The Paints & Coatings market size is projected to reach USD 212 Billion by 2026.The market size for Paints & Coatings is projected to grow from USD 184 Billion in 2021 to USD 212 Billion in 2026, at a CAGR of 2.9%. Growing demand for Paints & Coatings due to the boost in environmental regulations for VOC-free coatings.
Architectural end-use industry is the fastest-growing segment of the overall Paints & Coatings market.
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied to the interior and exterior walls of all types of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind. These are applied either by building contractors or directly by customers as do-it-yourself (DIY). Architectural coatings also find use in decorative interiors such as furniture, wood flooring, wall paintings, and sculptures. An increase in environmental awareness among consumers and manufacturers has led to technological innovations in the coating industry to provide quality products that are affordable, of high quality, possess value-added features, and meet the global trends. Similarly, growing safety standards will raise the demand for waterproof and fireproof coatings for buildings.
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Asia Pacfic is the largest Paints & Coatings market during the forecast period.
Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. Key players are expanding their pa ints and coatings production in Asia Pacific , especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.
The key players profiled in the Paints & Coatings market report are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), RPM International (US), and Nippon Paint (Japan).
PPG Industries, Inc. (US) manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through five segments, namely, performance coatings, industrial coatings, architectural coatings, optical & specialty materials, and glass. It also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers.
Axalta Coating Systems LLC is a diversified coatings company. It mainly operates through two segments, performance coatings and transportation coatings. The performance coatings segment is further subsegmented into refinish and industrial, and the transportation segment into light vehicle and commercial vehicle. The company manufactures liquid coatings and powder coatings which are used for various applications such as automotive OEMs, automotive refinish, transportation, general industrial, and architectural & decorative coatings. Axalta Coating Systems LLC has a strong customer base and operates in various countries in Europe, North America, Asia Pacific, and the Middle East & Africa.
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