The global paints and coatings market size is projected to grow from USD 190.1 billion in 2022 to USD 223.7 billion by 2027, at a CAGR of 3.3%. The global paints and coatings market is witnessing high growth with rising demand from the Asia Pacific region, especially, from China and India. The rapid growth in the housing and construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial also support growth.
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The paints and coatings market has various small, medium, and large players. Some of the major market players are The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the paints and coatings market over the next five years.
Asia Pacific continues to account for the largest share in the waterborne paints & coatings market due to the growing automotive and construction industry in the region. The major factor driving the automotive industry is the increasing income and population levels. Another major factor driving this demand is the fact that an increasing number of Asian nations have per capita GDPs that surpass the “USD5,000 barrier,” the threshold for accelerating the sale and ownership of automobiles. Power generation, infrastructure and industrial plant applications are the key segments where water-borne coatings are used. Waterborne paint specifically, waterborne epoxy coatings provide a high-gloss finish with excellent corrosion protection product for marine, agricultural. Water-borne coatings are based on emulsifying the binder, pigments, and additives with water. Single-component emulsion coatings are used to form films by coalescence of the polymer particles as the water evaporates. Waterborne coatings are used widely in many end-use industries, such as automotive, furniture, rail coatings, electrical & electronics, energy, and general industrial. The increasing disposable income and purchasing power in the developing countries of the Asia Pacific and South America are leading to higher consumer spending on automobiles, electrical & electronics, and appliances. Thus, the manufacturers of waterborne paints and coatings have opportunities to capitalize on the growth of emerging countries, such as China, India, and Brazil, which continue to spend heavily on automotive, furniture, rail, transportation, electrical, and other industrial applications.
The paints and coatings market are segmented by technology: waterborne, solvent-borne, powder coatings, and other technology. In industrial sector solvent-borne coating carries majority of the market share. A solvent-borne coating is a liquid protective layer that is primarily composed of organic compounds and applied to a material’s surface to prevent corrosion. Solventborne coatings are typically more resilient than waterborne coatings during the curing of the coating. Solvents are used in paints and coatings to dissolve or disperse other substances, such as pigments, resins, and additives. Solvent-based coatings take out the structure of the substrate, meaning no scratches or tarnishes will be visible. High-Solids solvent-borne alkyd and alkyd-copolymers are used as primers, topcoats, and direct-to-metal paints. Solventborne one-component (1K) and two-component (2K) polyurethane systems are used across a broad array of industrial applications from automotive.
The paints and coatings market is segmented by resin type into acrylic, alkyd, epoxy, polyester, fluoropolymer, vinyl, polyurethane, and others. Acrylic is the most widely used resin owing to its strength, stiffness, excellent solvent resistance, flexibility, impact resistance, and high hardness. They improve surface properties such as appearance, adhesion, and wetting and provide resistance to corrosion and scratching. The coating process involves the application of paints and coatings to a substrate of one or more layers of functional materials in the form of liquids, gases, or solids.
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In the next five years, a rise in building & construction activity is expected to drive the acrylic resin-based paints and coatings market. Also, due to an increase in demand for powder coatings for various applications, the demand for polyester-based powder coatings is expected to increase.
Niche opportunities exist in the region; however, it will be difficult for foreign companies to enter the region because of political risks, foreign exchange uncertainty, and economic imbalances. Most global players intend to enter this market through distribution alliances with other firms and strategic acquisitions rather than by setting up manufacturing facilities.
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