Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Paints and Coatings Market is segmented by Resin (Architectural Resins and Other Resins), Technology (Water-borne, Solvent-borne, Powder Coating, and UV-cured Coating), End-user Industry (Architectural, Automotive, Wood, Protective Coating, General Industrial, Transportation, and Packaging), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

paints and coatings market
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

>3 %

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Market Overview

The paints and coatings market was valued at USD 162,468.23 million in 2020, and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026).

In the first half of 2020, the COVID-19 pandemic negatively affected various end-user industries, such as automotive, architecture, transportation, and packaging. These are due to the temporary shutdown of manufacturing facilities and industrial activities during the lockdown period. For instance, global automotive production witnessed an estimated fall of around 17% in 2020 compared to the previous year, majorly due to the COVID-19 pandemic. However, there are various other factors also that have affected production. According to the OICA, automobile production declined by 23% in the first three quarters of 2020.

  • In the short term, the major factor driving the market studied is rapidly increasing housing construction activities in the Asia-Pacific region. The rise in prices of raw materials is expected to hinder the growth of the market studied.
  • Architectural coatings dominated the market, and the segment is expected to grow during the forecast period, owing to the increasing construction activities across the world.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China, India, and Japan.

Scope of the Report

The paints and coatings market is segmented by resin, technology, end-user industry, and geography. By resin, the market is segmented into architectural coating resin (vinyl acrylate, pure acrylic, acetate, styrene acrylic, alkyd, and other architectural coating resins) and other resins (acrylic-based, epoxy-based, vinyl ester, polyester, and polyurethane). By technology, the market is segmented into water-borne, solvent-borne, powder coating, and UV-cured coating. By end-user industry, the market is segmented into architectural, automotive, wood, protective coating, general industrial, transportation, and packaging. The report also covers the market size and forecasts for the paints and coatings market in 23 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and value (USD million).

By Resin
Architectural Resins
Vinyl Acrylate
Pure Acrylic
Acetate
Styrene Acrylic
Alkyd
Other Architectural Resins
Other Resins
Acrylic-based
Epoxy-based
Vinyl-ester
Polyester
Polyurethane
By Technology
Water-borne
Solvent-borne
Powder Coating
UV-cured Coating
By End-user Industry
Architectural
Automotive
Wood
Protective Coating
General Industrial
Transportation
Packaging
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Australia & New-Zealand
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Spain
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
United Arab Emirates
Qatar
Kuwait
Iran
Rest of Middle-East and Africa

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Key Market Trends

Architectural to Dominate the Market

  • The architectural coatings segment holds the largest share in the market with a share of around 45%. Paints and coatings are extensively used in the architectural sector for both exterior and interior applications.
  • Paints and coatings are applied on the exterior of the house to give it a new look and protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.
  • Modern advances in paint technology, specifically in acrylic formulations, have offered a wide range of weatherproof coatings.
  • Elastomeric coatings that retain their flexibility and stretchability over a wide range of temperatures are becoming popular solutions for homes worldwide.
  • However, moisture causes problems for paint. Dew, rain, snow, and ice on the outside, or vapor and moisture buildup from the inside can cause problems with exterior paint. When moisture penetrates the paint, blisters can form, and the paint might peel off. Moisture blisters, unlike temperature blisters, go through all coats of paint down to the wood.
  • The increasing middle-class population, coupled with their increasing disposable income, has facilitated the expansion in the middle-class housing segment, thereby driving the residential construction. The Asia-Pacific region is the largest market for architectural coatings owing to the growth in the construction industry.
  • For instance, the Indian government is pushing considerable projects in the next few years. The government’s ‘Housing for All’ initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This may provide a significant boost to residential construction, which may account for more than a third of the industry’s total value by 2023.
  • Owing to all the above mentioned factors, the market for paints and coatings is expected to witness a significant growth post-2020, during the forecast period.
Paints and Coatings Market Segmentation

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China to Dominate the Market in the Asia-Pacific Region

