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

Paints & Coatings Market Size & Forecast

The Paints & Coatings Market is expected 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.

Paints & Coatings Market Growth Drivers

Increasing Demand for Paints & Coatings in the Construction & Real Estate Sectors

Real estate involves the buying, selling, and management of properties, while construction entails residential, commercial, and infrastructure projects. Paints & coatings are used on interior and exterior surfaces and provide decorative finishes and textures. They include roof coatings for weatherproofing and thermal insulation, floor coatings, fire-retardant coatings, protective coatings for metal structures & equipment, and anti-mold and mildew coatings for moisture-prone areas. According to Deloitte Touche Tohmatsu Limited (U.K.), in August 2023, global construction spending stood at $1.98 trillion, a 7.4% increase compared to the previous year. This growth was primarily driven by non-residential construction spending, which recorded a year-over-year growth of 17.6%. According to the India Brand Equity Foundation (India), by 2040, the real estate market in India will grow to approximately $9.30 billion from $1.72 billion in 2019. Such a surge in construction activity underscores the need for paints & coatings to protect and enhance building surfaces and ensure durability and compliance with regulatory standards. Rapid urbanization and population growth, the rising need for regular maintenance and renovation, and increasing investments in infrastructure, including roads, bridges, and utilities, are driving the demand for paints & coatings in the construction & real estate sectors, supporting the growth of this market.

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Expansion of the Automotive Industry

In the automotive industry, paints & coatings are used for both functional and aesthetic purposes, including vehicle design, protection, and performance. Paints & coatings are used due to their ability to enhance appearance, provide corrosion resistance, improve durability, and protect vehicles against environmental factors. The automotive industry uses paints & coatings, including exterior coatings, interior coatings for panels, dashboards, and trim components, anti-corrosion coatings, and specialty coatings for specific automotive parts such as wheels, brake calipers, and exhaust systems. According to the World Economic Forum (Switzerland), global sales of electric cars increased by around 60.0% in 2022, exceeding 10 million for the first time. Also, as per the Net Zero Emissions (NZE) by 2050 scenario, in 2030, electric car fleets are expected to account for ~60.0% of new car sales, with a volume of 300 million units. The projected expansion of the electric vehicle market underscores the growing significance of paints & coatings in automotive manufacturing, driven by the increasing need for advanced coatings with properties including enhanced thermal management and increased durability. All these factors, coupled with the increasing demand for customizable and visually appealing vehicle coatings, drive the growth of the paints & coatings market.

Paints & Coatings Market Trends

Integration of Nanotechnology into Smart Coatings

Nowadays, companies are increasingly leveraging advanced materials and technologies to enhance the performance, functionality, and sustainability of their offerings. Smart Coatings are designed with responsive properties and react to external stimuli such as temperature, light, pH, or mechanical stress. They have anti-fouling properties, can change color, and self-heal. Nanotechnology involves the manipulation of materials at the nanoscale to enable precise control over properties and behaviors, including enhanced strength, durability, flexibility, and tailored surface functionalities. The integration of nanotechnology into smart coatings has allowed for the development of self-cleaning coatings that repel dirt and water, reducing maintenance. Anti-corrosion coatings prevent biofouling on marine vessels and offshore structures. Hence, companies are integrating nanotechnology into smart coatings to improve product performance and gain a competitive advantage in the evolving paints & coatings market. For instance, in July 2023, Heat Cure (India) launched an innovative nanotechnology-based Glass Coating that blocks ~85% of the sun’s heat and 99% of UV rays.

Paints & Coatings Market Opportunities

Growing Demand for Eco-friendly Paints & Coatings

Traditional paints & coatings contain Volatile Organic Compounds (VOCs) and other harmful chemicals that contribute to air pollution and health risks. Eco-friendly paints & coatings prioritize ingredients that are non-toxic, biodegradable, and resource-efficient. They contain low or zero VOCs and are designed to minimize the environmental impact throughout their lifecycle, from production and application to disposal. Eco-friendly paints & coatings include architectural coatings, anti-fouling coatings, low-VOC coatings for car bodies, components, and accessories, and non-toxic coatings for machinery, equipment, and metal structures. Companies are focused on lowering the environmental impact of production and application and using eco-friendly products to differentiate themselves from competitors. For instance, in May 2022, Bayerische Motoren Werke Aktiengesellschaft (BMW AG) (Germany ) announced using sustainable corrosion protection and matt paint made from biomass instead of crude oil at its European plants to lower CO₂ emissions by ~40%. Such developments, along with increasingly stringent environmental regulations promoting VOC reduction and green practices, consumer preference for healthier and more eco-friendly products, and increasing environmental awareness and sustainability initiatives, are creating growth opportunities for the players operating in this market.

Paints & Coatings Market Analysis: Key Findings

By Resin: The Acrylic Segment to Dominate the Paints & Coatings Market in 2024

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.

By Technology: The Water-based Coatings Segment to Dominate the Paints & Coatings Market in 2024

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.

By Application: The Industrial Segment to Dominate the Paints & Coatings Market in 2024

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.

Geographic Analysis

Asia-Pacific to Dominate the Paints & Coatings Market in 2024

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.

Paints & Coatings Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the paints & coatings market are 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.).

Paints & Coatings Industry Overview: Latest Developments from Key Industry Players

• In February 2024, INEOS (U.K.) signed an agreement with BASF’s Coatings division BASF SE (Germany) for its global body and paint program. Under the agreement, BASF will help INEOS Automotive build its global body and paint program, focusing on the highest level of industry standards and sustainable refinish solutions. The agreement also includes the supply of sustainable refinish solutions, expertise, and the latest digital color-matching solutions and training.

• In August 2023, Dürr Group (Germany) announced a long-term strategic partnership with Mercedes-Benz AG (Germany) in the field of painting technology equipment to make vehicle paint CO₂-free, based on new standards in sustainability.

• In July 2023, Grasim Industries Ltd, a subsidiary of Aditya Birla Group (India), entered the paint business with the launch of the new decorative paints brand Birla Opus, which has been available in Punjab, Haryana, and Tamil Nadu from mid-March 2024. The company aims to expeditiously expand its distribution to over 6,000 towns by the end of the fiscal year.
• In November 2023, Akzo Nobel N.V. (Netherlands) launched the first two products from its new AccelstyleTM range with next-generation coatings technology for the beverage industry. The company also announced investing~ $34.2 million (€32 million) in a new plant at its Vilafranca site, which will produce bisphenol-free coatings for the metal packaging industry in the EMEA region. The facility will use advanced automation and has been designed according to high eco-efficiency standards, enabling the company to make a step-change in energy and material efficiency.
• In July 2023, GDB International, Inc. (U.S.) partnered with Eastman Kodak Company (U.S.) to manufacture and market coatings under the iconic brand ‘Kodak.’ Under this partnership, GDB will offer a range of paints and coatings, including architectural paints in various shades and sheens, deck stains, and floor coatings.

Paints & Coatings Market Research Summary

Key questions answered in the paints & coatings market report: