Paints and Coatings Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Paints and Coatings Market Size

Paints and Coatings Market Trends & Drivers

Growing Construction Industry

The construction industry is growing at a significant pace in Sweden, the U.S., China, India, Canada, Australia, and the U.K., owing to the rising population and increasing rate of urbanization. This has resulted in the increasing investment in construction projects, such as hotels, apartments, offices, retail centers, and civic infrastructure.

The construction industry of China, which is already the largest in the world, is expected to develop at a significant rate between 2022 and 2030. Such growth in the construction industry is driving the demand for decorative coatings in the APAC region.

Furthermore, governments of several countries are funding the development and improvement of infrastructure. Such initiatives to incorporate high technology into the building and construction process are part of China's 14th Five-Year Plan. Specifically, the government is predicted to prioritize energy and transportation infrastructure, with special emphasis on improving connectivity inside urban clusters.

Moreover, China has one of the greatest rates of urbanization worldwide. According to data from the American Institute of Architects (AIA), China will have built cities with a combined size of 10 New York cities between the 1990s and 2025. Moreover, the Market Status and Trends of China's Architectural Design Industry in 2020 report states that China's architectural design and engineering industry generated more than USD 1 trillion in sales in 2019.

This growth will increase the demand for paints and coatings to provide aesthetic benefits. Additionally, the changing lifestyle of people has resulted in the rising demand for sophisticated housing, which has further fueled the expansion of product demand.

Introduction of Nanotechnology

The advent of nanotechnology has revolutionized the formulations of paints and coatings. Apart from developing zero- or low-VOC formulations, industry players have leveraged this technology to create nano paints and coating solutions, which have superior characteristics, such as water/dirt repulsion, microbial resistance, and scratch resistance. This has also resulted in the introduction of ceramics or metals in various types of formulations, in the form of granules, free powders, and particles, which are then combined into the finished product matrix.

Some of the recent formulations developed using nanotechnology even conduct electricity and offer UV protection and self-healing property. Apart from these, they are also highly resistant to mar and corrosion. Hence, the introduction of such advanced technology is expected to provide growth opportunities to the players operating in the paints and coatings industry.

Paints and Coatings Market Analysis

Due to Their Eco-Friendly and Low-VOC Properties, Water-Borne Coatings Hold Dominant Share

Due to their rising use in the automotive, furniture, plastic, wood, and printing inks industries, water-borne coatings currently have the largest share, of around 47%, in 2022. Their advantages include low VOC emissions, quick drying, and simpler application.

Moreover, the growth in the demand for these variants will be consistent during the forecast period owing to their increasing consumption by several automobile and furniture manufacturers, due to the cost-effective nature and superior adhesion properties of these materials.

The powder category will experience a growth rate of 6% during the forecast period. The key application areas of these alternatives are critical auto, engine, and industrial machinery parts, because powder coat finishes are resistant to corrosion, abrasion, chemicals, and detergents.

Regional Analysis

APAC’s Revenue Contribution To Rise at Highest Pace Globally

Globally, the paints and coatings market in APAC will witness the highest growth rate, of 5.9%, during the forecast period. This is mainly driven by the growing construction industry in China and India, which is driving the adoption of new coating resins and formulations. This is itself essentially credited to the increasing demand for paints and coatings for the renovation and repair of commercial and residential buildings. Additionally, the increase in government and overseas investments in the construction and automotive sectors is driving the market in the region.

Furthermore, the growing real estate activities, combined with the rapid urbanization, booming population, and increasing disposable income, propel the demand for paints and interiors in the region.

For instance, the Indian real estate sector has witnessed rapid growth in recent times, with a rise in the demand for office as well as residential spaces. A key reason for the growth of the sector is the shift in the work culture and development of a taste for the high-end lifestyle. This, in turn, is leading to the development of designer commercial spaces and elegant homes, thus advancing the scope of painting materials, such as acrylic and polyester.

Product sales revenue in Europe stood at an estimated USD 32,640 million in 2022. This can be ascribed to the presence of a large number of market players and an established automotive sector in the region. Moreover, with the increasing residential construction and renovation activities and growing maritime industry, the region is expected to undergo continued market advance during the forecast period.

Market Breakdown

This fully customizable report gives a detailed analysis of the paints and coatings industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Technology

• Water-Borne
• Solvent-Borne
• High Solids
• Powder Coatings
• Ultraviolet (UV)

Based on Formulation

• Acrylic
• Polyester
• Polyurethane
• Epoxy

Based on Application

• Architectural Coatings
  • Residential
  • Non-residential
• Industrial Coatings
  • Automotive original equipment manufacturer (OEM) coatings
  • Wood finishes
  • Powder coatings
  • Coil coatings
  • Packaging finishes
  • General industrial finishes
• Special Coatings
  • Automotive refinish coatings
  • Protective coatings
  • Marine coatings

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Russia
  • Italy
  • U.K.
  • Turkey
  • France
  • Spain
  • Poland
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• Middle East and Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Iran

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