Global Paints & Coatings Market Overview, 2023-28

Paints & coatings are substances applied on a substrate to decorate and protect the surface. Paints & coatings improve the durability and aesthetics of the surface when used for decorative purposes. They also protect the surface from adverse environmental conditions, weathering, rust, and exposure to chemicals. Paints & coatings also provide specific properties such as anti-fouling, flame retardancy, and anti-microbial properties in certain applications. The paints & coatings industry is witnessing a trend of usage of low-VOC and environment-friendly technologies such as water-based coatings, powder coatings, and UV-curable coatings. The shift is attributed to the enactment of stringent regulations on VOC emissions in several regions, especially in North America and Europe. Awareness about VOC emissions is rising in the Asia Pacific. This is anticipated to boost the demand for low-VOC water-based coatings during the forecast period. A rise in awareness about the impact of coating products on the environment and human health, and an increase in focus on sustainable alternative technologies are augmenting the demand for water-based paints & coatings. Manufacturers are focusing on water-based paints & coatings, as they are cost-effective alternatives to traditionally used solvent-based paints & coatings. Solvent-based paints & coatings are also marked by rising feedstock prices and supply instability. Water-based coatings are extensively employed as architectural coatings. Technologies such as powder coatings and high solids are also gaining momentum due to their low VOC content, which makes them environment-friendly vis-à-vis solvent-based coatings. Thus, the usage of environment-friendly coating products is expected to propel the paints & coating market during the forecast period. According to the research report, “Global Paints & Coatings Market Overview, 2023-28” published by Bonafide Research, the market is anticipated to cross USD 257 Billion by 2028, increasing from USD 185.20 Billion in 2022. The market is expected to grow with 5.73% CAGR by 2023-28. Rising demand for paints & coatings in automotive, construction, and general industries anticipated to boost the overall market growth. The Asia Pacific region registered high rate of automotive production in the recent past because of surge in disposable income and rising demand for personal transportation is likely to augment the market for paints and coatings over the coming years. Further, rapid industrialization and urbanization particularly in the developing countries, for example China, India, and Southeast Asia estimated to fuel the demand for paints & coatings across various applications. Apart from these factors, paints and coatings are estimated to register high demand from the architectural industry. Within the architectural industry, paints and coatings are largely used in residential construction because of increasing construction output, rising urbanization, and population expansion. Furthermore, various ambitious programs introduced by the governments of the developing countries in the Asia Pacific region anticipated to act as a significant factor that pushes the residential construction activities within the region. Growth in population and improvement in economic conditions have boosted the expenditure on housing and infrastructure development across the globe. Paints & coatings are widely used to decorate and protect infrastructure and buildings. Interior and exterior house paint, floor paint, epoxy floor paint, primers, sealers, varnishes, and stains are some of the architectural enhancements used to improve the aesthetics of a home. Architectural paints are low-VOC, odourless, and scrub-resistant, and are available in various textures, ranging from semi-gloss to high-gloss sheens. The market is expected to grow due to the increase in construction activities and government investment in various public infrastructure projects. Furthermore, advanced technologies are being adopted across the building industry. These factors are estimated to drive the paints & coatings market during the forecast period.

