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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), Application (Architectural and Industrial) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032


ID: MRFR/CnM/0355-CR | 236 Pages | Author: Priya Nagrale| February 2021

Global Paints and Coatings Market Overview


Paints and coatings Market Size was valued at USD 192.1 billion in 2023. The paints and coatings industry is projected to grow from USD 199.1 Billion in 2024 to USD 254.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.30% during the forecast period (2024 - 2032). Construction industry growth is occurring quickly, and sustainable coatings industry development is the key market driver enhancing the growth of paints and coatings.


Paints and Coatings Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Paints and coatings Market Trends


Paints and coatings Market Segment Insights




  • Construction Sector's Rapid Expansion Will Boost Market Growth




The main purposes of paints and coatings are to adorn and safeguard infrastructures and buildings. Interior and exterior house paints, primers, sealers, varnishes, and stains are some of these architectural improvements. Architectural paints are available in several textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. Architectural paints are available in various textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. By 2030, the construction sector is anticipated to rise by over USD 8 trillion. The industry is projected to be supported by a rise in building work and government spending on public infrastructure projects. Additionally, cutting-edge technology is increasingly becoming commonplace in the construction sector. Another reason for expanding the construction sector is the growing usage of cloud computing and collaborative building information modeling (BIM).


Figure 1: Paints and Coatings Market size of the Construction Industry (2005-2030)


Market size of the Construction Industry (2005-2030)


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


In both developed and developing economies, including the United States, China, India, and others, where paints and coatings are used for flooring, wall finishing, and roofing applications, a rise in population coupled with rapid urbanization has sped up the growth of the architecture and construction sector. For instance, according to a study released by the National Investment Promotion and Facilitation Agency, infrastructure-related operations made up 13% of all FDI inflows in 2021. As a result, the expanding architecture and construction sector is anticipated to increase demand for paints and coatings. Furthermore, the automotive industry has seen significant growth in the use of paints and coatings for corrosion protection applications in under-the-hood parts, engine components, interiors of containers, and storage vessels due to factors like increased disposable income, technological advancements, and the growth of original equipment manufacturers (OEMs). In India, for instance, 26.36 million vehicles will be produced between 2016 and 2020, increasing at a compound annual growth rate (CAGR) of 2.36%, according to research released by the India Brands Equity Foundation.


The European Commission and other Federal government organizations develop new laws and regulations, such as the Eco-product Certification Scheme (ECS). These standards guarantee a green and sustainable environment with little to no toxic VOC emissions. The National Referral Centre for Lead Projects in India (NRCLPI), the Quality Council of India (QCI), and the Pollution Control Board Authorities strongly advised the Government of India (GOI) to fix lead content below 90 ppm for all decorative and household paints. As a result, the regulations on lead control in households and Paints & Coatings were put into place in 2016. These restrictions encourage paints and coatings producers to spend money on bio-based raw ingredients for their products, making paints and coatings more environmentally friendly. However, in recent years, significant advances and innovations have enhanced the Paints and coatings industry to cater to the demand.


Paints and coatings Resin Insights


The paints and coatings market segmentation, based on Resin type, includes Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK) and others. The acrylic category, which accounted for the largest share of the worldwide market for paints and coatings by resin type, is projected to expand at the highest CAGR of 5.1% throughout the forecast period. This is explained by the fact that acrylic paints have several benefits, including short drying times, water solubility, low toxicity, safety around children and pets, and flexibility and durability.


Paints and coatings Application Insights


Based on application, the paints and coatings market segmentation includes Architectural and Industrial. By application, the architectural segment was the largest revenue generator and is anticipated to grow at a CAGR of 5.0% during the forecast period. This is attributed to the fact that governments of developing economies, such as China, India, and others, have increased spending on the development of townships, housing, built-up infrastructure, and construction of development projects where paints and coatings are widely used for exterior and interior coating applications.


