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Paints and Coatings Market Research Report - Forecast till 2030

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, Marin

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

Paints & Coatings Market

Paints and Coatings Market is projected to be worth USD 221.74 billion by 2028, registering a CAGR of 5.79% during the forecast period (2021 - 2028).

Segmentation

By Resin Type Acrylic Alkyd Epoxy Polyurethane Polyester Fluoropolymer Polyether Etherketone (PEEK) Polyether Ketone (PEK) Polyaryl Etherketone (PAEK) and others
By Application Architectural Industrial

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.)

Drivers

  • Growing Demand for High-Performance Coatings to Augment the Market
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Paints & Coatings Market Overview


Paints and Coatings Market is projected to be worth USD 221.74 billion by 2028, registering a CAGR of 5.79% during the forecast period (2021 - 2028)., The market was valued at USD 151.47 billion in 2021.

A results-driven web application for additives, ClariCoat was introduced by Clariant, a top global supplier of additives for paints and coatings. The paints and coatings market lacks anything like ClariCoat's product line. It enables personalized property selection for various performance factors, including sustainability and the stability and usability of liquid paint, to mention a few. Following the criteria selection, the product recommendation engine suggests the additives that will best meet the needs of the paint formulator. This innovative technology fills a rising need in the business due to increased customer requirements for sustainable formulations and ever-stricter government restrictions for goods that, for example, eliminate or minimize Volatile Organic Compounds (VOCs).


COVID 19 Analysis


With the ongoing scenario of the global pandemic, many industries have seen a down graph of precautionary measures that need to be taken and implemented to contain the spread of the virus in both regional and global market locations. With the rising need for medicine tagged along with the threat of contracting the disease, most people around the world are afraid of the COVID-19 virus. Industries and offices were halted, life came to standstill when lockdowns were imposed by the governments of several countries. Manpower was limited following the rules and regulations imposed by the government during these tough times to keep the industries functioning. Many industries like construction, automotive, white goods, and electronics were slowed seeing the threat at hand weakening the demand and market of paint and its coatings.


With strict laws and restrictions to be followed the industries need to maintain a decorum of the government. Furthermore, the industry is eligible to see light and recover from the losses due to a surge in certain segments of the paints and coatings market size and industries like that of antimicrobial coatings used in food and healthcare industries. Also, the rising investments from the global governments and the prominent players functional in various global locations are helping to develop the market products and service portfolio that will help the market grow at great volumes by the end of the forecast period that will be ending in 2028.


Competitive Landscape


The prominent players of the paints and coatings market that are resulting in expansion and large-scale development of the market are as follows:



Market Dynamics


Drivers


There has been an increase in the demand for high-performance coatings which is one of the major causes that will help result in the expansion of the paints and coatings market size during the forecast period from 2021 to 2028. Many other factors are aiding the growth of the global paints & coatings market. The coating is likely to acquire considerable employment in activities like industrial piping, tank exterior, and offshore platforms, amongst others as they have extreme tolerance under adverse conditions for the inoculation of significant instruments for maintenance and protection. Apart from the general industrial applications, high-performance coatings have extensive usage in the marine world and aerospace industries. Heavy-duty paints are being preferred for the prolonged protection of instruments and various types of equipment. Also, there is an expansion in the application spectrum of the market coatings that is likely to set the bar high for growth.


Restraints


There is relatively time required for the processes related to drying and curing various kinds of water-borne paints and coatings in comparison to that of solvent-borne coatings. Also, the waterborne coatings are known to have excellent flow properties that help in changing the effects of humidity, further affecting the coating application. During the high humidity phases, water does not evaporate, which results in poor cure followed by a decrease in performance. Waterborne paints and coatings are also known to be sensitive to freezing conditions. Many waterborne coatings do not have a trusted use after freezing.

Following price increases for paint and other products, Sherwin-Williams achieved record revenue for the third quarter, exceeding sales and profit projections. On September 6, the coatings producer raised prices by 10% in the Americas due to rising input costs and supply chain issues. The corporation also announced in July that it was boosting pricing in two additional operational groups, though the dollar amount wasn't clear.


Technology Analysis


China is being considered to be one of the largest countries, regarding market functions of shipping and shipbuilding. The Chinese country has immensely and continuously contributed towards shipbuilding and the development of pipeline industries for powder coating. The powder coatings technology of the growing paints and coating market value is continuously improving for the functional quality of the pipeline industry. Along with the shipbuilding industry, the use of plastic tubes has been increasing in applications like electronics, chemicals, textile industry, petrochemical, pharmaceutical markets, healthcare industries, and urban construction sectors. It is emerging as an attractive opportunity for the paints and coatings industry to invest in these mushrooming sectors, in the developing countries of the APAC region and South America.


Study Objectives



  • The global market report aims to understand the impact of the pandemic on the market operations and the growth and development dynamics available to the market during the recovery period.

  • The report highlights the basis of the global market segments that have a considerable role to play in the expansion and maintenance of a proper supply chain mechanism of the market at a global level.

  • The report further discusses the factors responsible for the development of the regional and international market competition giving rise to a great degree of competition and enhance the market revenue.


Segment Overview


The paints and coating market share are likely to enhance and propel during the forecast period of 2021-2028 because of the explicit performance of the market segments. The market segments are functional and catering to the needs of a wider audience. The market segmentation is:


Based on technology


The paints & coatings market has been segmented and includes water-borne, solvent-borne, powder coating, and others like UV & EB.