Paints and coatings are one of the most strictly regulated industries and have gone through lot of changes in the past few years. Consumer preference and pollution regulations from authorities will continue to be the driving force behind the market growth over the next few years. Several governments have been focusing on limiting hazardous air pollutants (HPA), and volatile organic compounds (VOC) in both architectural, and industrial areas. Rising solvent and raw material costs (50-60% of the total costs), and growing significance of energy conservation are also the key factors shaping up the paints and coatings industry. Transitional and emerging economies are especially projected to drive noteworthy demand for paints and coatings in future. The waterborne segment dominated the global market accounting largest market share in the year 2022. Rising spending in the construction industry along with the shifting consumer preference for environment-friendly products expected to influence the growth of the segment over the analysis period. Water-based paints & coatings are largely used in poorly and confined ventilated spaces. Water-based coatings dry faster compared to solvent-based products owing to the fast evaporation of water content from the coating layer. However, the solvent-borne coatings segment estimated to register slower growth rate compared to other types of products because of stringent government regulations for the products having high Volatile Organic Compounds (VOC) content. Moreover, increasing application of solvent-based coatings for architectural and industrial purposes due to less time taken to dry as well as better functionality in humid and open environment projected to propel the growth of the segment over the upcoming period. The architectural and decorative segment is anticipated to grow with prominent CAGR by 2023-28. Growing construction activities and significant development of rail and road infrastructure in various developing and developed countries, such as the U.S., India, China, Germany, the U.K., and European countries, are expected to drive the product demand in the segment over the forecast period. The emerging region, such as the Asia Pacific and MEA, has witnessed strong growth in non-residential sectors, including FMCG, IT, telecom, and retail, resulting in increased demand for coatings. An increasing number of FMCG companies in India, China, and Singapore are expected to augment the market share of architectural & decorative paints and coatings in the near future. In addition, rapid industrialization, increasing government infrastructure spending, and increasing FDI is expected to boost the segment growth. However, the COVID-19 pandemic has severely impacted the market growth in the building and construction sector. Stoppage of all construction projects, movement restriction, production halt, and shortages of labour to contain the COVID-19 outbreak has led to a decline in the growth of the construction industry, which, in turn, is anticipated to hamper the demand for paints and coatings in the architectural and decorative applications in the near future. Smart coatings are capable of changing their characteristics in response to external stimuli like temperature and electric field. They offer numerous benefits in a variety of other applications, including mending damaged oil and gas platforms and aircraft engines, and are increasingly used in commercial applications. Smart coatings have been more popular recently since people are ready to pay higher costs for them due to their self-cleaning, self-healing, and self-stratifying qualities. Consequently, the market for paints and coatings is heading toward an increased acceptance of these solutions. Nanotechnology is one new area of interest, with tens of thousands of patents already been awarded for the coatings sector alone. In highly specialized applications, very minute ceramic or metallic particles can be added to paint compositions to change certain attributes, such as scratch, abrasion, wear, corrosion, and UV resistance. Nanoparticles typically range in size from 10 to 70 nano-meters and have fewer than 6.5 million atoms in them. These sizes result in large surface area to mass ratios, which endow the particles with distinctive features. For instance, at 2 nano-meters, metal particle conductivity changes, while at 20 nano-meters, ceramic particle transparency changes. Gold particles lose their flexibility and turn red at a wavelength of 20 nano-meters.

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Manmayi Raval

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Recent Developments: • On May 25, 2022, BASF expanded its Automotive Coatings Application Center at the Coatings Technology Center in Mangalore, India. It is an integral part of BASF’s existing research and development (R&D) facilities for automotive coatings solutions. BASF also operates Automotive Coatings Application Centers in Shanghai, China; Totsuka, Japan; and Bang Pu, Thailand, in Asia Pacific. • On June 1, 2022, Akzo Nobel reached an agreement with Kansai Paint to acquire its paints & coatings activities.

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• In August 2021, PPG introduced PPG ENVIROCRON PCS P4 powder coatings for architectural, home décor, and furniture applications. This latest generation of powder coatings meets the increased demand for matte and premium-textured surfaces in applications ranging from aluminum and steel substrates for building construction to urban and office furniture. • In June 2021, AkzoNobel acquired paints and coatings maker Grupo Orbis. This strategic acquisition will allow AkzoNobel to expand its position in South and Central America. Major Companies present in the market: Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, Cabot Corporation, Wacker Chemie AG, BASF SE, Hempel A/S, Kansai Paint Co.,Ltd., Noroo paint & coatings Co., Ltd., RPM International Inc Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Paints & Coatings market with its value and forecast along with its segments • Region-wise Paints & Coatings market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America • Europe • Asia-Pacific • South America • Middle-East & Africa By Product Type • Waterborne Coatings • Solvent-borne Coatings • Powder Coatings • UV Cured Coatings • Others Segment Includes (Speciality Coating (Primer, Topcoat, Undercoat, etc.), Electron Beam Cure coating, High Solids Coatings, etc.) By Application Type • Architectural • Industrial ? Protective Coatings ? Automotive (OEM and After) Coatings ? Other Transportation Coatings ? Wood Coatings ? Marine Coatings ? Coil Coatings ? Packaging Coatings ? Aerospace Coatings ? Rail Coatings ? General Industrial Coatings ? Others Coatings The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Paints & Coatings industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.