February 21, 2024

Paints and Coatings Market Growth Analysis and Size Projections 2030

The global paints and coatings industry is experiencing a period of sustained growth, with more than 40 million metric tons of these essential products being produced annually worldwide. Beyond aesthetics and durability, paints and coatings are increasingly in demand for their protective properties, safeguarding natural and synthetic materials from environmental conditions. Asia Pacific, particularly China, has emerged as a dominant force in this industry, accounting for over half of global production.

The paints and coatings market is undergoing significant changes due to the rise of green technologies and strict environmental regulations. Smaller companies not adhering to these guidelines have exited the market, resulting in a more balanced production-demand equation. This industry often mirrors a country’s economic growth, which bodes well for developing economies in the years to come.

Architectural applications lead the way, representing approximately 50% of the market share in 2018. Increasing construction activities and residential sector progress are driving the demand for architectural coatings. To meet Leadership in Energy and Environmental Design (LEED) specifications, companies are developing new products for residential and commercial structures. The industrial sector is another major consumer, using paints and coatings for both protective and decorative purposes. Preventing corrosion in steel and concrete remains a top priority, ensuring sustained demand. Other industrial applications include automotive, wood, industrial machinery/equipment, and metal containers, while miscellaneous segments include marine, highway & traffic markings, and refinishing.

Consumer preferences and pollution regulations are key drivers of market growth. Governments worldwide are focused on reducing hazardous air pollutants (HPA) and volatile organic compounds (VOC) in architectural and industrial settings. Rising solvent and raw material costs, which constitute a significant portion of total costs, along with the growing emphasis on energy conservation, are shaping the industry. Transitional and emerging economies are expected to generate substantial demand for paints and coatings.

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Consumer awareness and demand for odour-free, chemical-free, and eco-friendly paints are prompting manufacturers to adopt green technologies. Digital interfaces are also becoming more important, potentially disrupting traditional distribution channels. This digital transformation is expected to create new revenue streams for companies in the paints and coatings market. Direct-to-consumer brands like Clare and Backdrop pose a significant threat to traditional companies, potentially capturing the traditional consumer base.

The COVID-19 crisis disrupted the global paints and coatings market, particularly due to restricted movement of raw materials from major suppliers like China. Environmental and health concerns are driving manufacturers to create more complex formulations to meet legislative demands. Rising solvent and raw material costs are likely to affect market growth, especially in slower growth categories. Price volatility, driven by rising oil prices and supply shortages of key materials, continues to impact profitability.

The industry has witnessed consolidation in recent years, with major acquisitions like The Sherwin-Williams’ purchase of Valspar. More synergies are expected, as leading players operate in mature markets with limited underlying growth. Mergers and acquisitions can offer significant cost savings and operational efficiencies. Companies like AkzoNobel N.V, PPG, and The Sherwin-Williams hold substantial shares in the paints and coatings market, while smaller regional firms face challenges in competing with global brands due to lower profitability and regulatory limitations.

In conclusion, the global paints and coatings industry is on a trajectory of sustained growth, driven by green technologies, environmental regulations, and diverse industrial applications. As consumer preferences and regulations continue to evolve, the industry is poised for transformation, presenting opportunities and challenges for both established and emerging players.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/global-paints-and-coatings-market

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This press release first seen on Brilad