The global paints and coatings market is expected to cross USD 227.70 billion by 2025. Paints and coatings enable better products that are durable, much attractive, reliable, and highly saleable. Paints and coatings are looked upon as the materials that add value to the finished products. The paints and coatings serve three major objectives; enabling aesthetic appeal or decorative value to surfaces and products, enabling protection from damage from harsh environment, and tagging specific attributes to the product. Besides, paints and coatings constitute a specific material and design with significant texture variables.
Paints and coatings industry is driven by factors such as rise in use of paint and coating in automotive, construction, and marine industries. In addition, rise in innovation in manufacturing processes and derivation of formulation technologies propel the market growth. The market witnesses remarkable trends such as inception of nanotechnology in the paints and coating industry. However, increase in use of substitutes, wallpapers, and significant costs associated with paint related activities is likely to hamper the market growth in the near future.
Product segment for paint and coating market includes waterborne formulations, water-based coats and water based polyurethane. End-use segmentation for paints & coatings industry comprises general industries, automotive, wood, aerospace, and marine.
Geographical segmentation for paints and coatings market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific’s paint and coating industry is anticipated to rise at a staggering CAGR in the forecast period due to increase in demand for paint and coating products coupled with vast presence of paint manufacturers in these regions. In addition, rise in commercial construction and related activities is likely to trigger the APAC market growth.
North American and European markets are expected to gain a significant CAGR in the forecast period due to stringent environmental norms and precaution against hazardous chemicals. Middle East and African regions are likely to gain a positive traction in the forecast period due to rise in imex business. Besides, flexible pricing coupled with ease of availability is also expected to stimulate the market growth in the near future. The key players in the paint & coating market include PPG Industries, AkzoNobel, Sherwin-Williams Company, Axalta Coating System, Valspar Corporation, Nippon Paint Holdings, Jotun Group and RPM International Inc.
Paints & Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• High solids/radiation curing
• Powder coatings
• Waterborne coatings
• Solvent-borne coatings
Paints & Coatings Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Paints & Coatings Application Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Architectural & Decorative
• General Industrial
Paints & Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America (CSA)
• Middle East & Africa (MEA)
Research Support Specialist, USA