paints & coatings industry was estimated at approximately USD 161.44 billion in 2022.
Paints and Coatings Industry | Forecast 2030
The economic value generated by the paints & coatings industry was estimated at approximately USD 161.44 billion in 2022. This economic output is an amalgamation of basic paints & coatings product categories namely, high solids/radiation curing, powder coatings, waterborne coatings, solvent-borne coatings and other specialty coatings.
Waterborne and powder-based coatings are gaining popularity among various end users owing to their properties such as low VOC content in comparison with solvent borne paints & coatings. Favorable governmental regulations regarding low VOC emission coatings, especially in North America and Europe, are anticipated to impact market growth positively over the foreseeable future. However, waterborne coatings are expensive as compared to other substitutes, including polyurethane and epoxy coatings. The high cost is due to high operational cost including raw material prices. The expensive waterborne coatings are limit the market expansion in developed economies.
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, macro-environmental analyses, and regulatory & technological framework studies
Key players in the global paints and coatings market include 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., and Jotun.
Radiation Cured Coatings Market Growth & Trends
The global radiation cured coatings market size is expected to reach USD 28.36 billion by 2030, as per a new report by Grand View Research, Inc. The market is expected to advance at a CAGR of 4.3% from 2023 to 2030. The industry growth is majorly driven by the wide usage of UV-cured materials in the graphics and industrial wood industries, owing to their high efficiency and speed. Radiation-cured coatings are a type of surface finish applied as a liquid or paste and then cured (dried or solidified) using radiation, typically ultraviolet (UV) light or electron beams. These coatings are commonly used in various industries, including printing, packaging, automotive, and electronics.
Radiation-cured coatings find various applications in electronic products, offering enhanced performance, protection, and aesthetics. They are used to protect PCBs from environmental factors, such as moisture, chemicals, and abrasion, while also improving their electrical insulation properties. These coatings can be applied to mobile device components, such as touchscreens, to provide scratch resistance, UV protection, and improved durability.
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Powder Coating Market Growth & Trends
The global powder coating market size is expected to reach USD 24.27 billion by 2030, registering a CAGR of 7.5% from 2023 to 2030, 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.
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.
Company Profiles
Competitive Insights
The global paints & coatings market is heading toward major consolidations to increase efficiency, support growth, and achieve more leverage with suppliers and customers. Market consolidation has become a long-term trend, particularly in the western market, with limited organic growth. For instance, the Americas market has been consolidating for decades, wherein key players are entering mergers & acquisitions to complement the strong organic growth and increase efficiencies through scale or improved processes.
Recent deals such as The Sherwin-Williams Company and The Valspar Corporation merger, Nippon Paint Holdings Co., Ltd. and Dunn-Edwards Corp. merger, and others reflect the ongoing trend of consolidation across paint & coating industry in the western market. However, the global market is still fragmented owing to the presence of several players operating across the globe.
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