Paints & Coatings Market Analysis

Market Insights

Paints and coatings market was estimated to reach from USD 172.22 billion in 2021 to USD 228.15 billion by 2028 & is growing at a significant CAGR of 4.1% during the forecast period.

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What are paints & coatings?

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.

Key Players

Some of the major players in the paints & coatings 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

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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.

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 2021, owing to government 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 40% market share in 2021 and is expected to remain dominant during the forecast period. The significant share of acrylic segment is attributed to resistance to weathering & oxidation and availability of a variety of high-gloss colors. 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 35% market share in 2021 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 2021 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.

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Segmentation

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

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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. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, application portfolio, application launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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 the qualitative and quantitative insights.

Report Customization

With this detailed report, 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)

Segmentation

• 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 at sales@stratviewresearch.com.