According to the new market research report “Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water-Based, Solvent-Based, High Solids, Powder), Application (Architectural & Industrial), and Region – Global Forecasts to 2027″, The paints & coatings market is projected to reach USD 232.1 billion by 2027.
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The paints and coatings market is projected to grow from USD 153.9 billion in 2019 to USD 199.9 billion by 2024, at a CAGR of 5.4%, between 2019 and 2024. Paint is any liquid mixture that converts into solid film after application to a surface in a thin layer. A coating is a covering that is applied to a surface for decorative and protective properties. It includes all organic and inorganic coatings such as enamels, varnishes, emulsions, and bituminous coatings. Paints and coatings are used in architectural and industrial applications such as general industrial, protective, automotive refinish, automotive OEM, industrial wood, and marine, among others.
Based on technology, the waterborne segment is estimated to account for the largest share during the forecast period. Waterborne paints and coatings are used majorly in architectural applications and are also used in automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability and also due to low VOC levels and HAP emissions. The waterborne paints and coatings market is expected to grow owing to the high growth of the architectural industry, which is anticipated to witness good growth, mainly in the developing countries.
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The paints and coatings market is projected to grow from USD 153.9 billion in 2019 to USD 199.9 billion by 2024, at a CAGR of 5.4% between 2019 and 2024. The growth of end-use industries such as general industrial, automotive & transportation, protective and architectural is the key factor driving the paints and coatings market.
AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Nippon Paint Holding Co. Ltd. (Japan), Axalta Coatings System LLC (US), Tikkurila Oyj (Finland), Jotun A/S (Norway), and RPM International Inc. (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
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Sherwin-Williams is a global leader in the manufacture, development, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers. The company operates through three reportable segments, namely, The Americas Group, Consumer Brands Group, and Performance Coatings Group. The company sells their branded products through more than 5,100 company-operated stores and facilities, while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors.
PPG Industries, Inc. manufactures and distributes coatings. PPG’s business comprises two reportable business segments: Performance Coatings and Industrial Coatings. The Performance Coatings and Industrial Coatings reportable business segments supply coatings and specialty materials to customers in a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment (OEM); automotive refinish; as well as for other industrial and consumer products. PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance. Strategically, the company has adopted inorganic strategies to increase its share in the paints and coatings market.
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