According to the report published by IndustryARC titled “Paints and Coatings Market: By Formulation (High Solids, Water Borne, Solvent Borne, Powder Based and Others); By Component (One Component, Two Component); By Resin (Alkyd, Epoxy, Acrylic, Polyurethane, Polyester, Vinyl and Others; By Application Geography – Forecast: 2018-2023)”, the paints and coatings market is estimated to reach $160.8 billion by 2023

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According to a recent study from IndustryARC, the Paints and Coatingsmarket is forecast to reach $160.8 billion by 2023 and is estimated to grow at a CAGR of 4.69%. The Paints and Coatings market is driven by urbanization, increase in disposable incomes, new infrastructure, and repainting activities. Increased consumer preferences towards premium paints and coatings in developed countries such as China, India and South Korea,is one of the factorsthat led to high growth rates in the past.

As per IndustryARC analysis the decorative/architectural paints are expected to cover almost half of the volume of paints and coatings in 2019. Among the end user industries, original equipment manufacturers (OEM  )  coatings  are anticipated to achieve the highest growth rate owing to strong demand form the automotive and aerospace industries. Regardless of being, a mature industry, paints and coatings manufacturers continue to improve in order to meet the challenges posed by growing consumer demands, government/environmental regulations, and increased emphasis on sustainable products, along with cost pressures

The Paints and Coatings Marketis all set to exhibit robust development with a broad range of applications introduced in various industries. Increasing application of protective coatings in the Aerospace industry has helped in the growth of the market. Apart from automotive, certain protective coatings are extensively used in the aerospace industry while shielding the aircraft, from harsh weather conditions. High technology related, avionics and simulation systems are installed or used in the airplanes. Therefore, any type of failure in these systems due to rusting or corrosion will adversely affect the plane.

According to the study, acrylic resins, comprise approximately 27% of total paints and coatings demand. Additionally, new systems such as, water-based alkyd systems are being introduced into the paints and coatings market. Decorative/architectural paints are the major segment which holds almost 40% of the paints and coatings market share. This sector is used to cover a wide spectrum of coating applications which is applied on steel, iron, aluminum as well as on glass, plastic and interior painting.

Asia Pacific is the largest market for Paints and Coatings globally with revenue of $53.3 billion in 2017. Government housing schemes and affordable-house building programs in Thailand, Indonesia, and Malaysia also provided impetus to the market during times of economic slowdown and natural disasters. Other factors such as the emergence of services-sectors in Myanmar and increased tourism activities in other Southeast Asian countries such as Thailand, Cambodia, and Laos helped the decorative paints and coatings market grow.

Competitive Landscape

  • PPG Industries, Inc.
  • The Sherwin Williams Company
  • Akzo Nobel N.V.Nippon Paint Holdings Co., Ltd.
  • RPM International Inc.
  • Axalta Coating Systems, LLC.

Paints and Coatings manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The sales channels in different countries depend on the infrastructure and maturity of the local market. In countries such as the U.S., U.K., Canada, Mexico, and Germany to name among a few, paint and coating manufacturers sell directly to the modern trade distributors as well as to traditional retail dealers, whereas in countries such as India, Indonesia, Argentina; the paint and coating manufacturers sell directly to traditional retail dealers or wholesale distributors who in turn sell it to the retail dealers. Most of these sales constitute decorative paints and coatings. Apart from all of the third parties paint and coating manufacturers also sell their products directly to project owners and contractors.

The end-user industries covered in the Paints and Coatings Market report include: 

  • Decorative/Architectural
  • Automotive OEM
  • Aerospace
  • Marine
  • Packaging
  • Auto Refinish
  • Other Industrial (General Industrial, Electrical and Electronics and Medical)

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.

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About IndustryARC:

IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

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