The paints and coatings market size is expected to advance at a CAGR of 4.8% during 2022–2030, to reach USD 238,831 million by 2030.
In both developed and developing economies, including the U.S., China, and India, paints and coatings are extensively used for flooring, wall finishing, and roofing applications. Here and in other nations, the rise in the population, coupled with the rapid urbanization, has sped up the growth of the architecture and construction sector, thus propelling paint and coating consumption.
Furthermore, the automotive industry has seen significant growth in the use of paints and coatings for corrosion protection of under-the-hood parts, engine components, interiors of containers, and storage vessels in recent years. This is due to the increasing disposable income, technological advancements, and the production growth of original equipment manufacturers (OEMs).
Moreover, the potential applications of paints and coatings in industries have increased as a result of the development of high-solid alternatives, which produce little-to-no volatile organic compounds (VOCs). For instance, decking, hulls, and cargo tanks are frequently coated with high-solid epoxies, which are also simple to use and require little drying time.
In the global market, North America is projected to experience notable expansion. The U.S. is one of the world's top consumers of paints in building and automotive applications. Acrylic, polyester, polyurethane, epoxy, and other materials are widely utilized to produce automobile refinishes and in the renovation of aging infrastructure. The industry expansion in the region is primarily driven by the continued use of novel technology, rising disposable income, and increasing consolidation of used vehicles.
Likewise, Brazil, Mexico, and Colombia all have national infrastructure plans, which will increase public and private investments in infrastructure construction and maintenance in the LATAM region. The demand for architectural coatings may also increase as Brazil becomes more industrialized, which would further contribute to higher sales revenue for the players.
In 2022, the architectural category dominated the market, with more than 52% of the global revenue. The growing construction activities, especially the railways and roadways sectors, in nations including the U.S., China, Germany, India, and the U.K. are expected to drive the product demand in these applications over the forecast period.
Moreover, developing regions, such as APAC and the MEA, are witnessing strong growth in the FMCG, retail, IT & telecom, and many other non-residential sectors, thus resulting in an increasing demand for coatings. The rising number of FMCG companies in India and China is expected to drive the market for architectural paints and coatings in the near future. In addition, the rapid industrialization, increasing government infrastructure spending, and increasing FDI are expected to boost the category’s growth.
The most-significant paints and coatings market players are Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., BASF SE, RPM International Inc., Jotun A/S, Axalta Coating Systems Ltd., Masco Corporation, and Asian Paints Limited.