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Market Segmentations of the Paints and Coatings Market

Product Insights

In 2022, the waterborne category controlled the greatest proportion of the global market. Growing construction investment and changing consumer preferences for environmentally friendly products are anticipated to have an impact on the segment's growth during the study period. The majority of water-based paints and varnishes are utilized in poorly and inadequately ventilated rooms. Due to the quick evaporation of the coating's water content, water-based coatings dry more quickly than solvent-based solutions. Due to strict government rules for items with high Volatile Organic Compounds (VOC) content, the solvent-borne coatings market is predicted to grow more slowly than other product categories. Additionally, the growing use of solvent-based coatings for industrial and architectural purposes is anticipated to drive the segment's expansion in the coming years due to their quick drying times and improved performance in humid, open environments.

Application Insights

More than 45% of global revenue in 2022 came from the architectural and decorative segment, which dominated the market. Over the forecast period, rising construction activity and considerable development of the rail and road infrastructure in a number of developed and developing nations, including the U.S., India, China, Germany, the U.K., and European nations, are anticipated to fuel product demand in the segment.

The non-residential sectors, such as FMCG, IT, telecom, and retail, have grown rapidly in the rising regions, such as the Asia Pacific and MEA, which have increased demand for coatings. In the near future, it is anticipated that a growing number of FMCG firms in China, India, and Singapore would increase the market share of architectural & decorative paints and coatings.

Recent Development

· In November 2019, to improve its position internationally in the aircraft coatings market, Akzo Nobel N.V. purchased Mapaero Coatings, a French aerospace coatings company.

· In June 2017, in order to accelerate its expansion strategy and broaden its line of paints and coatings products, The Sherwin-Williams Company purchased Valspar Corp. in June 2017.

Market Segmentation

By Material

· Polyester

· Acrylic

· Alkyd

· Epoxy

· Polyurethane

· Others

By Product

· Solvent-borne Coatings

· Waterborne Coatings

· Powder Coatings

· High Solids/Radiation Curing

· Others (Specialty Coatings)

By Application

· Non-Architectural

o Wood

o Automotive & Transportation

o General Industrial

o Protective

o Marine

o Others

· Architectural & Decorative

By Regional Outlook

· North America

· Europe

· Asia Pacific

· Latin America

· MEA 

Below is Paints and coatings market size, global industry analysis, trends, segment forcasts, regional outlook 2023-2032

By material: polyester, acrylic, alkyd, epoxy, polyurethane and others

By product: solvent-borne coatings, waterborne coatings, powder coatings, high solids/radiation curing, and others (special coatings>

By application: non-architectural and artechitectural and decorative

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