Paints and Coatings Market Size, Industry Outlook, Growth 2023-28

The latest research study "Paints and Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global paints and coatings market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

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Paints refer to pigmented liquids utilized to improve the aesthetics of the substrate, whereas coatings are mainly used to prevent substrate deterioration and enhance surface properties. Commonly available product variants include powder, high solids, waterborne, radiation curing, and solvent-borne coatings. Paints and coatings are widely used in residential and non-residential infrastructures, decorating industrial equipment and buildings. Paints and coatings exhibit flame retardancy, anti-fouling, and anti-microbial properties. In addition, they also protect the surface from weathering, rust, adverse environmental conditions, and chemical exposure. As a result, paints and coatings find extensive applications across various sectors, such as marine, construction, automobile, and transportation.

Paints and Coatings Market Trends and Drivers:

The escalating demand for these pigmented liquids and layers on panels, windows, walls, roofs, door frames, and interior extrusions for protection, decoration, and aesthetics and the expanding construction industry across the globe are among the primary factors driving the paints and coatings market. Besides this, the elevating product requirement in the automotive sector, owing to its color stability, continuous protective film formation, corrosion, abrasion and scratch resistance, flexibility, and durability, is further augmenting the market growth. Moreover, the introduction of volatile organic compounds (VOC) free, block resistant, and organic paints and coatings manufactured using natural ingredients, including lemon peel extract, seed, clay, vegetable, and soybean oil, is also catalyzing the global market. Apart from this, the increasing utilization of environment-friendly and green coatings that minimize the adverse effects of infrared and ultraviolet (UV) radiations and improve the overall efficiency is acting as another significant growth-inducing factor. Furthermore, the rising environmental consciousness among the masses, the growing popularity of waterborne and powder-based layers, the launch of several policies by the government bodies promoting infrastructural development, and the high inclination toward renovation activities are anticipated to propel the paints and coatings market over the forecasted period.

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Paints and Coatings Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Akzo Nobel N.V.
Asian Paints Ltd.
Axalta Coating Systems Ltd.
Berger Paints India Limited
Indigo Paints Limited
Jotun A/S
Kansai Paint Co. Ltd.
National Paints Factories Co. Ltd.
PPG Industries Inc.
RPM International Inc.
The Sherwin-Williams Company and Tiger Coatings GmbH & Co. KG.

The report has segmented the market on the basis of product, material and application.

Breakup by Product:

Waterborne Coatings
Solvent-borne Coatings
Powder Coatings
High Solids/Radiation Curing
Others

Breakup by Material:

Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Others

Breakup by Application:

Architectural and Decorative
Non-Architectural
- Automotive and Transportation
- Wood
- General Industrial
- Marine
- Protective
- Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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