The paints and coatings market is projected to grow at a CAGR of 3.98% to reach US$241.174 billion by 2026, from US$183.519 billion in 2019.
Paints and coatings are enormously used in the automotive, construction, and transportation industries. They are essentially used to protect the structure from corrosion or any external damage. They exhibit certain properties including protection from environmental factors, anti-friction, and hardness. Prominent key players in the global paints and coatings market include Asian Paints, BASF SE, Nippon Paint, PPG Industries, etc.
paints and coatings market, US$ billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
A major reason for the growth of this market is the multi-year guarantee provided by many companies against corrosion.
Many companies are coming up with a multi-year guarantee against corrosion. In addition to this, many companies are continuously improving their performance and introducing new products in the market. These products are not only better but also environmentally friendly. The introduction of new technologies and products is expected to contribute to the growth of the global paint and coating market.
The rise in the automotive industry is expected to drive the demand for this market in the forecast period.
The automotive industry is growing substantially. The motor vehicles offered by the automotive industry are generally painted with resins that further protect the metal from corrosion and rusting. The market for electronic vehicles, autonomous trucks are bolstering. The production of these vehicles is projected to increase in the future which is further expected towards the growth of the paint and coatings market.
The growth in the demand for semiconductors is anticipated to fuel the growth of this market.
Nowadays, semiconductors are coated with spray paints. This saturates properties such as high electrical conductivity and magnetic response. This is potentially considered to be a game-changing technology. It's low cost and the fact that it can be applied over large areas quickly will contribute to the growth. The semiconductor market is projected to grow and offer various opportunities for the paints and coatings market.
The rising Aerospace and Ship industry is also projected to positively impact the sales of paints and coatings.
The aircraft industry is growing and advancing rapidly. The aircraft are evidently painted for protection from corrosion. The paints used for this purpose are generally expensive. Moreover, trade overseas is increasing significantly. Due to an increase in trade, ship travel has increased causing corrosion of the surface. This creates a need for painting the surface. The application of paints in the aerospace and ship industry is expected to spike the demand for paints and coatings in the global market.
The rising awareness of environmental sustainability is expected to augment market growth.
Many companies are heading towards sustainability and fulfilling social objectives. The companies are working towards offering paints and coatings that can preserve substrates and hence can help in conserving resources and energy. The main aim is waste minimization, energy conservation, and efficiency enhancement. The rising demand for the more sustainable measure is projected to favor growth.
Asia Pacific region is expected to dominate the market. The region is facing rapid urbanization, a rise in construction activities, and growing demand in the automotive sector. Countries such as India, China, Japan are expected to hold the largest share in the region. The Asia Pacific region also has the advantage of low labor costs and easily available raw materials. This has attracted many foreign investors to set up their manufacturing units in the region. European countries are also undergoing rapid urbanization. The construction sector in many countries is expanding significantly. This is anticipated to augment the growth of paint and coatings in the European market.
Recent developments in the paints and coatings market.
Some of the recent developments include:
The outbreak of COVID-19.
The recent outbreak of COVID-19 across the world has drastically impacted the demands for paints and coatings. Major economies of each region are affected due to lockdown. The strict restrictions imposed by the government have hampered the building and construction industry, automotive industry, and transportation industry. Moreover, the unavailability of labor has significantly impacted the supply chain. This has resulted in sluggish demand for paints and coatings in the global market.
|Market size value in 2019||US$183.519 billion|
|Market size value in 2026||US$241.174 billion|
|Growth Rate||CAGR of 3.98% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Asian Paints Limited, Axalta Coating Systems, Ltd., BASF SE, Chugoku Marine Paints, Ltd., Hempel A/S, Kansai Paint Co., Ltd., Nippon Paint, PPG Industries, Inc., Sherwin- Williams Company, Valpar Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the paints and coatings market size by 2026?
A1. The paints and coatings market is projected to reach a market size of US$241.174 billion by 2026.
Q2. What are the growth prospects for the paints and coatings market?
A2. The global paints and coatings market is projected to grow at a CAGR of 3.98% over the forecast period.
Q3. What is the size of the global paints and coatings market?
A3. Paints And Coatings Market was valued at US$183.519 billion in 2019.
Q4. What factors are anticipated to drive the paints and coatings market growth?
A4. A major reason for the growth of the paints and coatings market is the multi-year guarantee provided by many companies against corrosion.
Q5. Which region holds the maximum market share of the paints and coatings market?
A5. Asia Pacific region is expected to dominate the paints and coatings market owing to rapid urbanization, a rise in construction activities, and growing demand in the automotive sector.