Figure 2:  Paints and coatings Market, by Application, 2021 & 2030 (USD Million)


Paints and coatings Market, by Application, 2021 & 2030


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Paints and coatings Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Paints and coatings market accounted for USD 65.75 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Regarding revenue and volume, Asia Pacific held the largest market share in 2021 and will likely keep that position throughout the projected period. This might be attributed to the expansion of the automobile and building sectors in China, Japan, and India. Because they cover residential and non-residential constructions, paints and coatings are in higher demand. Moreover, China Paints and coatings market held the largest market share, and the India Paints and coatings market was the fastest-growing market in the Asia-Pacific region.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3:  PAINTS AND COATINGS MARKET SHARE BY REGION 2021 (%)


PAINTS AND COATINGS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Because of its dominant position and predicted significant market share expansion, Europe Paints and coatings market is primarily responsible for the rising demand from the automobile sector. Due to its greater level of discretionary income and accessibility to raw materials, Europe ranks among the top worldwide makers of vehicles. Further, Germany's paints and coatings market held the largest market share, and the U.K.'s paints and coatings market was the fastest-growing market in the European Region.


In the international market, North America is anticipated to have notable expansion. The United States is one of the world's top consumers of paints for use in building and automotive applications, which will support market expansion. These compounds are mostly utilized in the United States to produce automobile refinish and renovate aging infrastructure. The market expansion in this area will be primarily driven by the continued use of novel technology, rising disposable income, and increasing consolidation of used automobiles.


Paints and coatings Key Market Players & Competitive Insights


Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for paints and coatings. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming more and more competitive, competitors in the paints and coatings industry must provide affordable products.


Manufacturing locally to cut operational costs is one of the manufacturers' main business methods in the paints and coatings industry to benefit customers and develop the market sector. The paint and coatings industry has recently given medicine some of the most important advantages. The paints and coatings market major players such as AkzoNobel N.V. (Netherlands),  PPG Industries (U.S.), Jotun (Norway),  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 working on expanding the paints and coatings market demand by investing in research and development activities.


A Fortune 500 American business that provides specialty materials, paints, and coatings worldwide is PPG Industries, Inc. PPG is headquartered in Pittsburgh, Pennsylvania, and operates in more than 70 nations. PPG released PPG ENVIROCRON PCS P4 powder coatings for furniture, home décor, and architectural applications in August 2021. This most recent generation of powder coatings satisfies the growing need for matte and premium-textured surfaces in various applications, from urban and office furniture to aluminum and steel substrates for building construction.


A Dutch multinational corporation known as Akzo Nobel N.V.—stylized as AkzoNobel—manufactures paints and performance coatings for consumers and industry alike. Grupo Orbis, a producer of paints and coatings, was purchased by AkzoNobel in June 2021. AkzoNobel will be able to strengthen its position in South and Central America thanks to this tactical purchase.


List of the Key Companies in the paints and coatings market include



  • 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.)


Paints and coatings Industry Developments


March 2021: The coating technology from Qlayers provides a fully automated alternative to the current human coating methods employed in the sector that is safer, more reliable, and quicker. It's a cost-effective, sustainable solution by getting rid of overspray. Customers are using this technique to apply anti-corrosive coating systems, among other things.

December 2020: In the North East Asian and West European markets, Jotun introduced its Jotacote Universal S120 primer to the general public. The first single-coat, solvent-free system PSPC-approved worldwide is Jotacote Universal S120.

August 2023: Sherwin-Williams launches new digital platform for paint and coatings selection: US-based paints and coatings company Sherwin-Williams has launched a new digital platform called ColorSnap Studio Pro. The new platform allows users to browse and select paints and coatings colors, visualize them on different surfaces, and order samples directly from their device.

Paints and coatings Market Segmentation


Paints and coatings Resin Type Outlook



  • Acrylic

  • Alkyd

  • Epoxy

  • Polyurethane

  • Polyester

  • Fluoropolymer

  • Polyether Ether ketone (PEEK)

  • Polyether Ketone (PEK)

  • Polyaryl Etherketone (PAEK)

  • others


Paints and coatings Application Outlook



  • Architectural

  • Industrial


Paints and coatings Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size 2023 USD 192.1 billion
Market Size 2024 USD 199.1 billion
Market Size 2032 USD 254.1 billion
Compound Annual Growth Rate (CAGR) 3.30% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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 Growing demand for energy-efficient buildings
Key Market Dynamics  Growing Demand for High-Performance Coatings to Augment the Market


Frequently Asked Questions (FAQ) :

The paints and coatings market was valued at USD 192.1 Billion in 2023.

The market for paints and coatings is projected to grow at a CAGR of 3.30% during the forecast period 2024-2032.

Asia Pacific had the largest share in the paints and coatings market.

The key players in the market of paints and coatings are 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.)

The acrylic paints and coatings category dominated the market in 2023.

Architectural had the largest share in the paints and coatings market.

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