The global paints & coatings market was valued at around USD 147 billion in 2020 and is anticipated to reach USD 179 billion by 2027, expanding at a CAGR of around 4.3% during the forecast period. Paints & coatings are striking finishes that enhance the surface of metal components, devices, and walls. Paint is for aesthetics and coating is for performance. Paint can be applied to a variety of surfaces using many different application techniques. The use of organic solvents in paint technology is linked to the development of modern rapid-drying binders. Liquid components previously used in coatings were vegetable oils, water and possibly ethanol. It is necessary to use solvent mixtures to accelerate drying and optimize paint-application properties. Coating is a thin outer layer that protects and adds color to an object or surface to which it has been applied. Paints & coatings are used to protect substrates against mechanical, chemical, and atmospheric influences.
Paints & Coatings Market Segment Insights:
Acrylic segment to account for a large share of the market
On the basis of materials, the global paints & coatings market can be segmented into acrylic, alkyd, epoxy, polyurethane, and polyester. The acrylic segment is further categorized into various forms such as latex or emulsions, lacquers, enamels, and powders. The latex segment is estimated to account for a significant share of the market, due to its large range of colors, gloss retention for exterior durability, ease of handling, cohesive strength for coatings roofs and walls, superior finish, less costs, and weather resistance, as it absorbs less UV rays.
Waterborne segment to lead the market
Based on technologies, the market can be divided into waterborne coatings, solvent-borne coatings, and powder coatings. The features of water-based coatings such high drying rate, no volatile organic compounds (VOC) emissions, and ease of use are estimated to boost its usage, thus fueling the growth of the segment.
Architectural & decorative segment to expand at a significant CAGR
In terms of applications, the global paints & coatings market can be bifurcated into architectural & decorative and non-architectural. Rising safety standards increases the demand for fireproof and waterproof coatings on buildings. Increase in construction and income levels of population consequently drives the demand for wall paintings, wood flooring, and furniture. This, in turn, drives the architectural segment at a substantial pace, in terms of revenue and volume.
Asia Pacific to account for a significant share of the market
Based on regions, the global paints & coatings market can be fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Asia. Rise in spending by people and increase in investments in infrastructure in emerging countries such as India, China, and Thailand are anticipated to boost the paints & coatings market in the region. Europe is estimated to hold a key market share after Asia Pacific, owing to advancements in technology.
Market Trends, Drivers, Restraints, and Opportunities:
- Emergence of technology and eco-friendly solutions is expected to increase the performance of coatings, which in turn, is anticipated to fuel the market. Companies such as Asian Paints and Berger Paints provide multi-year guarantee against corrosion.
- The growth of the market is attributed to rapid urbanization and industrialization, which is anticipated to fuel the demand for paints & coatings and its various applications, especially in the developing countries, such as India and China.
- The market is driven by the growth of the construction and automotive industries.
- Oil-based paints & coating take more time to dry than waterborne paints & coatings, as the paint has a stickier and thicker feel to it. During the painting process, oil-based paints are responsible for the emission of high VOCs, which creates a typical strong new paint smell. These factors are expected to hinder the growth of the market.
- Covid- 19 has impeded the market growth, due to the slowdown in industrial activities.
- Powder coating operations, which contain metals, oil, grease, and solid waste, are unable to meet the regulations laid down by governments. This, in turn, hampers the manufacture of paints & coatings, which in turn, hinders the market growth.
- The reopening of industries, which use paints & coatings, is expected to provide opportunities in the market.
- Increase in the number of shipbuilding and pipeline industries is estimated to create lucrative opportunities in the market, as power coatings help improve the longevity of both industries.
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