Paints and Coatings Market Challenges For The New Entrants and Global Trends Outlook by 2023

Global paints and coatings market is projected to reach $262.5 billion by 2023, the market growth is driven by the increasing demand for painting and coating solutions from the automotive.

Based on resin type, the paints and coatings market is categorized into acrylic, polyester, polyurethane, epoxy, and others (nylon, nitrocellulose lacquer, and polycarbonates). Among these, the volume sales of polyurethane are expected to exhibit the fastest growth in the market, witnessing a CAGR of 5.9% during the forecast period.

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On the basis of formulation, the paints and coatings market is categorized into water-based, solvent-based, powder coatings, and UV coatings. During the forecast period, the volume sales of UV coatings is expected to witness the highest growth in the market, with 7.3% CAGR.

In terms of application, the paints and coatings market is segmented into architectural and decorative, industrial, and marine. During the forecast period, the volume sales of painting and coating are expected to witness the highest growth for industrial application, with a CAGR of 5.5%.

APAC is expected to be the fastest growing paints and coatings market during the forecast period, with respective volume and value CAGRs of 7.2% and 8.3%. The growth of the market in the region is driven by air pollution regulations, which is expected to be a driving force behind the adoption of new coating resins and formulations.

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Some of the major players operating in the global paints and coatings market are Akzo Nobel N. V., PPG Industries Inc., The Sherwin-Williams Company, Berger Paints India Limited, Shalimar Paints Limited, Kansai Paint Co. Ltd., BASFR SE, RPM International Inc., Jotun A/S, Axalta Coating Systems Ltd., and Masco Corporation.

PAINTS AND COATINGS MARKET SEGMENTATION

By Resin Type

• Acrylic
• Polyester
• Polyurethane
• Epoxy
• Others

By Formulation

• Water-Based
• Solvent-Based
• Powder Coatings
• UV Coatings

By Application

• Architectural and Decorative
  • Residential
  • Non-Residential
• Industrial
  • Automotive OEM
  • Automotive Refinish
  • Wood
  • Coil
  • Can
  • Manufacturing
  • Others
• Marine