Global Paints and Coatings Market to Hit Sales of $222.4 Billion By 2028 | Asia Pacific to Generate More than 40% Market Revenue
Global paints and coatings market was valued at USD 150.8 billion in 2021, and it is expected to reach a value of USD 222.4 billion by 2028, at a CAGR of more than 5.5% over the forecast period (2022-2028).
Westford, USA, Nov. 11, 2022 (GLOBE NEWSWIRE) — It is no secret that the demands of the modern world are constantly growing. This is especially true when it comes to paints and coatings market. With the ever-increasing popularity of large-scale construction projects, the demand for these products has skyrocketed in recent years. Paints and coatings are used in a wide variety of industries, including construction, automotive, and aerospace.
The construction sector is the largest end-user of paints and coatings market, accounting for more than 38% of global demand. The automotive sector is the second-largest end-use market for paints and coatings, accounting for more than 25% of global demand. Growth in the automotive sector is being driven by rising vehicle production in China, India, Mexico, Brazil, and South Korea.
The consumer goods sector includes a wide range of products such as appliances, furniture, electronics, and packaging. The Asia-Pacific region is the largest market for consumer goods coatings, followed by North America and Europe. Growth in the consumer goods sector is being driven by rising living standards in Emerging markets such as China and India.
In short, there is a growing demand for paints and coatings market as the world becomes more industrialized and urbanized. This is due to the fact that these products protect surfaces from corrosion and wear, and can also improve the aesthetic appeal of a structure. There are a number of factors that are driving the growth of the market. These include the increasing demand from end-use industries such as construction, automotive, and furniture; stringent regulations regarding environmental protection; and the development of new technologies such as nanotechnology.
The paints and coatings market is one of the most fragmented industries, with a large number of players and products. In such a scenario, it becomes difficult for buyers to make an informed decision. SkyQuest’s analysis of the paints and coatings industry helps buyers in making an informed decision by providing an overview of the market landscape, major players, and their products.
Our analysis covers the global paints and coatings market landscape, including market sizing and forecasts for various segments such as architectural coatings, automotive coatings, industrial coatings, powder coatings, etc. The report also provides profiles of major players in the industry.
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Green Product to Offer Attractive Growth Opportunity in Paints and Coatings Market
Global paints and coatings market is expected to reach a value of USD 222.4 billion by 2028, at a CAGR of more than 5.5%. This relatively slow growth can be attributed to several factors, including slower economic growth in many developed markets, tougher competition from lower-cost suppliers in Asia, and declining demand for some types of paint products. Nevertheless, there are still opportunities for companies to capture market share and drive growth through innovation, application differentiation, and targeted marketing initiatives.
In particular, SkyQuest believes that the growing popularity of “green” products presents an opportunity for manufacturers to differentiate their offerings and tap into new markets. increase in demand for eco-friendly and low-VOC products is one of the key trends driving growth in the global paints and coatings market. The rising awareness of the health hazards associated with VOCs has led to stricter regulations on VOC emissions in many countries. This has created an opportunity for manufacturers of eco-friendly paints and coatings to gain market share.
For example, water-based paints are becoming more popular as consumers seek out environmentally friendly alternatives to traditional oil-based products. Manufacturers that can successfully position their products as being eco-friendly and durable will be well-positioned to take advantage of this trend. In the paints and coatings market, water-based emulsion polymers are accounting for an increasing share of total sales. This is due to their superior performance in terms of hiding power, scrub resistance and moisture resistance. However, solvent-based polymers continue to dominate the market, accounting for almost two-thirds of total sales.
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Asia Pacific to Generate More than 40% Revenue of Global Paints and Coatings Market
The Asia-Pacific region is the largest market, accounting for more than 40% of the global demand. Other regions such as North America and Europe are also significant markets for these products, but their growth has reached maturation.
The Asia Pacific region is expected to be the largest market for paints and coatings due to the high economic growth rate in countries such as China and India. In addition, the region has a large population which provides a large base for demand. The construction industry is anticipated to be the major consumer of paints and coatings market in the Asia Pacific region, due to the large-scale infrastructure development taking place in countries such as China, India, and Indonesia. The automotive industry is another key end-use market for paints and coatings in the Asia Pacific region, accounting for around 20% of total demand. The growing middle class in countries such as China and India is driving demand for passenger cars. In 2021, China alone sold over 21 million passenger cars.
The Asia Pacific paints and coatings market is highly fragmented, with a large number of small local players competing against each other. The top 10 companies in the region only account for around 35% of total market revenue. The industry is growing at a healthy rate, driven by robust economic growth in many Asian countries. But it faces a number of challenges, including regulatory pressures, raw material price volatility, and intense competition from other industries such as construction materials.
However, there are also some challenges facing the industry, such as volatile raw material prices and environmental regulations. In addition, competition from cheaper alternatives such as wallpapers is also limiting market growth. In China, the government has announced plans to invest USD 8 trillion in infrastructure projects over the next five years, while India has committed USD 1 trillion to infrastructure development over the next 10 years.
Paints and coatings manufacturers are expected to benefit from continued economic growth in the Asia Pacific paints and coatings market. Leading companies such as Akzo Nobel (Netherlands), PPG Industries (USA), Kansai Paint (Japan) and Nippon Paint (Japan) are well-positioned to take advantage of opportunities in this rapidly growing market.
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Top Players in the Global Paints and Coatings Market
- Indigo Paints Pvt. Ltd (India)
- Jotun (Norway)
- AkzoNobel N.V. (Netherlands)
- The Sherwin-Williams Company (US)
- Asian Paints (India)
- Tiger Coatings GmbH & Co. Kg (Austria)
- Beckers Group (Maryland)
- Shalimar Paints (India)
- RPM International INC (US)
- Axalta Coating Systems Ltd. (US)
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