• Blog
  • Paints & Coatings Market Growth Analysis | 2023-2028

    Paints & Coatings Market Growth Analysis | 2023-2028

    Paints & Coatings Market Growth Analysis | 2023-2028
    Report code - SRAM538 Delivery - 2 Weeks
    Global Paints & Coatings Market Size, Share, Growth, Trend, Forecast, & Industry A See more...

    Market Insights

    The global paints & coatings market is estimated to grow from USD 179.28 billion in 2022 to USD 228.15 billion by 2028 at a significant CAGR of 4.09% during the forecast period.


    Want to have a closer look at this report? Get a free sample.

    What are paints & coatings?

    Paints & coatings include a liquid mixture that is a solid pigment in a liquid vehicle. They are used as a decorative or protective coating in the construction industry. They enhance appearance, protect against corrosion and environmental damage, and provide functional benefits. These products find widespread use in the construction, automotive, aerospace, and consumer goods industries.

    Global Paints & Coatings Market Report Overview

    Market Size in 2028

    USD 228.15 billion

    Market Size in 2022

    USD 179.28 billion

    Market Growth (2023-2028)

    CAGR of 4.09%

    Base Year of Study


    Trend Period


    Forecast Period



    Pigments (colourants), binders (resins), solvents, and additives are the main ingredients of paints. While binders keep the pigment particles bound and affixed to the surface, pigments add colour. A solid coating is left behind when solvents aid in dissolving the binders and making the application easier to dissipate.

    Key Players

    Some of the major players in the glboal market are-

    • AkzoNobel N.V.
    • PPG Industries
    • The Sherwin-Williams Company
    • Nippon Paint Holding Co. Ltd.
    • Axalta Coatings System LLC
    • Tikkurila
    • Jotun A/S
    • RPM International Inc.
    • Nippon Paint Holdings Co., Ltd.
    • Asian Paints Limited
    • BASF Coatings GmbH

    Market Dynamics

    The prime factor contributing to the demand for paints & coatings is mainly the growing demand from end-use industries such as architectural, general industrial, protective, and automotive & transportation, which in turn, is driving the growth of the market. The global population is experiencing rapid growth, particularly in urban areas, which is fueling the demand for housing, infrastructure, and transportation. As a result, there is an increased need for paints and coatings in the architectural, industrial, and transportation sectors. Governments worldwide are imposing stricter regulations on volatile organic compounds (VOCs) found in paints and coatings due to their environmental harm and contribution to air pollution. This growing focus on VOC regulation is generating higher demand for low-VOC and water-based alternatives in the market.


    Wish to Get a Free Sample? Register Here.

    Restraints: Thin-film powder coatings are used in paints, protective coatings, and optical coatings due to their excellent flow properties, fine perforations, and consistent distribution of raw materials. Conventional powder coatings can produce uneven finishes, while thin films require uniform flow and leveling. Polyurethane resins are preferred for thin films due to their flow, physical properties, and lower costs. Substrate smoothness and wetting are crucial issues in thin-film powder coating applications, making them difficult to obtain, similar to wet paint systems.

    Opportunity: Polyvinylidene difluoride (PVDF) is a popular choice in the building and construction industry for its high dielectric strength, resistance to weathering, and self-extinguishing properties. It can be applied through spray coating or conventional coil techniques and can be baked at temperatures ranging from 230°C to 250°C. PVDF is stable to sunlight and ultraviolet radiation, making it a popular base resin for long-lasting exterior coatings. Other fluoropolymers like polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), and ethylene tetrafluoroethylene copolymer (ETFE) are also used in the industry, particularly in countries with high summer temperatures. The long-life characteristics of PVDF coatings outperform silicone-modified performance polyester, polyester, acrylics, plastisols, and other resin coil coatings, making them crucial in the industry.

    Challenges: Governments are increasingly adopting regulatory policies, forcing paints and coatings producers to improve their processes to meet strict environmental requirements. In countries with strict regulations, like Western Europe and North America, products that fail to meet legal requirements are not allowed. However, some legislators limit emission values based on VOC concentration, leading to high mass emissions and disregarding reduced atmospheric emissions when using low-VOC coatings.

    Segments Analysis

    By End-Use Industry Type

    The market is segmented as architectural and industrial. The architectural segment accounted for the larger share by application in 2022, owing to government's focus on residential construction, especially in China and India.

    By Resin Type

    The market is segmented as acrylic, alkyd, epoxy, polyester, polyurethane, and others. The acrylic segment held a 40% market share in 2022 and is expected to remain dominant during the forecast period. The significant share of the acrylic segment is attributed to resistance to weathering & oxidation and the availability of a variety of high-gloss colours. The utility of acrylic for outdoor applications coupled with its moderate price will augment the segmental growth over the forecast period.

    By Technology Type

    The market is segmented as waterborne, solvent-borne, powder coating, and others. The waterborne segment held a 35% market share in 2022 and is expected to remain dominant over the forecast period. The dominance of the waterborne segment is due to low flammability, ease of use, eco-friendly properties, and less hazardous disposal associated with the technology type.

    By Region

    Asia-Pacific market share is more than 36% in 2022 and is expected to be the largest market share during the forecast period. The high share is attributed to the growing economy and expanding construction industry. Rapid urbanization especially in China and India will augment the regional growth. North America is anticipated to offer significant growth opportunities over the forecast period, with the US being the major country.


    To know which region offers the best growth opportunities, Register Here.


    The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

    By Resin Type:

    • Acrylic
    • Alkyd
    • Epoxy
    • Polyester
    • Polyurethane
    • Others

    By End-Use Industry Type:

    • Architectural
    • Industrial  

    By Technology Type:

    • Waterborne
    • Solventborne
    • Powder Coating
    • Others

    By Region:

    • North America 
    • Europe
    • Asia-Pacific
    • Rest of the World


    Want to know the most attractive market segments? Register Here.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the paints & coatings market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market segment analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirement?

    10% free customization.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with market stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with market experts to obtain both qualitative and quantitative insights.

    Report Customization

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players).
    • SWOT analysis of key players (up to 3 players).


    • Current market segmentation of any one of the resin types by end-use industry type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Paints & coatings include liquid mixture that is a solid pigment in a liquid vehicle. They are used as a decorative or protective coating in the construction industry.

    The market is expected to grow at a CAGR of 4.09% during the forecast period.

    The market size was estimated to grow from USD 179.28 billion in 2022 to USD 228.15 billion by 2028.

    Asia-Pacific market share is expected to be the largest market share during the forecast period.

    AkzoNobel N.V., PPG Industries, The Sherwin-Williams Company, Nippon Paint Holding Co. Ltd., Axalta Coatings System LLC, Tikkurila, Jotun A/S, RPM International Inc. Nippon Paint Holdings Co., Ltd., Asian Paints Limited, BASF Coatings GmbH are the key companies in the market.

    The acrylic segment held 40% market share in 2022 and is expected to remain dominant during the forecast period.

    The study period of the market is 2017-2028.

    The drivers of the market are: architectural, general industrial, protective, and automotive & transportation, which in turn, is driving the growth of the market.


      Why are We Class Apart?

      Advanced Materials Offer Next Growth Wave

      We Specialize in Composites & other Materials Market Research

      >60% of the First Buyers Come Back to Us

      >95% Client Satisfaction Ratio, the Industry's Highest

      Clients Across the Value Chain

      Track the Latest Trends in Advanced Materials

      Know High Growth Opportunities