  • China is globally recognized for its architectural boom. The demand for low-cost housing and commercial housing is the reason for its growth in recent years.
  • Demographics in the country are expected to continue to spur the growth in residential construction. Rising household income levels combined with population migrating from rural to urban areas are expected to continue to drive demand in the country's residential construction sector. Increased focus on affordable housing by both the public and private sectors may drive growth in the residential construction sector.
  • Furthermore, China accounts for almost 40% of global furniture production. The production is further increased at a rapid rate, owing to the rising domestic demand, coupled with increasing export to European countries.
  • The Chinese automotive manufacturing industry is the largest in the world. However, automotive production in the country has been witnessing a huge decline for the past three years.
  • The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. A similar trend continued in 2019, with the production witnessing a 7.5% decline. According to the China Association of Automobile Manufacturers (CAAM), automotive production witnessed a decline of around 6.7% in the first nine months of 2020.
  • These factors, in turn, are expected to affect the demand for paints and coatings in the region during the forecast period.
Paints and Coatings Market - Regional Trend

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Competitive Landscape

The paints and coatings market is moderately consolidated among the global majors and highly fragmented, with numerous regional players in the market. The major companies include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel NV, Nippon Paint Holdings Co., Ltd, and RPM International Inc., among others.

Recent Developments

  • In December 2020, PPG Industries bought 9% shares of Tikkurila, and it is planning to completely acquire the company by March 2021.
  • In April 2020, Akzo Nobel NV completed the acquisition of Mauvilac, a paints and coatings firm, to expand its presence in Sub-Saharan Africa.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rapidly Increasing Housing Construction Activities

      2. 4.1.2 Increase in Furniture Production

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Rising Environmental Concerns and Regulations

      2. 4.2.2 Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION (Market Size in Volume and Value)

    1. 5.1 By Resin

      1. 5.1.1 Architectural Resins

        1. 5.1.1.1 Vinyl Acrylate

        2. 5.1.1.2 Pure Acrylic

        3. 5.1.1.3 Acetate

        4. 5.1.1.4 Styrene Acrylic

        5. 5.1.1.5 Alkyd

        6. 5.1.1.6 Other Architectural Resins

      2. 5.1.2 Other Resins

        1. 5.1.2.1 Acrylic-based

        2. 5.1.2.2 Epoxy-based

        3. 5.1.2.3 Vinyl-ester

        4. 5.1.2.4 Polyester

        5. 5.1.2.5 Polyurethane

    2. 5.2 By Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solvent-borne

      3. 5.2.3 Powder Coating

      4. 5.2.4 UV-cured Coating

    3. 5.3 By End-user Industry

      1. 5.3.1 Architectural

      2. 5.3.2 Automotive

      3. 5.3.3 Wood

      4. 5.3.4 Protective Coating

      5. 5.3.5 General Industrial

      6. 5.3.6 Transportation

      7. 5.3.7 Packaging

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Australia & New-Zealand

        7. 5.4.1.7 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

        4. 5.4.2.4 Rest of North America

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Spain

        6. 5.4.3.6 Russia

        7. 5.4.3.7 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 United Arab Emirates

        4. 5.4.5.4 Qatar

        5. 5.4.5.5 Kuwait

        6. 5.4.5.6 Iran

        7. 5.4.5.7 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 Asian Paints Limited

      3. 6.4.3 Axalta Coating Systems

      4. 6.4.4 BASF SE

      5. 6.4.5 Beckers Group

      6. 6.4.6 Berger Paints India Limited

      7. 6.4.7 Brillux GmbH & Co. KG

      8. 6.4.8 Caparol Paints

      9. 6.4.9 Cromology

      10. 6.4.10 DAW SE

      11. 6.4.11 Hempel AS

      12. 6.4.12 Jotun

      13. 6.4.13 J.W.Ostendorf

      14. 6.4.14 Kansai Paint Co. Ltd

      15. 6.4.15 Masco Corporation

      16. 6.4.16 Nippon Paint Holdings Co. Ltd

      17. 6.4.17 PPG Industries Inc.

      18. 6.4.18 RPM International Inc.

      19. 6.4.19 Teknos Group

      20. 6.4.20 The Sherwin-Williams Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Use of Nanotechnology in the Paints and Coatings Industry

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Paints and Coatings Market market is studied from 2016 - 2026.

The Paints and Coatings Market is growing at a CAGR of >3% over the next 5 years.

The Paints and Coatings Market is valued at 162468 Million USD in 2016.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Akzo Nobel NV
  • PPG Industries Inc.
  • RPM International Inc.
  • Nippon Paint Holdings Co., Ltd.
  • The Sherwin-Williams Company

Are the major companies operating in Paints and Coatings Market.

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