The global paints and coatings market is segmented based on resin type, technology and application. The market for paints and coatings, on the basis of resin type, is segmented into acrylic, epoxy resin, alkyd, polyurethane, polyester and others. On the basis of technology, the market is segmented into water-based technology, solvent-based technology, high solids, powder coating and others. Application of paints and coatings is segmented into architectural application and industrial application. Architectural application is further segmented into residential, non-residential and infrastructure. Industrial application is sub-segmented into general industrial, automotive OEM, automotive refinish, wood coating, marine coating, coil coating, packaging coating, aerospace coatings and others. Application of paints and coatings in architectural application is estimated to dominate the global market till 2024. Water-based technology is anticipated to be the most preferred technology type of paints and coatings market. Waterborne paints and coatings were the prime product segment in 2016 with demand of over 18.0 kilo tons in 2016 and is further expected grow substantially over the forecast period because of rising demand from numerous application segments including furniture, construction and automobile industries.
The basic ingredients used to make paints are binder, solvent, pigment and additives. Solvents are volatile liquid, which is used to obtain proper viscosity and flow of the paint. Many paints many not have solvent. The solvent after usage of paint evaporates to leave a solid dry film on the surface. Binders are known as one of the most vital and necessary paint component. Different types of binder are natural resin, drying oil and synthetic resin. Pigments are granular solids, which provides paint its most vital properties of color and opacity. Additives are components that are used in small amount to offer additional features to the paint. Common types of additives are stabilizers, drying and curing agent, anti-mold agent, anti-settling agent and others. The global paints and coatings market was worth US$ 160.5 Bn in 2017 and estimated to be growing at a CAGR of 6.0% from 2019 to 2024, to reach US$ 234.8 Bn by 2024.
There is a huge untouched market for the construction industry in the developing countries, which has been growing every year because of the increasing global population. These aspects are generating demand for construction materials, comprising paints and coatings. The rising population and per capita income has been adding more to the demand for consumer goods and automotive, which in turn is modernizing and boosting industrialization. The metal usage has also improved to a great degree in the last decade. Paints and coatings are chiefly used to shield machines and equipment from rusting and corrosion in industries. In case of consumer goods, they aid the purpose of keeping corrosion aside and make products appear better. The rising global population and the increasing number of nuclear families accelerate the demand for new houses every year, which in turn generates demand for paints and coatings. The cumulative market for automobiles and consumer goods is also driving the growth of the paints and coatings market.
Based on geography, the global paints and coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. During the forecast period, Asia Pacific paints and coatings market is projected to grow at highest CAGR. Increasing middle class population and growing economy are the main reason expected to accelerate Asia Pacific paints and coatings market. The growing number of residential and commercial buildings due to alarming population and urbanization mainly in India and China are expected to drive the market during the forecast period.
The paints and coatings ecosystem includes raw material and chemical suppliers, component suppliers, paints and coatings machine manufacturers and assemblers, technology providers, service providers, distributors and resellers, and end users. The paints and coatings marketspace comprises major players such as AkzoNobel N.V., Asian Paints, Kansai Paints, PPG Industries, Axalta Coatings Systems, BASF Coatings GmbH, The Sherwin-Williams Company, Jotun A/S, RPM International, Hempel A/S, and Nippon Paint Holdings Co., Ltd.