The paints & coatings market size is projected to grow from USD 147.2 billion in 2020 to USD 198.28 billion by 2027, at a CAGR of 3.9 %, during the forecast period. Paints & coatings are the glossy and decorative finishes, which enhance the aesthetic appeal of the surface of the metal component, equipment, walls, or others. They also serve the purpose of providing corrosion & abrasion resistant and enhancing the durability of the product surface.
The key raw materials used in the production of paints & coatings are pigments, solvent, resin, additive, curing agent, and dispersant. The global paints & coatings market comprises of a significant number of tier 1 players which are mainly engaged in manufacturing a wide range of paints & coating products. Along with these prominent manufacturers, the market is hub to some small, yet substantial manufacturers. According to estimates, over 50% of the major 20 producers in this market contribute more than 70% of the overall production of paints & coatings. The global market is prominently influenced by many market-driven factors. Some of the market-driven factors, which are slated to fuel the global market growth, include a significant increase in construction, rising disposable income, and rapid urbanization in the developing regions. Apart from these factors, growing automotive production in Asia-Pacific and rise in general industrial sector across the globe is projected to trigger global paints and coating market growth. Overall, the paints and coatings are slated to exhibit an increased demand from the architectural industry.
However, the fluctuating raw materials prices due to the volatility in the prices of crude is the restraining factor to the growth of the product market during the forecast period. Also, stringent regulatory policies related to the use of solvent-borne paints & coatings is the major challenging factor in the growth of the product market.
The paints & coatings industry has been facing many environmental challenges with the increasing focus on complying with state and local regulations for wastewater discharge. Powder coating operations have a considerable amount of metals, oil & grease, and suspended solids in their wastewater streams generated during cleaning and pre-treatment phases. It becomes difficult for powder coating manufacturers to meet many state and local environmental regulations because of their wastewater streams. Metal finishing companies that use various electroplating processes have been facing the problem of adhering to regulations due to heavy metal contamination.
Some of the key players operating in the global paints & coatings market are PPG Industries (US), Akzonobel N.V.(Netherlands), Jotun (Norway), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (Japan), Asian Paints (India), KANSAI PAINT CO., LTD (Japan), RPM International INC (US), Axalta Coating Systems Ltd. (US), Solvay SA (Belgium), BASE SE (Germany), Shalimar Paints (India), Diamond Vogel (US), Indigo Paints Pvt. Ltd (India), Berger Paints India Limited (India), Beckers Group (Maryland), Tiger Coatings GmbH & Co. Kg (Austria), Hempel A/S (Denmark), and Kelly-Moore Paints (US)
APAC accounted for the largest paints & coatings market in 2020, in terms of volume. The increasing population in the region, accompanied by rising spending in the industrial sector and infrastructural developments in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the paints & coatings market
Europe is the second-largest market for paints & coatings. Europe is heavily regulated to ensure a high level of environment and human health protection from the risks posed by chemicals. In addition, stringent regulations have constrained formulators and raw material suppliers. The economic slowdown has also affected most of the industries in Europe; however, the demand for paints & coatings is estimated to increase slowly with ongoing recovery initiatives and safety regulations in the region
Report : Paints and Coatings Market - By Technology (Waterborne, Solvent borne, Powder, Others) By Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Others) By End-Use Industries (Architectural, Residential, Non-residential, Industrial) By Region (APAC, North America, Europe, Middle East & Africa, South America) - Industry Analysis, Opportunity and Forecast 2020 To 2027