The global paints and coatings market is primarily driven by the rising manufacturing activity and surging demand for coatings used in the production of motor vehicles, durable goods, and industrial maintenance applications. The global coatings industry is a mature and stable component of the world economy. Coating demand tends to follow overall economic activity, and a strong correlation exists between GDPs per capita and coatings consumption per capita. Coating demand exhibits significant dependence upon industrial production and construction spending.
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The companies that manufacture highly refined chemical products and focus on a limited set of customer applications as ‘Focused-Specialty.’ Paint & Coatings are included in this subsector and have thrived. The superior performance of coatings companies is dependent on Total Shareholder Return (TSR). Coatings companies have benefited from a surge in construction activity, consolidation, and from continued strength in new emerging markets. Also, innovation (‘VOC-free’ paints) is also contributing to this upward growth of the market.
Based on the application, the architecture paints segment is expected to dominate the market over the forecast period. The demand is primarily driven by the Asia Pacific, which currently holds the majority share of architectural paints due to rising urbanization. Sherwin-Williams is the top architectural paint supplier globally, with the highest brand awareness, and remains the most used brand with DIY painters as well as the most preferred store to buy paint among contractors/PRO painters.
- In 2021, PPG Industries, Inc made an investment of USD 13 million to extend the capacity to enhance research and development at the Jiading facility in China.
- In 2021, The Sherwin-Williams Company launched Echelon – a hyper-durable product line for metal building products that the company said provide exceptional UV and weathering resistance.
The global Paints and Coatings market has been segmented based on formulation technology, application, and regions. Based on formulation technology, the market is segmented into water-based and solvent-based. Based on application, the market is segmented into Architectural Paints, OEM Coatings, and Special Purpose Coatings.