Paints and Coatings Market was valued at USD 264

GmiiRResearch 1/13/2023 5:52:12 AM

Paints and Coatings Market was valued at USD 264.7 billion in 2020, and estimated to touch USD 421.9 billion in 2028, increasing at a CAGR of 6.0% during 2021-2028.

The factors driving growth of the Paint & Coating Market includes increasing application of paint and coatings in decorating walls, windows and furniture, expansion of the construction industry, rise in the number of hotels, showrooms and offices and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, rising popularity of autonomous trucks, and self-driven vehicles, increase in the launch of new products and rapid urbanization, are some of the additional factors supplementing the Paints & Coatings Market size. In addition, the increasing investments by major companies on research and development, strategic partnerships and collaborations between industry players and growing population growth rates, are further contributing towards the market growth.

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However, growth of the Paint & Coating Market is hindered due to health hazards related to the use of Volatile Organic Compounds (VOC).

The leading players operating in the market are Cloverdale Paint Inc., Nippon Paint Holdings Co., Ltd., BASF SE, Kelly Moore Paint Company Inc., PPG Industries, Inc, The Sherwin Williams Company, RPM International Inc., PPG Industries, Inc, The Sherwin Williams Company, and RPM International Inc., among others.

Based on Technology, the Water-based segment is predicted to grow at a significant CAGR during the forecast period

Increasing use of water-based paints and coatings in damp proofing, crack filling and plaster additive and rise in the number of construction activities in residential areas, are propelling Paints and Coatings Market share.

Based on Application, the Architectural Paints segment is projected to expand at a remarkable CAGR over the forecast period

Increasing use of architectural paints at residential, commercial and institutional areas and rapid growth in the real-estate industry, are pushing growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Expansion of the real-estate industry across India, Indonesia, and Malaysia, growing demand for protective coatings, rapid industrialization, increasing adoption of advanced technologies, rising per capita incomes and high per capita incomes, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Developments

  • In 2021, PPG Industries, Inc invested around USD 13 million to extend the capacity, enhance research and development at Jiading facility in China.

  • In 2021, The Sherwin-Williams Company developed Echelon – a hyper-durable product line for metal building products that the company said provide exceptional UV and weathering resistance.

  • In 2020, BASF SE introduced new water-borne basecoat line for the body shops of the future. This new product is the eco-friendliest automotive refinish coatings, which increases the efficiency of body shops and enhances their environmental footprint.

Market Segmentation

Segmentation by Formulation Technology

  • Water-based

  • Solvent-based

Segmentation by Application

  • Architectural Paints

  • OEM Coatings

  • Special Purpose Coatings

Segmentation by Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of APAC

  • North America

    • United States of America

    • Canada

  • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Rest of Europe

  • RoW

    • Brazil

    • South Africa

    • Saudi Arabia

    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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