Paints and coatings are used to enhance the aesthetic appeal of the surface of the component and walls. Paints and coatings are also used to provide corrosion &abrasion resistance, and improves the durability of the surface. Curing agent, pigments, solvent, additives, dispersant, and resin are some of the key raw materials that are used in the manufacturing of paints and coatings.
Global paints and coatings market was estimated to be valued more than US$ 177.0 Bn in 2022 and is expected to exhibit a CAGR of 6.64 % during the forecast period (2023 to 2030).
Global Paints and Coatings Market- Drivers
Rising demand for waterborne paints and coatings due to growing environmental concerns is expected to drive the market growth. Strict environmental regulations coupled with rising awareness regarding eco-friendly paints and better alternative to traditional paints are further expected to drive the market growth of the paints and coatings. Due to this, manufacturer are switching to waterborne paints and coatings as it is eco-friendly and economical as compared to solvent-based paints and coatings.
Global Paints and Coatings Market- Opportunities
Rising demand for high-performance coatings that are high-temperature and corrosion-resistant is expected to offer major growth opportunities to the market of paints and coatings. Rising demand for industrial coatings for offshore platforms, piping, tank exterior, and container applications are expected to fuel the market growth of paints &coatings. Moreover, growing chemical industry is also expected to drive the market growth of paints and coatings.
Global Paints and Coatings Market- Restraints
Strict environmental regulations associated with the paints and coatings is expected to restrict the market growth. Paints and coatings composed of a large number of toxic chemicals, and VOC content that has various health hazards. Government are introducing new environmental regulations in order to reduce the amount of VOC content.
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Key Takeaways
On the basis of application, residential segment dominated the global paints and coatings market in 2022 with 28% of market share, in terms of revenue, followed by commercial and automotive & aviation, respectively.
Global Paints and Coatings Market- Trends
Decorative paints is a trend in the paints and coating industry. For instance, in April 2018, HMG Paints, launched a specialist range of decorative coatings including a new color collection. This new product offers easy application properties, high opacity, excellent color retention, and a high-quality finish. Thus, growing popularity of decorative paints is expected to boost the market growth of paints and coatings.
Increasing production capacities of the paints and coatings in order to meet the rising demand is a major trend in the market. For instance, in May 2020, ACTEGA, a manufacturer of coatings, printing inks, adhesives, and sealants for the packaging and printing industry, expanded its production capacities for water-based and UV overprint varnishes. As a result, global production output increased to more than 150,000 tons per year. A new integrated location in Brazil received an investment of about 2 million euros, on the one hand.
Global Paints and Coatings Market - Impact of Coronavirus (COVID-19) Pandemic
The spread of (COVID-19) pandemic globally resulted in measures such as lockdown, and cease in economic activities which severely impacted the coatings sector. There was decrease in demand for coatings until governments lifted their restrictive policies. Sharp decline in oil prices due to (COVID-19) Pandemic outbreak lead to decreased cost in the price of petrochemicals, it will result in a drop in the cost of raw materials for coatings based on crude oil and may be advantageous to coating producers.
Competitive Section
Key players are operating in the global paints and coatings market are Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc.
Global Paints and Coatings Market- Recent Developments
- In December 2022, AkzoNobel N.V., completed the acquisition of Lankwitzer Lackfabrik GmbH's wheel liquid coatings business. This acquisition expanded the company's performance coatings range. The acquired company will increase the variety of cutting-edge goods offered by AkzoNobel and complement its current powder coatings offering.
- In April 2022, PPG, announced the acquisition of Milan, Arsonsisi's, an Italy-based industrial coatings company, powder coating production division.
- In December 2017, BASF’s Coatings division inaugurated a new automotive coatings plant at its Bangpoo manufacturing site, Samutprakarn province, Thailand. This new plant is the first BASF automotive coatings manufacturing facility in ASEAN, and will produce solvent-borne and waterborne automotive coatings to meet growing market demand in the region.
