Emerging Trends in the Paints and Coatings Sector for 2023-2030: A Comprehensive Market Analysis
Paints and Coatings Industry | Forecast 2030
Paints and Coatings Industry Data Book - Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market
Paints & coatings industry was estimated at approximately USD 161.44 billion in 2022.
Grand View Research’s paints & coatings sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Powder Coating Market Insights
The global powder coating market size was valued at USD 13.60 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The emerging economies of Asia Pacific and MEA regions have witnessed strong growth in non-residential sectors including consumer goods, IT, telecom, and retail resulting in growth in product demand. The growing number of consumer goods companies in India, China, and Singapore is expected to augment market development in the near future. Powder coatings have numerous advantages over other coatings, such as lower operating costs, immediate availability, negligible VOC emission, excellent appearance, and uniform thickness. In addition, they are relatively easy to apply in thick layers of coating, which results in a smooth, uniform appearance.
A rise in the production of automobiles and the surge in demand for medical devices are expected to be major factors driving the market growth in developing nations including India, China, Brazil, and Mexico over the forecast period. Moreover, high product adoption in the furniture sector on account of its excellent performance, low operational costs, color availability, and custom properties, such as anti-corrosion and anti-bacterial functions, will stimulate market growth.
the global powder coating market on the basis of resin, application, and region: The polyester resin type segment accounted for 28.0% of the volume share in 2022 on account of the beneficial properties of polyester, such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection. A surge in product demand in applications including door handles, radiator grills, wheel rims, bumpers, bicycles, and metallic structural components will propel the segment growth over the forecast period.
Order your copy of the Free Sample of “Paints and Coatings Industry Data Book - Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Waterborne Coatings Market Insights
The global waterborne coatings market size was valued at USD 57.67 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The growth is driven by the fostering of construction activities across the globe. Rising construction activities on account of rapid industrialization and urbanization across the globe are anticipated to drive product demand over the projected period. The excessive shift in coatings trend from low or high-volatility organic solvents to complete solvent-free coatings that have fewer emissions is likely to contribute to the growing demand for waterborne coatings in residential as well as commercial coating applications. Interior and exterior wall paint formulations mainly rely on waterborne coatings.
These formulations are usually based on acrylate/styrene dispersions. The product manufacturers are also focusing on reducing the average binder requirement in the formulation by 8–12% without affecting the property profile. Alkyd-based waterborne coatings are also preferred by many interior decorators as they are easier to apply, have a glossy finish, and provide better compensation for climatic variation in application and drying. A rise in automobile production capacities coupled with the growing innovation in design and aesthetics is anticipated to remain a key driving force behind the market growth in automobile applications. Automobile production is expected to rise owing to population expansion and rising per capita disposable income, particularly in emerging economies of Asia Pacific and Latin America.
The global waterborne coatings market on the basis of resin, application, and region: The acrylic resin segment dominated the industry with the highest revenue share of 83.4% in 2022. Growing demand from infrastructure and automotive industries on the account of glossy color retention in outdoor exposure is anticipated to propel the demand for acrylic waterborne coatings. The demand for acrylic resin-based coatings is likely to grow substantially over the foreseeable future owing to increasing applications in radiation curing and electrodeposition. Growing demand in the transportation industry for refinishes in aircraft, autos, ships, railroads, and trucks is expected to drive Polyurethane (PU) coatings demand.
Go through the table of content of Paints and Coatings Industry Data Book to get a better understanding of the Coverage & Scope of the study
Solvent-borne Coatings Market Insights
Solvent-borne coatings accounted for a share of nearly 23% in the industry in 2022. Aerospace paints & coatings are used to provide reliability, long-lasting lubrication for critical components in order to operate efficiently in high vacuum and extreme temperature. Solvent-based segment is projected to record a slower growth rate as compared to water-based segment over the forecast period owing to the stringent regulations concerning products with high VOC content. However, rising application of solvent-based coatings for industrial and architectural purposes, owing to their various properties such as lower drying times and better functionality in open & humid conditions, is expected to fuel the segment growth over the forecast period.
High Solids/Radiation Curing Coatings Market Insights
High solids/radiation curing coatings accounted for a share of nearly 11% in the industry in 2022. Rise in consumer awareness for sustainable products and increasingly strict environmental regulations regarding the reduction of VOC emissions are expected to boost the demand for high solids and radiation curing paints and coatings over the forecast period.
High solids and radiation curing coatings relatively constitute a small portion of the global market; however, the adoption of these coatings in various applications, such as marine, aerospace, paper & paperboard, and construction, is rising owing to their rapid curing and excellent physical properties. This is expected to drive the growth of the segment in the coming years. These coatings comprise 70% to 100% of solids, which cure when exposed to ultraviolet (UV) light. Further, as they majorly contain the solid system, they have very less or zero amount of volatile solvents to evaporate, which makes them eco-friendly. In addition, these coatings cure at a faster rate as compared to their counterparts, making them suitable for heat-sensitive substrates.
Paints and Coatings Industry Market – Global Industry Segmentation
Paints & Coatings Market Size, Estimates & Forecasts, by Region, 2017 - 2030
- Powder Coatings
- Waterborne Coatings
- Solvent-borne Coatings
- High Solids/Radiation Curing Coatings Market
Paints & Coatings Industry Data Book Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa (MEA)
- South Africa
- United Arab Emirates
- Saudi Arabia
Key players operating in the Paints & Coatings industry are –
Recent deals such as The Sherwin-Williams Company and The Valspar Corporation merger, Nippon Paint Holdings Co., Ltd. and Dunn-Edwards Corp. merger, and others reflect the ongoing trend of consolidation across paint & coating industry in the western market.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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