectural industry as well, which is likely to augment the industry in the assessment period.


On the flip side, the fluctuating raw materials prices due to the fluctuations in the costs of crude is the restraining factor that can impede the paints and coatings industry growth during the forecast period. In addition, strict regulatory policies related to the usage of solvent-borne paints & coatings likely to be a significant challenging factor in the growth of the product market.


Drivers


Growing Demand for High-Performance Coatings to Augment the Market


Increasing demand for high-performance coatings is one of the significant causes aiding the growth of the global paints & coatings market. The coating is likely to acquire in industrial piping, tank exterior, offshore platforms, and containers owing to their tolerance to extreme conditions for inoculation of more significant instruments for protection. Besides the general industrial applications, high-performance coatings have extensive usage in the marine and aerospace industries as well. Heavy-duty paints are preferred for prolonged protection of instruments and equipment. Expansion in the application spectrum of these coatings is likely to set high growth over the coming years.


Opportunities


Increasing Requirement for Paintings & Coatings in Various Industries to Offer Lucrative


The expansion of the transportation industry is expected to provide vital growth opportunities for coatings products in the coming period. In addition, the growing demand for paints & coatings in the shipbuilding and pipeline industries is anticipated to offer lucrative market opportunities in the assessment period.


Restraints


More Time Demanded for Drying Time for Waterborne Coatings


More time is demanded drying the waterborne coatings as compared to the solvent-borne coatings. In addition, waterborne coatings are sensitive to freezing conditions and some waterborne coatings cannot be used after freezing, which can hinder the market from growing in the coming period.


Challenge


The imposition of Strict Rules and Regulations


The imposition of strict governmental and environmental regulations to protect the environment is likely to pose a significant challenge for the market. Besides, the management of wastewater is another primary concern that can hinder the market growth.


Cumulative Growth Analysis


Paints and Coatings Market to Grow Significantly During the Assessment Period


The market is anticipated to grow significantly during the forecast period due to the on-going development of the products and the increasing demand from the residential and non-residential sectors.


Market Segmentation


By Resin Type


Acrylic Segment to Lead the Paints & Coatings Market


Based on the resin type, the global market for paints & coatings has been segmented into epoxy, acrylic, polyurethane, polyester, alkyd, fluoropolymer, polyetheretherketone (PEEK), poly aryl ether ketone (PAEK), and polyether ketone (PEK), among others. Among all, the acrylic segment is expected to dominate the market and register a significant CAGR during the forecast period. The segment is likely to dominate due to its low cost and its rising usage in architectural paints and industrial coating.


By Resin Type


The Commodity Coating Segment to Dominate the Global Market


Based on the resin type, the global market for paints & coatings has been segmented into commodity, engineering, and high-performance range. Among these segments, the commodity coating range, which includes architectural applications, packaging applications, and consumer goods applications, held the largest market share of around 58% in 2018 and is likely to follow a similar trend during the forecast period.


By Application Type


The Architectural Segment to Lead the Global Market


Based on the application type, the global market for paints & coatings has been segmented into architectural and industrial. The architecture is expected to procure a larger share of the market. The segment is likely to grow at a CAGR of around 5.3% during the review period owing to the increasing residential and non-residential construction across the globe.


Regional Analysis


APAC to Grow Significantly Due to Rapid Industrialization


As per the paint and coating industry analysis conducted by MRFR, the APAC market is expected to witness significant market growth due to rapid architectural and industrial growth in the region. The rapid development in automotive production in Asia-Pacific and the expansion of the general industrial sector across the globe is projected to trigger global paints and coating market growth. Also, favorable programs launched by the government of evolving countries in Asia-Pacific is predicted to experience a boost in the residential construction activities that can favor the market growth. In addition, the technological development of the product is expected to offer lucrative opportunities for market expansion.


Europe is projected to acquire a significant market value while expanding at a CAGR of around 4.7% during the assessment period. Germany is likely to make the most significant contribution in the review period.


North America is predicted to experience noteworthy growth due to the significant participation of the U.S. The adoption of the latest technologies, increasing disposable income, and rising consolidation of used vehicles are some of the salient factors that can augment the market in the assessment period.


MEA is projected to experience a steady growth owing to the surging numbers of residential projects across the region.


Competitive Landscape


Competition to Rise due to Increasing Product Innovation


The prevailing competition in the global market for paints & coatings is expected to rise owing to the growing efforts of key players to introduce innovation in their products.


Industry News


December 2020: Akzo Nobel, a Dutch multinational company that creates paints and performance coatings, has partnered with Faridabad Observation Home, an Indian jail, for young offenders to offer formal training in decorative painting.


Report Overview


The market for paints & coatings is expected to witness significant growth in the assessment period due to the rapid urbanization and increasing demand for high-performance coatings.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant value
  CAGR   5%(2019–2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Resin Type, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Jotun (Norway), Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (U.S.), Asian Paints (India), 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.)
  Key Market Opportunities   Increasing Requirement for Paintings & Coatings in Various Industries to Offer Lucrative
  Key Market Drivers   Growing Demand for High-Performance Coatings to Augment the Market


Frequently Asked Questions (FAQ) :


The paints & coatings market is predicted to grow at a 5% CAGR between 2015-2025.

The APAC region is predicted to dominate the paints & coatings market.

Key competitors in the paints & coatings market include Kelly-Moore Paints (US), Hempel A/S (Denmark), Tiger Coatings GmbH & Co. Kg (Austria), Beckers Group (Maryland), Berger Paints India Limited (India), Indigo Paints Pvt. Ltd (India), Diamond Vogel (US), Shalimar Paints (India), BASE SE (Germany), Solvay SA (Belgium), Axalta Coating Systems Ltd. (US), RPM International INC (US), KANSAI PAINT CO., LTD (Japan), Asian Paints (India), Nippon Paint Holdings Co., Ltd (Japan), The Sherwin-Williams Company (US), Jotun (Norway), Akzonobel N.V. (Netherlands), and PPG Industries (US).

It is extensively used in industrial and agricultural applications.

Stringent regulatory policies and fluctuating raw material prices may limit market growth.