Paints & Coatings Market to be Worth $244.6 Billion by 2031

Paints & Coatings Market Size, Share, Forecast, & Trends Analysis by Resin (Acrylic, Epoxy, Polyester, Polyurethane, Silicone), Technology (Water, Solvent, Powder, UV), Application (Commercial, Industrial, Infrastructure, Marine) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Paints & Coatings Market Size, Share, Forecast, & Trends Analysis by Resin (Acrylic, Epoxy, Polyester, Polyurethane, Silicone), Technology (Water, Solvent, Powder, UV), Application (Commercial, Industrial, Infrastructure, Marine) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the paints & coatings market is projected to reach $244.6 billion by 2031, at a CAGR of 4.4% from 2024 to 2031. The growth of this market is mainly driven by the increasing demand for paints & coatings in the construction & real estate sectors and the expansion of the automotive industry. However, disposal and emission concerns related to solvent-based coatings restrain the growth of this market. Additionally, the growing demand for eco-friendly paints & coatings, increasing investments in infrastructure projects, and the growing preference for water-based coatings are expected to create market growth opportunities. However, stringent environmental compliance & safety regulations are a major challenge for the players operating in this market.

Additionally, the integration of nanotechnology into smart coatings is a key trend in the paints & coatings market.

The paints & coatings market is segmented by resin, technology, and application. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on resin, the paints & coatings market is segmented into acrylic, epoxy, alkyd, polyester, polyurethane, fluoropolymer, vinyl ester, silicone, and other resin types. In 2024, the acrylic segment is expected to account for the largest share of over 45.0% of the paints & coatings market. The large market share of this segment can be attributed to the growing demand for acrylic resins due to their versatility and ability to be formulated into low-VOC paints & coatings and the increasing use of acrylic resins in various types of coatings, including water-based and solvent-based formulations.

However, the polyurethane segment is projected to witness the highest growth rate during the forecast period 2024–2031. The growth of this segment is driven by the high durability, abrasion resistance, chemical resistance, and flexibility offered by polyurethane resins, the increasing use of polyurethane resins in automotive OEM coatings, industrial coatings, flooring systems, and wood coatings, and the growing demand for polyurethane resins in construction applications such as waterproofing, sealants, and protective coatings.

Based on technology, the paints & coatings market is segmented into water-based coatings, solvent-based coatings, powder coatings, UV-curable coatings, electrolytic coatings (e-coat), and other technologies. In 2024, the water-based coatings segment is expected to account for the largest share of over 40.0% of the paints & coatings market. The large market share of this segment can be attributed to the rapid growth in residential and commercial construction, the growing use of water-based coatings due to their lower VOC content compared to solvent-based coatings, the increasing adoption of water-based coatings in residential, commercial, and industrial applications, and increasingly stringent environmental regulations aimed at reducing Volatile Organic Compounds (VOCs).

However, the powder coatings segment is projected to witness the highest growth rate during the forecast period 2024–2031. The growth of this segment is driven by powder coatings’ high durability, chemical resistance, and high transfer efficiency during application, which results in minimal waste, their better weatherability compared to liquid coatings, and the increasing use of powder coatings in automotive metal parts and components, appliances, furniture, and architectural applications.

Based on application, the paints & coatings market is segmented into commercial, residential, industrial, infrastructure, marine, and other applications. In 2024, the industrial segment is expected to account for the largest share of over 40.0% of the paints & coatings market. The large market share of this segment can be attributed to increasing investments and initiatives in the industrial sector, the growing use of protective paints & coatings to safeguard industrial equipment, machinery, and infrastructure from corrosion, abrasion, and chemical exposure, the increasing adoption of paints & coatings in automotive manufacturing, and the growing utilization of industrial floor coatings in manufacturing plants, warehouses, and commercial facilities.

However, the infrastructure segment is projected to witness the highest growth rate during the forecast period 2024–2031. The growth of this segment is driven by the increasing number of infrastructure projects, growth in transportation networks, including bridges, tunnels, railways, and utility pipelines, the expansion of road networks and transportation systems, and the rising demand for waterborne and low-VOC paints & coatings for infrastructure applications.

Based on geography, the paints & coatings market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 50.0% of the paints & coatings market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share can be attributed to the growing automotive sector in countries such as China, India, Japan, and South Korea, rapid urbanization, growth in construction activities and infrastructure investments, increasing environmental regulations, growing consumer preference for eco-friendly products, including water-based coatings, powder coatings, and low-VOC formulations, and growth in manufacturing industries, including electronics, automotive components, machinery, and consumer goods, in the region. Asia-Pacific is also projected to register the highest growth rate of over 6.0% during the forecast period.

Key Players:

The key players operating in the paints & coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Kansai Paint Co., Ltd. (Japan), Axalta Coating Systems, LLC (U.S.), Jotun A/S (Norway), RPM International Inc. (U.S.), Behr Process LLC (U.S.), Asian Paints Limited (India), BASF SE (Germany), NIPSEA Group (Singapore), Tikkurila Oyj (Finland), Dunn-Edwards Corporation (U.S.), Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India), DNOW (U.S.), Aervoe Industries (U.S.), and Anchor Paint (U.S.).

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Key Questions Answered in the Report:

Which are the high-growth market segments based on resin, technology, application, and geography?
What was the historical market size for paints & coatings globally?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the paints & coatings market?
Who are the major players, and what shares do they hold in the paints & coatings market?
What is the competitive landscape like in the paints & coatings market?
What are the recent developments in the paints & coatings market?
What are the growth strategies adopted by major players in the paints & coatings market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global paints & coatings market, and how do they compete with the other players?

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