Paints and Coatings Industry Data Book - Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030
The economic value generated by the paints coatings industry was estimated at approximately USD 161.44 billion in 2022.
Paints and Coatings Industry Data Book Coverage-
Paints and Coatings Industry Data Book Coverage Snapshot
Markets Covered | |
Paints and Coatings Industry USD 48.16 million tons in 2022 3.2% CAGR (2023-2030) | |
High Solids/Radiation Curing Coatings Market Size USD 5.07 million tons in 2022 3.1% CAGR (2023-2030) | Powder Coatings Market Size USD 8.52 million tons in 2022 3.9% CAGR (2023-2030) |
Waterborne Coatings Market Size USD 18.92 million tons in 2022 3.4% CAGR (2023-2030) | Solvent-borne Coatings Market Size USD 10.95 million tons in 2022 2.7% CAGR (2023-2030) |
Access the Global Paints and Coatings Industry Data Book, 2023 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies
Powder Coatings Market Growth Trends
The global powder coatings market size is expected to reach USD 20.8 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to the superior properties of powder coatings over conventional paints including high resistance to corrosion and chipping abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization are expected to drive the consumer goods sector, thereby driving product demand for use in applications, such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
Asia Pacific is estimated to register the fastest CAGR of 8.0%, in terms of revenue, over the forecast period. Increasing demand for consumer goods, such as washing machines and refrigerators, in emerging countries like India, China, Vietnam, the Philippines, and Thailand is expected to boost the regional market growth. Growing demand for automotive in emerging economies of Asia Pacific coupled with favorable FDI norms by the governments is expected to facilitate investments in the region.
North America was the third-largest regional market, in terms of revenue, in 2020. The rapid expansion of the automotive industry in the U.S. and concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings.
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Waterborne Coatings Market Growth Trends
The global waterborne coatings market size is expected to reach USD 89.35 billion by 2030, registering a CAGR of 5.6% over the forecast period, as per the new report by Grand View Research, Inc. The growth is attributed to the rapid increase in construction activities across the globe. In addition, the growing demand for automobiles is also a major factor influencing product demand. Rapid urbanization is considered a key factor responsible for the growth of the market. Rising migration to tier-2 and tier-1 cities are creating lucrative growth opportunities for the construction and automobile industries globally. Increasing utilization of waterborne coatings in such applications is likely to propel the market growth over the foreseeable future. The architectural application segment is expected to have high penetration due to increasing construction infrastructure activities in Asia Pacific and the Middle East.
Increasing application scope in the architectural industry, such as interior exterior walls, doors, trims, and facades, is expected to further drive the industry. Stringent government rules restricting Volatile Organic Compound (VOC) emissions and solvent content are also among the key factors boosting the demand for waterborne coatings in the architectural industry. High demand for acrylic waterborne coatings in automotive and infrastructure on account of properties, such as gloss and color retention in external exposure,will support market growth over the forecast years. Acrylic modified Polyurethane (PU) coatings are excessively consumed in automotive finishing owing to excellent exterior durability. PU coatings are widely used owing to intrinsic properties, such as abrasion resistance, toughness, and chemical weather resistance.
Polyurethane coatings are commercially available in oil modified, two components, moisture curing, and lacquers forms. Increasing PU coating demand in various end-use industries including electrical coils and automotive manufacturing is expected to positively influence market growth. The COVID-19 pandemic resulted in a sharp decline in the waterborne coatings revenue due to the shutdown of the industry for over six months. In addition, the pandemic slowed-down the industrial activities globally on the account of prolonged lockdowns across all continents. This has negatively impacted the industry growth, as a result, the market witnessed a slump in revenue in the year 2020.
Competitive Landscape
Key players operating in the paint and coatings industry are –
- PPG Industries,
- The Sherwin-Williams Company,
- Akzo Nobel N.V.,
- Nippon Paint Holdings Co., Ltd.,
- RPM International, Inc.,
- Axalta Coating Systems,
- BASF Coatings,
- Kansai Paint Co., Ltd.,
- Jotun.
Grand View Research’s paint and coatings Industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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