The global paints & coatings market size is projected to grow from USD 147.2 billion in 2020 to USD 179.4 billion by 2025, at a CAGR of 4.0%. There has been wide acceptance of paints & coatings in various industries such as architectural, general industrial, protective and automotive & transportation, which is expected to drive the paints & coatings market. Rising building and construction activity is expected to drive the growth of the architectural coatings, thus, consequently augmenting the growth of the paints & coatings industry.
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The waterborne segment is estimated to account for the largest share of the paints & coatings market, by technology, during the forecast period.
Waterborne technology uses water as a solvent, which makes them environmentally friendly and easy to apply. In most cases, this technology uses 80% water with small quantities of other solvents, for instance, glycol ethers. This technology is widely adopted for automotive, wood, furniture, plastic, and rail coatings. The binders used for waterborne coatings can be either be polyacrylate polyvinyl ethers, polyurethane resins, epoxy, or alkyd resins. Waterborne paints & coatings are used in a variety of packaging applications in architectural, automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability factors. These benefits drive the waterborne paints & coatings market.
The acrylic segment is estimated to account for the largest share of the paints & coatings market, by resin type, during the forecast period.
Acrylic resins are a group of similar thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. Acrylates are the largest category of binder resins used in coatings. Acrylic paints & coatings are used in a wide range of applications owing to their chemical characteristics and unique esthetic properties. The demand for acrylic paints & coatings is high in the automotive, medical device, paints & coatings, and construction industries.
The architectural segment is estimated to be the fastest-growing end-use industry in the paints & coatings market during the forecast period.
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings. The growing safety standards are also raising the demand for specialty coatings, including fireproof and waterproof coatings on buildings. This is shifting the global focus towards architectural coatings.
The APAC paints & coatings market is segmented as China, Japan, India, Indonesia, Thailand, and Rest of APAC. APAC is an emerging and lucrative market for paints & coatings, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
The demand for paints & coatings has increased in Indonesia, Malaysia, and the Philippines, as residential construction activities in these countries have increased, due to the rising income levels, shift toward nuclear families, and affordable interest rates in several countries.
Major players operating in the paints & coatings market include AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US).
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