Paints & Coatings

Paints & Coatings Market by Product (Powder, Solvent Based, Water Based), Resin Type (Acrylic, Alkyd, Epoxy), Positioning, End-User - Global Forecast 2024-2030

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[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 Market
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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.

Paints & Coatings Market - Global Forecast 2024-2030
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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.

Recent Developments
  • Azelis Expands Partnership with Sun Chemical to France and Benelux

    Azelis Group, one of the global distributors of specialty chemicals and food ingredients, has announced their expansion of partnership with Sun Chemical in France and Benelux. This expansion helps bring innovation and expertise to the industry across France and Benelux. With the collaboration between Azelis and Sun Chemical, customers can access a broader range of high-quality products and services. The expansion demonstrates a commitment to providing the best solutions for the market and positively impacting the environment. [Published On: 2023-05-01]

  • Sirca Paints Signs Exclusive India Distribution Agreement with OIKOS

    In the ever-growing Indian market of paints & coatings, Sirca Paints has signed an exclusive distribution agreement with Oikos, a renowned Italian company. This partnership enables Sirca Paints to expand its product portfolio and offer its customers high-quality decorative paints and textures. With Oikos' team of experts providing technical support and innovative solutions, Sirca Paints can effectively meet the demands of the Indian market. This agreement is a win-win situation for both companies, with an opportunity to serve consumers looking for a broader range of options to beautify their homes and workspaces. [Published On: 2023-04-04]

  • Dow Launches New Digital Coatings Formulation Platform: Paint Vision

    The paints and coatings industry has received a new addition from Dow Chemical Company's latest digital formulation platform: Paint Vision. This innovative technology revolutionizes the method of designing and developing coatings, making the process faster, more precise, and more sustainable. With Paint Vision, manufacturers can access a vast database of formulations, allowing them to compare and analyze hundreds of variations in seconds. This helps companies create more efficient products, reduce waste, and lower their carbon footprint. [Published On: 2023-03-30]

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

This research report categorizes the Paints & Coatings Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Product
    • Powder
    • Solvent Based
    • Water Based
  • Resin Type
    • Acrylic
    • Alkyd
    • Epoxy
    • Polyester
    • Polyurethane
  • Positioning
    • Mid-tier/Standard
    • Premium
    • Value/Economy
  • End-User
    • Architectural/Decorative
      • Non-residential
      • Residential
        • New Construction
        • Remodel & Repaint
    • Industrial
      • Aerospace
      • Automotive
      • General Industrial
      • Marine
      • Packaging
      • Rail

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  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.

The report addresses key questions such as:

  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 of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Paints & Coatings Market, by Product
  7. Paints & Coatings Market, by Resin Type
  8. Paints & Coatings Market, by Positioning
  9. Paints & Coatings Market, by End-User
  10. Americas Paints & Coatings Market
  11. Asia-Pacific Paints & Coatings Market
  12. Europe, Middle East & Africa Paints & Coatings Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 650]
  17. List of Companies Mentioned [Total: 30]
The Rise of VOC-free Paints & Coatings: Meeting Environment Regulations
June 27, 2023
BLOG
The Rise of VOC-free Paints & Coatings: Meeting Environment Regulations
As environmental awareness continues to grow, the demand for products that meet strict regulations has increased. One of the industries facing these demands is the paints and coatings industry. With volatile organic compounds (VOCs) being a major contributor to air pollution, regulations have been implemented to reduce their release into the atmosphere. This has led to the rise of VOC-free alternatives. This blog will explore the scope of paints and coatings and how the demand for VOC-free options is driving the industry toward a cleaner future.

The paints and coatings industry covers a wide range of products, including architectural coatings, industrial coatings, automotive coatings, and more. These products have different applications and formulations, but they all have one common problem: the release of VOCs into the air we breathe. VOCs are organic chemicals that vaporize at room temperature and can have negative health effects, including nose, eye, and throat irritation, nausea, headaches, and damage to the liver, kidneys, and central nervous system.

To tackle this issue, many countries have introduced regulations limiting the VOC content in paints and coatings. In the US, for example, the Environmental Protection Agency (EPA) has set national emission standards for hazardous air pollutants (NESHAP) that limit the VOC content in architectural coatings. Similarly, the European Union has implemented the Decopaint Directive, which sets limits on the VOC content of decorative paints and varnishes.

These regulations have created a demand for VOC-free options, which have grown in popularity in recent years. VOC-free paints and coatings are made with low or zero VOC content, which makes them a cleaner and safer alternative. These products can be found in a variety of applications, such as water-based paints, powder coatings, and UV-cured coatings.

The benefits of using VOC-free paints and coatings are numerous. First and foremost, they are safer to use and expose users to fewer harmful chemicals. They also have a minimal impact on the environment, as they produce less air and water pollution. Additionally, many VOC-free options are long-lasting and durable, which can reduce the need for frequent repainting or recoating.

VOC-free options are not only beneficial for the environment and users but also for the paints and coatings industry as a whole. As regulations become stricter, companies that offer VOC-free solutions have a competitive edge in the market. In fact, many major players in the industry have already invested in developing and promoting their own VOC-free products.

As the demand for VOC-free paints and coatings continues to rise, it is important to note that the transition will not be instantaneous. The industry needs time to adjust to the new regulations and to develop and improve its VOC-free offerings. However, the shift towards cleaner and safer options is already underway and will progressively become more accessible and cost-effective.

The paints and coatings industry is adapting to the demand for cleaner and safer products. The rise of VOC-free options is a response to stricter environmental regulations and reflects a growing awareness of the negative impact of VOCs on our health and the environment. As the industry continues to evolve, expect to see more and more companies invest in the development of new and improved VOC-free products. In the meantime, we can all play a part in reducing our own exposure to VOCs by choosing VOC-free options when available and properly disposing of any unused paints and coatings.

Frequently Asked Questions
  1. How big is the Paints & Coatings Market?
    Ans. The Global Paints & Coatings Market size was estimated at USD 170.73 billion in 2023 and expected to reach USD 183.68 billion in 2024.
  2. What is the Paints & Coatings Market growth?
    Ans. The Global Paints & Coatings Market to grow USD 288.41 billion by 2030, at a CAGR of 7.77%
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