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The global market for paints and coatings is anticipated to reach a valuation of approximately US$160.05bn in 2023 and is projected to maintain a steady Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period spanning from 2023 to 2033.
The paints and coatings industry plays a pivotal role in the global economy, encompassing companies engaged in the manufacturing and distribution of various products such as architectural and industrial coatings, automotive paints and wood coatings. This industry is influenced by a combination of technological advancements, shifts in consumer preferences and governmental regulations.
At a global scale, the paints and coatings market is undergoing significant transformation. The demand for coatings with superior physical properties and extended durability is a key driver of industry growth. Concurrently, the surge in construction projects and the expansion of the automotive manufacturing sector, along with infrastructure development, are contributing to the market’s expansion.
Moreover, the adoption of waterborne and powder coatings has gained momentum due to the growing shift towards environmentally friendly paints and coatings, further propelling market growth. Additionally, businesses are actively exploring the potential of smart coatings and nano coatings across a range of sectors, including consumer electronics, healthcare, and aerospace. These innovations are creating fresh opportunities within the market landscape.
- The global paints and coatings market is projected to grow at 5.1%CAGR and reach US$263,205.3M by 2033
- The market reached a valuation of US$151,891.2M in 2022 growing at a CAGR of 2.7% between 2018 to 2022
- Architectural application is estimated to grow at a CAGR of 4.8%during the forecast period
- The US paints and coatings market is estimated to reach a valuation of US$23,159M by the end of the year 2033
- The market of paints and coatings in China is expected to grow at a rate of 7.7%by the year 2033
- South Korea’s paints and coatings market is estimated to reach a valuation of US$6,984.6 by 2033
“Soaring popularity of architectural paints is set to drive a significant increase in demand for paints and coatings,” says a Fact.MR analyst.
Key companies profiled in the report
- PPG Industries
- Sherwin-Williams Company
- Axalta Coating Systems
- Valspar Corporation
- NEI Corporation
- Cabot Corporation
- RPM International Inc.
- DuPont de Nemours, Inc.
- Diamond Vogel
- NIC Industries, Inc.
- Akzo Nobel N.V
Market growth stratagems
Global players in the paints and coatings sector are using a variety of market expansion methods to build their businesses and get an advantage over rivals. Collaborations and alliances, acquisitions and mergers, product innovation and differentiation, and global expansion are a few of the often used tactics. To diversify their product offering and get access to new markets, businesses are collaborating and forging strategic alliances with other players.
Mergers and acquisitions are also being used to acquire new technologies, gain competitive advantage and increase market share.
In November 2022, Sherwin-Williams company acquired a German-based specialised industrial coatings holding comprised of Oskar Nolte Gmbh and Klumpp Coatings Gmbh. The acquisitions would help the companies accelerate profitable growth in the global markets with the strategy of acquiring complementary, high-quality and differentiated businesses.
For businesses to stand out from rivals and increase consumer satisfaction, product innovation and distinction are essential. Finally, geographic expansion through new market entry or boosting sales activity in existing markets enables businesses to reach out to new clientele and generate more money.
Fact.MR, in its new offering, presents an unbiased analysis of the paints and coatings market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of technology (pure acrylic, styrene acrylic, vinyl acrylic, polyester, alkyd, epoxy, polyurethane, and others), base type (water, solvent, powder), application (architectural paints and coatings (Interior, Exterior), industrial paints and coatings (wood, automotive, metal, general industrial, traffic paints, paper, protective coatings, and others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa)
These insights are based on a report on Paints and Coatings Market by Fact.MR.