The global paints and coatings market was valued at US$ 147.03 billion in 2019 and expected to reach US$ 209.09 billion by 2027, with at a compound annual growth rate (CAGR) of 4.5% during the forecast period 2020 to 2027.
Rising demand for paints & coatings in automotive, construction, and general industries anticipated to boost the overall market growth. The Asia Pacific region registered high rate of automotive production in the recent past because of surge in disposable income and rising demand for personal transportation is likely to augment the market for paints and coatings over the coming years. Further, rapid industrialization and urbanization particularly in the developing countries, for example China, India, and Southeast Asia estimated to fuel the demand for paints & coatings across various applications.
Apart from these factors, paints and coatings are estimated to register high demand from the architectural industry. Within the architectural industry, paints and coatings are largely used in residential construction because of increasing construction output, rising urbanization, and population expansion. Furthermore, various ambitious programs introduced by the governments of the developing countries in the Asia Pacific region anticipated to act as a significant factor that pushes the residential construction activities within the region.
The waterborne segment dominated the global market accounting for a value share of more than 37% in the year 2019. Rising spending in the construction industry along with the shifting consumer preference for environment-friendly products expected to influence the growth of the segment over the analysis period. Water-based paints & coatings are largely used in poorly and confined ventilated spaces. Water-based coatings dry faster compared to solvent-based products owing to the fast evaporation of water content from the coating layer.
However, the solvent-borne coatings segment estimated to register slower growth rate compared to other types of products because of stringent government regulations for the products having high Volatile Organic Compounds (VOC) content. Moreover, increasing application of solvent-based coatings for architectural and industrial purposes due to less time taken to dry as well as better functionality in humid and open environment projected to propel the growth of the segment over the upcoming period.
The architectural & decorative segment captured major market share and accounted for nearly 60% of value share out of the total revenue in 2019. This is mainly attributed to the increasing construction activities along with the significant development of road and rail infrastructure across various developed as well as developing countries, such as the U.K., India, the U.S., Germany, China, and European countries predicted to drive the demand for paints & coatings in the architectural & decorative segment during the analysis period.
The Asia Pacific covered the major part of the global revenue and accounted for more than 35% share in the year 2019. Increasing construction activities coupled with the rising demand from the automotive industry particularly in the emerging countries, for example India, China, Korea, and Southeast Asia predicted to impel the market growth over the upcoming period. Furthermore, easy availability of raw materials together with less strict laws related to VOC emissions compared to other regions such as Europe and North America offers immense growth opportunities to uplift the market growth in the years to come.
Moreover, Europe holds the second largest position and accounted for more than 27% of value share out of the global revenue in the year 2019. Growing the construction activities across various countries, such as the Netherlands, the U.K., Hungary, Germany, Sweden, Poland, and Ireland anticipated to augment the demand for paints & coatings over the forthcoming time period. Increased funding from the European Union (EU) coupled with supportive policies that include tax breaks, subsidies, and incentives taken by governments of various European countries propel the growth of the construction industry within the region.
Key Companies & Market Share Insights
The key players operating in the global paints & coatings market are rigorously competing to offer custom solutions for low-cost and high-performance paints & coating requirements. A company’s hold in the market is determined on the basis of distribution network, strong geographical presence, and extensive product portfolio. Major market players primarily focus on expanding their manufacturing facilities, mergers & acquisitions, investments in Research & Development (R&D) facilities, infrastructural development, and are actively looking for opportunities for vertically integration across the value chain. The above mentioned initiatives help the company to cater the rising demand across the globe, lower the production costs, enhance sales & operations planning, ensure competitive effectiveness, develop innovative technologies & products, and expand their customer base.
Some of the prominent players in the paints and coatings market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying iton the basis ofmaterial, product, application, and region:
By Regional Outlook
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