The global paints and coatings market is projected to value $262.5 billion by 2023. The growth of the market is being driven by the rising demand for paint and coating solutions from the electronics, automotive, and construction industries.
Insights into market segments
On segmenting by resin type, the paints and coatings market is divided into polyester, acrylic, epoxy, polyurethane, and others (nitrocellulose lacquer, nylon, and polycarbonates). Among these, the sales volume of polyurethane is expected to grow the fastest, advancing at a CAGR of 5.9% during the forecast period. Polyurethane-based paints and coatings make buildings and structures strong and aesthetically appealing and are, therefore, a preferred choice for residential and commercial interior projects. Thus, with growing construction activities, the demand for polyurethane as a paint and coating base is predicted to increase.
Based on formulation, water-based, powder, solvent-based, and UV coatings constitute the key categories of the paints and coatings market. The fastest growth in market demand during the forecast period is expected for UV coatings, with 7.3% CAGR in terms of sales volume. These coatings offer certain advantages over other types, including zero pot life issues, reduced environmental impact, low energy costs, and rapid cure speed. These benefits encourage the demand for these coatings from various sectors, including aerospace and shipping.
On the basis of application, the paints and coatings market is divided into three categories: industrial, marine, and architectural and decorative. The sales volume of paints and coatings is projected to grow at the fastest rate for industrial applications, with 5.5% CAGR during the forecast period. Rising demand for paint and coating solutions in the automotive, consumer goods, and manufacturing industries is aiding the market growth in this category.
Asia-Pacific (APAC) to emerge as the fastest-growing market for paints and coatings
During the forecast period, the paints and coatings market is expected to witness the fastest growth in Asia-Pacific (APAC) region, with value and volume CAGRs of 8.3% and 7.2%, respectively. The growth of the market in APAC is being driven by stringent air pollution regulations, which are predicted to lead to the rapid adoption of new coating resins and formulations. Additionally, the growing construction industry in nations such as China and India, along with increasing spending by private and government organizations on the construction of commercial and residential spaces, is predicted to result in an increase in construction activities, which, in turn, is expected to boost the market growth.
Browse report overview with detailed TOC on "Paints and Coatings Market by Resin Type (Acrylic, Polyester, Polyurethane, Epoxy), by Formulation (Water-Based, Solvent-Based, Powder Coatings, UV Coatings), by Application (Architectural & Decorative, Industrial, Marine), by Country (China, Japan, India) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market
Nanotechnology to serve as a lucrative opportunity to market players
The advent of nanotechnology has played a significant role in the growth of the market. Apart from creating zero or low volatile organic compound (VOC) content formulations, manufacturers are focusing on nano paints and coatings with superior characteristics. An example of ingenious manufacturing techniques would be the introduction of ceramics and metals in different types of coatings and paints. The integration can be carried out in the form of free powders, granules, or particles, which are then mixed into the pre-finished product. Thus, technological advancements and development of enhanced products are expected to drive the growth of the paints and coatings market.
Paints and Coatings Market Competitive Landscape
Among the key players operating in the global paints and coatings market are PPG Industries Inc., Akzo Nobel N.V., Berger Paints India Limited, The Sherwin-Williams Company, Kansai Paint Co. Ltd., Shalimar Paints Limited, RPM International Inc., BASFR SE, Axalta Coating Systems Ltd., Jotun A/S, and Masco Corporation.