Analysts at GMI Research estimates that the Paints and Coatings Market was worth USD 264.7 billion in 2020, and forecast to touch USD 421.9 billion in 2028, growing at a CAGR of 6.0% from 2021-2028.

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Market Dynamic

Key Drivers and Emerging Trends

Rising residential and commercial construction activities all over the globe is a significant factor driving the growth of the global paints and coatings market. The increase in the construction activities and government in various public infrastructure projects is likely to positively influence the paints and coatings market growth. Furthermore, cutting-edge technologies are transforming the standard of the construction industry. The increasing use of Building Information Technology (BIM) collaboration and cloud computing is another significant factor propelling the growth of the paints and coatings market.

Furthermore, with the advent of electric vehicles, autonomous trucks, and self-driven vehicles and trucks, the automotive market is poised to witness a seismic shift with a rise in production rate in the future, which will further propel the paints and coatings market, and the industry will witness a definite demand influx.

Impact of COVID-19 on the Paints and Coatings Market

There has been a huge challenge for the paints and coatings market in the COVID-19 outbreak as the pandemic has impacted the architectural and industrial sectors. Major countries have witnessed a slowdown in activities across the industries that use paints and coatings. These factors have negatively impacted the growth of the paints and coatings market during this period. However, the market is projected to recover by 2021 as the manufacturing activities in the industrial and transportation sector resumes.

Restraint in the Global Paints and Coatings Market

However, the composition of paints and coatings and drying time of the same solely depend on the temperature. This temperature shift is making it imperative for vendors to alter the composition and produce a new range of products compatible with changing temperatures which are hampering the growth of the market.

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Formulation Technology – Segment Analysis

Based on the Formulation Technology, the Water-based segment is witnessed to capture the major pie of the market over the forecast period. The water-based coatings are primarily used in construction activities for waterproofing, damp proofing, crack filling, plaster additive, screed compound, among others. The rising demand for better physical infrastructures and the surging need for housing, along with the higher rate of population growth, is driving the growth of the market.

Application – Segment Analysis

Based on the Application, the Architectural Paints segment is witnessed to capture the major pie of the market over the forecast period. Architectural coatings are used to decorate and protect new and existing residential, commercial, institutional, and industrial structures. Architectural coatings demand tends to fluctuate with the construction and home resale markets. The demand is primarily driven by the Asia Pacific region, which currently holds the majority share of architectural paints due to rising urbanization.

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Region – Segment Analysis

The Asia Pacific is expected to dominate the market over the forecast period based on the regional coverage rapid growth of the construction industry and rising demand for protective coatings in various Asian countries such as Malaysia, China, and India, which are driving the market growth. China has been majorly driven by the huge developments in the residential and commercial construction sectors supported by the growing economy. Furthermore, India is another significant market in the Asia Pacific owing to the presence of many paints and coatings manufacturers in the country.

Top Market Players

Various notable players operating in the market, include, PPG Industries, Inc, The Sherwin Williams Company, RPM International Inc., Nippon Paint Holdings Co., Ltd., BASF SE, Kelly Moore Paint Company Inc., DAW SE, CARPOLY, Brillux GmbH & Co. KG, Cloverdale Paint Inc., among others.

Key Developments

• • In 2021, PPG Industries, Inc made an investment of USD 13 million to extend the capacity, enhance research and development at 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.
  • In 2020, BASF SE launched a new water-borne basecoat line for the body shops of the future. This new product is the eco-friendliest automotive refinish coatings, which increases the efficiency of body shops and enhances their environmental footprint.
  • In 2019, The Sherwin-Williams Company announced the introduction of a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer. This product helps to reduce the moisture through walls and ceilings and offers a cost-effective solution to the problems faced in manufactured housing facilities. 

Segments covered in the Report:

The global Paints and Coatings market has been segmented based on Formulation Technology, and 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.

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Key questions answered in this research report:

• • At what pace is global Paints and Coatings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Paints and Coatings market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Paints and Coatings market?
  • Which product generated maximum revenues in 2020 and identify the most promising product during the forecast period?
  • What are the various application areas of global Paints and Coatings market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2020)	USD 264.7 billion
Market Base Year	2020
Market Forecast Period	2021-2028
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Formulation Technology, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	PPG Industries, Inc, The Sherwin Williams Company, RPM International Inc., Nippon Paint Holdings Co., Ltd., BASF SE, Kelly Moore Paint Company Inc., DAW SE, CARPOLY, Brillux GmbH & Co. KG, Cloverdale Paint Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Paints and Coatings Market by Formulation Technology

• • Water-based
  • Solvent-based

Global Paints and Coatings Market by Application

• • Architectural Paints
  • OEM Coatings
  • Special Purpose Coatings

Global Paints and Coatings Market by Region

• • • North America Paints and Coatings Market (Option 1: As a part of the free 25% customization)
      • By Formulation Technology
      • By Application
      • US Market All-Up
      • Canada Market All-Up
    • Europe Paints and Coatings Market (Option 2: As a part of the free 25% customization)
      • By Formulation Technology
      • By Application
      • UK Market All-Up
      • Germany Market All-Up
      • France Market All-Up
      • Spain Market All-Up
      • Rest of Europe Market All-Up
    • Asia-Pacific Paints and Coatings Market (Option 3: As a part of the free 25% customization)
      • By Formulation Technology
      • By Application
      • China Market All-Up
      • India Market All-Up
      • Japan Market All-Up
      • Rest of APAC Market All-Up
    • RoW Paints and Coatings Market (Option 4: As a part of the free 25% customization)
      • By Formulation Technology
      • By Application
      • Brazil Market All-Up
      • South Africa Market All-Up
      • Saudi Arabia Market All-Up
      • UAE Market All-Up
      • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Paints and Coatings (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • PPG Industries, Inc
  • The Sherwin Williams Company
  • RPM International Inc.
  • Nippon Paint Holdings Co., Ltd.
  • BASF SE
  • Kelly Moore Paint Company Inc.
  • DAW SE
  • CARPOLY
  • Brillux GmbH & Co. KG
  • Cloverdale Paint Inc.