Paints and Coatings Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2025 – 2034

  • Report ID : MD3053
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  • Pages : 250
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  • Tables : 45
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  • Formats :

The global paints and coatings market reached a value of USD 182 billion in 2024, with an expected CAGR of 6.2% during the forecast period. Paints and coatings serve aesthetic and protective functions, enhancing surface appearance, adhesion, and wettability. Additionally, they provide resistance against corrosion, wear, and scratching, thereby improving the durability and longevity of materials. These products are integral to various industries, offering both decorative and functional benefits.

The global paints and coatings market is experiencing significant growth driven by the increasing demand for decorative coatings in industrial equipment, vehicles, and residential and commercial structures. Additionally, the expanding use of coatings in the shipping and marine industries and the industrial wood sector are contributing to market expansion in the coming years. The demand for paints and coatings is rising in the architectural sector due to rapid urbanization and population growth worldwide.

The advancement of eco-friendly formulations in paints and coatings is significantly driving market growth. These sustainable solutions are addressing the rising demand for long-lasting and environmentally friendly building materials. In the automotive industry, there is also a steady demand for high-quality coatings that enhance both the visual appeal and performance of vehicles. With these ongoing trends, the paints and coatings market is expected to continue evolving, fueled by technological innovations and the increasing consumer shift toward sustainable products.

Global Paints and Coatings Market: Drivers

Rapid Urbanization and Ongoing Infrastructure Development: Rapid urbanization and ongoing infrastructure development are driving significant growth in the construction industry, leading to an increased demand for paints and coatings. As the sector expands, there is a rising need for these products across various applications, particularly in residential and commercial construction, where durability, aesthetics, and protection are key priorities. This surge in construction activities is becoming a major driver for the global paints and coatings market.

Global Paints and Coatings Market: Restraints

Stringent Regulations: Stringent environmental regulations are hindering the growth of the paints and coatings market. Countries such as the United States and Canada have established regulations to control the emissions of volatile organic compounds (VOCs) in the industry, aiming to reduce air pollution and promote sustainability. These restrictions often require manufacturers to invest in more costly, environmentally friendly alternatives and production processes, which can impact overall market growth.

Global Paints and Coatings Market: Segmentation

  • Resins are essential for the performance of paints and coatings, providing key attributes such as weather and water resistance, color retention, and a high-gloss finish. Various types of resins, including epoxy, acrylic, polyurethane, and polypropylene, are used in the production of these coatings. Epoxy resin coatings led the market in 2024, largely due to their widespread use in industrial applications where they offer effective resistance to moderately corrosive environments.
  • Waterborne coatings currently lead the market, fueled by their growing adoption across various industries, including automotive. These coatings are prized for their exceptional heat and abrasion resistance, making them ideal primers. Furthermore, they provide strong adhesion, low toxicity, and reduced flammability.
  • The architectural segment held a significant market share in 2024, driven by the rise in construction activities. As urbanization accelerates and the demand for both residential and non-residential buildings continues to grow, the need for premium paints and coatings to ensure durability, aesthetic appeal, and protection against the elements becomes more critical. This increasing demand is poised to fuel ongoing growth in the paints and coatings market.
  • The construction industry in the Asia-Pacific region is expected to see significant growth in the coming years, primarily driven by rapid urbanization, a growing population, and increased investments in infrastructure development.

Global Paints and Coatings Market: Key Developments

  • In December 2024, PPG, a global leader in paints, coatings, and specialty materials, announced it has agreed to sell its entire architectural coatings business in the U.S. and Canada. The transaction, valued at $550 million, will be acquired by American Industrial Partners (AIP).
  • In June 2023, AkzoNobel launched a new research and development (R&D) center in High Point, North Carolina, furthering its dedication to advancing science and technology. This facility is part of a broader network of R&D centers across North America, supporting the companys performance coatings division, with locations in Michigan, Ohio, Texas, Pennsylvania, and South Carolina.

Key Players:

  • The Sherwin-Williams Company
  • Henkel AG & Company, KGaA
  • Contego International Inc
  • Axalta Coating Systems
  • PPG Industries, Inc.
  • Nullifire
  • 3M
  • BASF SE
  • No-Burn Inc.
  • Albi Protective Coatings
  • Akzo Nobel N.V.

 

By Resin Type

  • Acrylic
  • Epoxy
  • Alkyd
  • Polyurethane
  • Polyester
  • Other Resin

By Technology

  • Water Borne Coatings
  • Radiation Cured Coatings
  • Powder Coatings
  • Solvent Borne Coatings

By End-Use

  • Architectural
  • Residential
  • Non-Residential
  • Industrial
  • Protective
  • Automotive
  • Wood
  • Packaging
  • Aerospace
  • Marine
  • others

 

By Region

  • North America
  • S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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