PUBLISHER: 360iResearch | PRODUCT CODE: 1471332
PUBLISHER: 360iResearch | PRODUCT CODE: 1471332
[186 Pages Report] The Paints & Coatings Market size was estimated at USD 170.73 billion in 2023 and expected to reach USD 183.68 billion in 2024, at a CAGR 7.77% to reach USD 288.41 billion by 2030.
Paints & coatings are elements that have revolutionized the painting sector. Paint & coatings are substances applied to surfaces that provide a protective and decorative finish. They are commonly used on surfaces such as walls, ceilings, floors, furniture, vehicles, and machinery. Paint is a liquid or semi-liquid substance comprising pigments, solvents, binders, and additives. Paints & coatings provide specific properties such as flame retardancy, anti-fouling, and anti-microbial properties in architectural, industrial, automotive, aerospace, and other end-use sectors. Increasing construction activities and growing automotive production is elevating the demand for paint & coatings. However, the paint and coating industry is also facing some challenges, including environmental hazards and limitations of powder coatings that impede the growth of the paint and coating market. Increasing research & development activities to develop sustainable and eco-friendly paints & coatings is expected to benefit the market's growth.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 170.73 billion |
Estimated Year [2024] | USD 183.68 billion |
Forecast Year [2030] | USD 288.41 billion |
CAGR (%) | 7.77% |
Product: Emerging applications of water-based coatings due to their lower environmental impact and reduced toxic emissions
Powder coatings are dry finishing processes broadly used in the industrial sector for a variety of applications. These coatings offer a durable, high-quality, and versatile finish. Their eco-friendliness, as they emit zero or near zero volatile organic compounds (VOC), and cost-effectiveness for manufacturers due to reduced waste and lower energy consumption in application make them a preferable choice in specific scenarios. Powder coatings are preferred in applications requiring a durable and high-performance finish, such as automotive, appliances, and outdoor furniture. Solvent-based coatings are known for their exceptional finish quality, including smooth application and appearance. These coatings encompass a wide variety of product types across industries, offering high durability and performance. However, their use is increasingly scrutinized due to the emission of VOCs during application and drying times, prompting a shift towards more eco-friendly solutions in certain markets. These products are ideal for automotive, marine, and industrial machinery due to their durability and resistance to wear, tear, and environmental factors. Water-based coatings are surfacing as a dominant alternative to solvent-based variants, mainly due to their reduced environmental impact. These coatings emit significantly lower levels of VOCs and present a safer option for indoor use. Advancements in water-based technology have improved their performance to compete closely with that of solvent-based systems. Water-based coatings are favored for residential and commercial buildings, furniture, and sectors emphasizing environmental sustainability and indoor air quality.
End-User: Expanding investments by the government to improve the architectural/decorative public infrastructure
Architectural or decorative coatings encompass products used in residential, commercial, and infrastructure projects to protect surfaces and enhance aesthetic appeal. This sector is driven by trends in construction, interior design, and sustainability. The non-residential sector encompasses a wide range of structures, including commercial buildings, industrial setups, and public infrastructure. Protective coatings are particularly popular in this sector to enhance the lifespan of structures exposed to harsh environmental conditions and wear and tear. The residential sector is primarily influenced by housing trends, homeowner preferences, and renovation cycles. A significant driver within this space is the aesthetic appeal, with consumers increasingly opting for paints and coatings that offer unique finishes, textures, and color richness. The industrial sector includes coatings for automotive, marine, aerospace, and manufacturing industries, where performance and protection are paramount. The aerospace industry requires advanced paint and coating solutions designed to withstand extreme environmental conditions. These coatings protect aircraft exteriors from corrosion, UV radiation, and temperature extremes. Innovative solutions also include coatings for interior spaces, prioritizing safety, durability, and weight reduction. In the automotive sector, paints and coatings play a crucial role in vehicle aesthetics, durability, and corrosion resistance. High-performance coatings are applied to body parts, interiors, and engines for enhanced protection and longevity. Paints and coatings in the general industrial sector are diverse and formulated to meet specific requirements such as resistance to chemicals, abrasion, and environmental conditions. Marine coatings are specialized to withstand harsh sea conditions, including saltwater corrosion, fouling, and UV exposure. These coatings are applied to ships, boats, and offshore structures, providing protection to both underwater and above-water parts. Coatings for packaging are primarily concerned with protecting and preserving the packaged product alongside aesthetic considerations. Innovations in this sector include coatings that extend the shelf life of food products, are safe for direct food contact, and provide barriers against moisture and gases. Paints and coatings for the rail industry are formulated to endure the mechanical stresses and weather exposure experienced by trains and rail infrastructure.
Regional Insights
The paints & coatings market in the Americas region represents a highly developed and innovative landscape owing to the increasing applications in the aerospace, automotive, and construction sector and the growing introduction of eco-friend paint & coatings. As per Associated General Contractors of America (AGC), the construction sector develops approximately USD 1.4 trillion worth of structures every year in the United States and has over 7 million employees. Construction spending is rising in the United States, Brazil, Mexico, and other nations with continuous infrastructure development. In January 2022, the total construction spending was USD 1,677.2 billion, 1.3% more than the revised December 2021 estimate of USD 1,655.8 billion. Similarly, as per the National Institute of Statistics and Geography (INEGI), in December 2021, construction output in Mexico increased by 2.79% over the same month in the previous year. In 2021, according to the International Organization of Motor Vehicle Manufacturers (OICA), total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia. The growing automotive vehicle production in Asia-Pacific is expected to expand the usage of paints & coatings. The ongoing strategies by market players in Europe to expand their presence in the paint & coatings are expected to create a platform in EMEA. For instance, Huntsman Corporation launched the POLYRESYST IC6005 polyurethane system in Europe, a novel intumescent coating developed for the construction industry that can provide passive fire performance alongside strong protective properties.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Paints & Coatings Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Paints & Coatings Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Paints & Coatings Market, highlighting leading vendors and their innovative profiles. These include Akzo Nobel N.V., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Benjamin Moore & Co., Berger Paints Ltd., Chongqing Sanxia Paints Co., Ltd., DAW SE, Diamond Vogel Paint Company, DuPont de Nemours, Inc., H.B. Fuller Company, Hempel A/S, Henkel AG & Co. KGaA, HUELSEMANN Coatings GmbH, Indigo Paints Ltd., Jotun A/S, Kansai Paint Co.,Ltd., Kelly-Moore Paints, Masco Corporation, Nippon Paint Holdings Co., Ltd., Omega Industries, PPG Industries, Inc., RPM International Inc., S&B Finishing Co. Inc., Shalimar Paints, SKK(S) Pte. Ltd., The Sherwin-Williams Company, Tiger Coatings GmbH & Co. KG, Tikkurila Oyj, and Vista Paint Corporation.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Paints & Coatings Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Paints & Coatings Market?
3. What are the technology trends and regulatory frameworks in the Paints & Coatings Market?
4. What is the market share of the leading vendors in the Paints & Coatings Market?
5. Which modes and strategic moves are suitable for entering the Paints & Coatings Market?
TABLE 354