Based on resin


The paints & coatings market has been segmented based on resins and includes acrylic, alkyd, epoxy, polyester, and others like polyurethane.

A new digital campaign for Dulux Simply Refresh, a ground-breaking line of Do-It-Yourself (DIY) paint and home maintenance solutions for various surfaces, has been launched by AkzoNobel, a prominent worldwide paints and coatings manufacturer. The new campaign "Joy is DIY," created by Mullen Lintas Delhi, transports people to their youth when having fun meant being creative. The advertising for Dulux Simply Refresh celebrates the same sense of unadulterated delight as this DIY line enables fans to turn their homes into blank canvases and have easy-going fun. Customers may be confident that the finished product will look fantastic and be simple to produce regardless of the surface (wood, metal, or walls), the necessity (decorative painting, house repair, or protection), or both.


Regional Analysis


The APAC region is likely to emerge as the largest growing market when the paints and coatings market trends are propelling. The main reason behind this is the rapid architectural and industrial growth in the APAC region. There has been a rapid development in automotive products that is present in the Asia-Pacific region followed by the expansion of the general industrial sector. The growth is across the globe is likely to trigger the growth of the global paints and coating market value. Also, there has been an elaborated launch of favorable programs by the government of developing countries in the Asia-Pacific region. This is predicted to result in the boost of the residential construction activities that are likely to favor the market growth. There has been a huge degree of technological development of the paints and coatings products that are expected to offer a huge range of lucrative opportunities for paints and coatings market expansion.


Europe is likely to attain a significant market value while growing and attaining a global CAGR of 4.7% during the forecast period that will be ending in 2028. Germany is also likely to make a reliable and significant contribution to the market growth during the forecast period. Also, the North American market is likely to undergo and experience good growth because of the significant participation of U.S. companies.

Aapex Power and Industries Private Limited, and others have entered into a definitive agreement with Asian Paints to sell them a 51% controlling interest in Harind Chemicals and Pharmaceuticals Private Limited in exchange for approximately USD 1.5 million, subject to the fulfillment of the preconditions outlined in the definitive documents. Additionally, it is agreed to gradually buy a further 39% ownership in Harind from the current shareholders over the following five years, provided that certain prerequisite requirements are met, and financial goals are met. Harind has made a consistent effort to create cutting-edge coating solutions that are driven by nanotechnology. Our research will have a larger scope thanks to our collaboration with Asian Paints, which provides powerful synergies for both parties.

Industry News



  • November 2021- Covestro, a leading producer of advanced polymers and high-performance plastics in North America and around the world, announced the launch of an extra tactic as a fraction of its strategy to allow safer and sustainable solutions for decorative paints and coatings market. As an element of this tactic that leverages Covestro’s leading position in partially bio-based resin innovation, the company will develop its Decovery family of resins and added-value services to meet the demands of its customers and markets.
    Worldwide the decorative coatings market, there is now extraordinary demand – from regulatory bodies, consumers, and professional painters alike- for more sustainable products, which protect safety and health while still driving efficiency and functionality. As per the recent Paint Monitor report, ecologically compatible paints are more preferred innovation among painters in the EMEA region. With rapid changes in the decorative market, it’s progressively important for paint manufacturers to separate themselves by meeting these demands.

  • October 2021- Nippon Paint Holdings Co., Ltd. announced that DuluxGroup Limited, its consolidated subsidiary, has planned to acquire the share capital of Cromology Holding SAS and its subsidiaries to make them ultimately possess subsidiaries NPHD.
    The share acquisition will be carried out via a UK-based company newly established by DuluxGroup, DGL International (UK) Ltd.
    Cromology is involved in the production and sale of decorative paints and other paint-related products in Europe. DuluxGroup has signed a Put Option Agreement with the major shareholders of Cromology, including especially the Wendel group via its subsidiary Winvest International SCS FIAR, according to which DuluxGroup committed to acquire Cromology.

  • 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.

  • Canadian based mining and technology company Hudson Resources Inc. has recently revealed that it has received positive test results of combining company's anorthosite “GreenSpar” in clear coating and paint formulations. The test was undertaken by Florida based testing laboratory Marschall Labs Inc.

  • Hexion Inc. has collaborated with Vanora is developing a novel specialized binder. Hexion’s VeoVa™ vinyl ester monomer was reportedly used as used as key component for developing the binder. The collaboration was primarily focused on developing an environmentally viable biocide-free dispersion with no volatile organic compounds (VOCs).


Intended Audience



  • Potential market investors and material buyers

  • Traders and retailers of paints and coatings

  • Manufacturers and distributors

  • Importers and exporters

  • Laboratories

  • Development companies


Report Overview


The report discusses the paints and coatings market trends that will balance the market requirements and help the market overcome the losses that had occurred during the coronavirus outbreak. The global paints and coatings market report highlight the growth of the market in the forecast period of 2021-2028 from the following market aspects:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technology Analysis

  • Study Objectives

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


The paints and coatings market report considers the market dynamics like drivers, growth opportunities, and challenges for the market during the forecast period. The report further discusses the technological market aspects followed by the rising competition because of the development of the global market segments. The market report also mentions the investment and product portfolios of the competitive market companies. The report also covers the recent developments of the market during the period.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2028: USD 221.74 billion
  • 2030: Significant Value
  •   CAGR   5.79% (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      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


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    Frequently Asked Questions (FAQ) :

    The paints & coatings market is predicted to grow at a 5.79% CAGR between 2021-2028.

    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)

    It is extensively used in industrial and agricultural applications.

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