Market Size of Paints and Coatings Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 153.36 Billion |
| Market Size (2029) | USD 187.39 Billion |
| CAGR (2024 - 2029) | 4.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Paints & Coatings Market Analysis
The Paints and Coatings Market size is estimated at USD 153.36 billion in 2024, and is expected to reach USD 187.39 billion by 2029, growing at a CAGR of 4.09% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the paints and coatings market. However, the market has now been estimated to have reached pre-pandemic levels.
- In the short term, the major factors driving the market studied are rapidly increasing construction activities, growth in the furniture market, and diversification of oil and other industries in the Middle East.
- Rising VOC concerns are expected to hinder the growth of the market studied.
- Architectural coatings dominated the market, and the segment is expected to grow during the forecast period, owing to the increasing construction activities across the world.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China, India, and Japan.
Paints & Coatings Industry Segmentation
Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to make a thin layer of the solid film once polymerization or evaporation occurs. The paints and coatings market is segmented by resin, technology, end-user industry, and geography. By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, powder coating, and UV-cured coating. By end-user industry, the market is segmented into architectural, automotive, wood, protective coating, general industrial, transportation, and packaging. The report also covers the market size and forecasts for the paints and coatings market in 41 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Resin | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| Powder Coating | |
| UV-cured Coating |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Protective Coating | |
| General Industrial | |
| Transportation | |
| Packaging |
| Geography | ||||||||||||||||
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Paints and Coatings Market Size Summary
The paints and coatings market is poised for steady growth, driven by increasing construction activities and the expansion of the furniture market, particularly in the Middle East. The market has rebounded to pre-pandemic levels, with architectural coatings leading the segment due to their widespread application in commercial and residential buildings. These coatings are essential for protecting and enhancing the aesthetic appeal of structures, with specific products designed for various surfaces such as roofs, walls, and decks. The Asia-Pacific region, dominated by countries like China, India, and Japan, remains the largest market, fueled by robust construction activities and urbanization trends. Despite the positive outlook, rising concerns over volatile organic compounds (VOCs) pose challenges to market growth.
In North America, the commercial construction sector is experiencing healthy growth, supported by significant investments in the United States and Canada. Europe is also witnessing expansion in retail infrastructure, with new malls being constructed across the continent. The increasing middle-class population and their rising disposable incomes are driving the residential construction sector, particularly in Asia-Pacific. China, in particular, is experiencing a construction boom, driven by urbanization and the demand for affordable housing. The market is partially consolidated, with major players like The Sherwin-Williams Company, PPG Industries Inc., and Akzo Nobel NV actively expanding their operations and capabilities. These developments are expected to sustain the growth of the paints and coatings market during the forecast period.
Paints and Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Rapidly Increasing Construction Activities
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1.1.2 Growth in the Furniture Market
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1.1.3 Diversification of Oil and Other Industries in the Middle East
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1.2 Restraints
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1.2.1 Rising Volatile Organic contents(VOC) Concerns
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Regulatory Policy Analysis
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2. MARKET SEGMENTATION
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2.1 Resin
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2.1.1 Acrylic
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2.1.2 Alkyd
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2.1.3 Polyurethane
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2.1.4 Epoxy
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2.1.5 Polyester
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2.1.6 Other Resin Types
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2.2 Technology
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2.2.1 Water-borne
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2.2.2 Solvent-borne
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2.2.3 Powder Coating
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2.2.4 UV-cured Coating
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2.3 End-user Industry
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2.3.1 Architectural
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2.3.2 Automotive
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2.3.3 Wood
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2.3.4 Protective Coating
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2.3.5 General Industrial
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2.3.6 Transportation
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2.3.7 Packaging
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China (Including Taiwan)
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 Indonesia
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2.4.1.5 Australia & New Zealand
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2.4.1.6 South Korea
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2.4.1.7 Thailand
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2.4.1.8 Malaysia
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2.4.1.9 Philippines
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2.4.1.10 Bangladesh
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2.4.1.11 Vietnam
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2.4.1.12 Singapore
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2.4.1.13 Sri Lanka
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2.4.1.14 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Benelux
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2.4.3.6 Russia
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2.4.3.7 Turkey
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2.4.3.8 Switzerland
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2.4.3.9 Scandinavian Countries
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2.4.3.10 Poland
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2.4.3.11 Portugal
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2.4.3.12 Spain
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2.4.3.13 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Colombia
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2.4.4.4 Chile
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2.4.4.5 Rest of South America
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2.4.5 Middle East
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2.4.5.1 Saudi Arabia
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2.4.5.2 Qatar
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2.4.5.3 United Arab Emirates
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2.4.5.4 Kuwait
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2.4.5.5 Egypt
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2.4.5.6 Rest of Middle East
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2.4.6 Africa
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2.4.6.1 South Africa
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2.4.6.2 Nigeria
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2.4.6.3 Algeria
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2.4.6.4 Morocco
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2.4.6.5 Rest of Africa
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Paints and Coatings Market Size FAQs
How big is the Paints and Coatings Market?
The Paints and Coatings Market size is expected to reach USD 153.36 billion in 2024 and grow at a CAGR of 4.09% to reach USD 187.39 billion by 2029.
What is the current Paints and Coatings Market size?
In 2024, the Paints and Coatings Market size is expected to reach USD 153.36 billion.
