Global Paints and Coatings Market Report and Forecast 2024-2032

Global Paints and Coatings Market Outlook

The global paints and coatings industry attained a value of USD 179.98 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4% to reach USD 255.59 billion by 2032.

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Asia Pacific among the Leading Regions for the Global Paints and Coatings Industry

Asia Pacific is one of the leading regional markets for the global paints and coatings industry due to the thriving construction industry in the region. The growth can be attributed to the ever-rising population and economic development in developing countries like China and India. The introduction of nano technology and anti-corrosion coating has improved the market demand for paints and paintings. The products are getting more environment friendly and come with better features. This can improve the demand for global paints and coatings industry in the forecast period as well. The growth of the industry is also driven by the rising demand from the rising automobile industry and is likely to witness robust growth in the coming years.

Global Paints and Coatings: Market Segmentation

The paints and coatings refer to substances that are used as covering of a surface material of a good to prevent it from corrosion and rusting, thereby increasing the lie of the goods. They can also provide a better appearance to the goods while preserving its life.

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Based on the raw material, the market can be classified into:

• Pigments and Fillers
• Solvents
• Resins
• Additives

Based on the technology, the market can be segmented into:

• Powder-Based
• Water-Borne
• Solvent-Borne
• Others

Based on end use, industry can be segmented into architectural and industrial.

Industrial paints and coatings can be further divided into the following:

• General Industrial
• Automotive and Transportation
• Wood
• Aerospace and Marine
• Protective
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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New Innovative Technologies are Driving the Industry Demand

The new technologies like anti-corrosive protection and nano-coatings have developed products that can boost the industry growth and cater to the market demand more adequately. The products developed are becoming more friendly to the nature and are having better performance. The increasingly better products are expected to bolster the future industry growth.

The rise of construction industries in Asia Pacific countries like India and China are positively stimulating the market demand for the global paints and coatings. This is because of increasing population, rapid urbanisation, and growth of disposable incomes in the developing nations. The consumer goods are also requiring the paints and coatings which further augments the demand. The COVID-19 has somewhat constrained the industry because of slow and stagnant economy worldwide. However, the industry is consolidating and picking up the pace as the construction demand is bound to increase.

Key Industry Players in the Global Paints and Coatings Market

The report presents a detailed analysis of the following key players in the global paints and coatings market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• PPG Industries Inc.
• Akzo Nobel N.V.
• Nippon Paint Holdings Co., Ltd.
• BASF SE
• The Sherwin-Williams Company
• RPM International Inc.
• Beckers Group
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report