Paints Market

Paints Market Size and Growth (2024-2029):

The Global Paints Market is expected to grow at a CAGR of 8.5% during the forecast period 2024-2029. The market value was at USD 205.90 billion in 2023, and the value is expected to reach USD  335.92 billion by the end of 2029.

Market Overview:

The growth is mainly because of the companies resuming their operations and recovering from the COVID-19 pandemic impact, which had earlier led to restrictive containment measures that involved social distancing, remote working, and also the closure of economic activities that resulted in operational challenges. There's a rapid climb in the consumption of paints in many industries. Paints are widely utilized in the automotive, construction, and manufacturing industries. Decorative paints are widely used in construction and buildings, whereas protective paints are linked closely to automotive and major appliances. Therefore, growth in end-user industries is predicted to drive the paints market during the forecast period.

Market Trends:

The growing scale of end-user industries such as general architectural, industrial, automotive, and transportation and protective is propelling the paints market growth. The global paints market is majorly influenced by a major increase in construction, rising income, and rapid urbanization within the developing regions. Overall, the world paints market is slated to exhibit an increased demand from the architectural industry also, which is probably going to enhance the industry in the assessment period. On the flip side, the fluctuating raw materials prices because of the irregularities in the prices of crude are the restraining factor for the paints market growth during the forecast period.

Market Drivers:

Rising demand for high-performance coatings is likely to bolster the growth rate of the global paints market. The coating is probably going to accumulate in industrial piping, tank exterior, offshore platforms, and containers because of their tolerance to extreme conditions for inoculation of more significant instruments for protection. Besides the overall industrial applications, high-performance coatings have been more used within the aerospace and marine industries also. Expansion within the application spectrum of those coatings is likely to set high growth over the approaching years.

Market Restraints:

There is more time required for drying and curing waterborne coatings than that of solvent-borne coatings. Additionally, waterborne coatings have excellent flow properties that change with humidity, affecting the coating application. During high humidity, water doesn't easily evaporate, leading to poor cure and a decrease in performance. Waterborne coatings also are sensitive to freezing conditions. Many waterborne coatings aren't usable after freezing.

Market Opportunities:

Additionally, the growing demand for paints within the shipbuilding and pipeline industries is anticipated to offer lucrative market opportunities within the assessment period.

PAINTS MARKET REPORT COVERAGE:

Market Segmentation:

Paints Market - By Resin:

• Acrylic
• Alkyd
• Polyurethane
• Polyurethane
• Polyester
• Epoxy

The acrylic segment is predicted to dominate the market and register a major CAGR during the forecast period. The segment is probably going to dominate because of its low cost and its rising usage in architectural paints and industrial coating.

Paints Market - By Technology:

• Solvent-borne
• Waterborne
• Powder coating

The solvent-borne is predicted to dominate the market during the forecast period.

Paints Market - By Application:

• • Architectural - Residential and Non-residential 
• • Industrial

The architecture is predicted to obtain a bigger share of the market. The segment is likely to grow at a CAGR of around 5.3% during the review period because of the increasing residential and non-residential construction across the world.

Market Regional Analysis: 

The Global Paints Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

As per the paint and coating industry analysis, the Asia Pacific market is predicted to witness significant market growth because of rapid architectural and industrial growth within the region. The rapid development in automotive production in Asia-Pacific and also the expansion of the overall industrial sector across the world is projected to trigger global paints and coating market growth. Also, favourable programs launched by the govt of evolving countries in Asia-Pacific are predicted to experience a lift within residential construction activities, which will favor market growth. Additionally, the technological development of the product is predicted to supply lucrative opportunities for market expansion.

Europe is projected to accumulate a major market price while expanding at a CAGR of around 4.7% during the assessment period. Germany is probably going to create the foremost significant contribution within the review period.

North America is predicted to experience noteworthy growth because of the significant participation of the U.S. The adoption of the most recent technologies, increasing income, and rising consolidation of used vehicles are some of the salient factors that will augment the paints market within the assessment period.

Impact of the COVID-19 pandemic on the Paints Market:

The COVID-19 pandemic has exposed many challenges for the paints market by impacting both the industrial and architectural sectors. The lockdown imposed in various countries is projected to hamper the market growth because of disruption caused within the manufacturing and supply units. Due to lockdown restrictions, all the activities were either postponed or cancelled especially in the first months of 2020. Industries like packaging will gain while others are expected to be negatively impacted in 2020 and 2021. The market is predicted to endure from 2021 onwards, with industrial and transportation activities getting back on course and functioning at full capacity.

Market Key Players:

1. AkzoNobel N.V. (Netherlands)
2. PPG Industries (U.S.)
3. Jotun (Norway)
4. Nippon Paint Holdings Co. Ltd (Japan)
5. The Sherwin-Williams Company (U.S.)
6. Asian Paints (India)
7. Shalimar Paints (India)
8. Indigo Paints Pvt. Ltd (India)
9. Diamond Vogel (U.S.)
10. Berger Paints India Limited (India)
11. Tiger Coatings GmbH & Co. Kg (Austria)
12. RPM International INC (U.S.)
13. KANSAI PAINT CO. LTD (Japan)
14. Axalta Coating Systems Ltd. (U.S.)
15. BASE SE (Germany)

Market Recent Developments:

• In June 2019, Sherwin-Williams introduced a brand new quick-drying coating, Barrier Interior Latex Primer/Sealer, and Moisture Vapor to assist in reducing moisture through ceilings and walls. The new coating provided an economical solution to the issues faced in manufactured housing facilities.
• In April 2019, PPG Industries acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive paints, to add new products to its portfolio.
• In December 2020, Akzo Nobel, a Dutch multinational company that makes paints and performance coatings, partnered with Faridabad Observation Home, an Indian jail, for young offenders to offer formal training in decorative painting.