According to a report by Grand View Research, Inc., the global paints and coatings market is projected to value USD 227.70 billion by 2025. Growing demand for paints and coatings in end-use sectors, such as automobile and construction, is expected to be the key factor driving the market growth. Growing adoption of innovative manufacturing techniques to develop advanced paints and coatings can also fuel the market growth over the forecast period (from 2018 to 2025). Moreover, launch of new and innovative products including low-Volatile Organic Compounds (VOC) content coats, anticorrosive protection, and nano coatings can fuel market growth during the next few years.
The paints and coatings market can be segregated on the basis of product, material, application, and region. Based on product, the market can be categorized into waterborne, powder-based, solvent-borne, high solids, and others. In 2016, waterborne segment led the market and generated revenue of over USD 49.70 billion. It is predicted to witness a significant growth during the forecast period. Rising demand for such coats in various applications including automobile, construction, and furniture can fuel the segment growth. Solvent-based coatings are the most conventional ones for manufacturing various finished compositions.
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U.S. paints & coatings market by product, 2014 – 2025 (USD Million)
Toluene, lacquer thinner, xylene, and aliphatic hydrocarbons are the most commonly used solvents. The segment has undergone a paradigm shift due to harmful effects of petrochemical solvents on environment due to VOC content. The product demand has changed in matured markets, such as North America and Europe, due to stringent environmental norms. Based on material, the market can be classified into polyurethane, epoxy, polyesters, acrylic, alkyd, and others. Acrylic segment led the market in 2016 and accounted for the highest market share (of USD 60.50 billion.
It is projected to grow at significant pace over the forecast period attributed to its high dimensional stability, weather resistance, and optical clarity. Acrylic resins are used in water reducible and emulsion resins to manufacture varnishes and coats. In addition, they are also used in wet coats offering high VOC level. Implementation of strict regulations along with rising awareness regarding harmful effects of VOC will drive the demand for water-based products, thereby augmenting the acrylic segment growth. The polyurethane segment is expected to be the fastest-growing material type during the forecast period.
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Global paints & coatings market by material, 2014 – 2025 (Kilo Tons)
Properties including excellent corrosion resistance and retention of gloss can fuel its demand in coming years. Based on application, the market can be bifurcated into architectural & decorative and non-architectural. In 2016, architectural & decorative segment led the market and accounted for the largest share. It is projected to expand at a CAGR of 4.5% during the forecast period. Increasing investments in construction sector in emerging countries is boosting the demand for different types of coats and varnishes. This, in turn, can propel the segment growth in coming years.
Rising demand for powder- and water-based glazes can also augment the segment growth. Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific was the dominant region in 2016 and accounted for the largest market share. It is predicted to be the fastest-growing regional market for paints and coatings during the forecast period. Rapid expansion of construction and automobile sectors in the region is considered to be the key growth-driving factor. Establishment of new manufacturers in developing countries including India, Taiwan, and Vietnam can also augment the region’s growth.
Rapidly expanding electronic sector in these countries is also anticipated to contribute toward the market growth. Moreover, rising purchasing power owing to increased consumer disposable income can fuel demand for varnishes and coats. In North America, the market is anticipated to register a CAGR of 3% over the forecast period. Introduction of volatile organic materials in the region is expected to impel growth of market in the region. However, stringent regulations due to rising concerns regarding VOC emissions may restrict the market growth in this region. Some of the leading companies in the global paints and coatings market are Sherwin-Williams Company, PPG Industries, BASF SE, Axalta Coating System, and Akzo Nobel N.Vs.
Grand View Research has segmented the global paints and coatings market on the basis of application:
Paints & Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
High solids/radiation curing
Powder coatings
Waterborne coatings
Solvent-borne coatings
Others
Paints & Coatings Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Acrylic
Alkyd
Polyurethane
Epoxy
Polyesters
Paints & Coatings Application Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Architectural & Decorative
Non-architectural
Automotive
Wood
General Industrial
Marine
Protective
Paints & Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Asia Pacific
China
Japan
India
Central & South America (CSA)
Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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