Paints and Coatings Market Size, Share, Regional Demand, Growth and Forecast to 2023

The construction industry has been registering significant growth across the globe, owing to the surging population in countries including the U.S., India, China, and the U.K. Moreover, the growing number of overseas buyers have also been responsible for the expansion of the construction sector. This is further resulting in the huge investments in hotels, residential apartments, civic infrastructure, and retail centers. Ascribed to this growing construction industry, the demand for paints & coatings has been rising as well.

Paints & coatings are important products that are applied on physical infrastructure to provide it with a finishing touch. These products are used for enhancing the aesthetics appeal of buildings, however, they also protect buildings from wear & tear and different weather conditions. Owing to such advantages, the global paints & coatings market is expected to advance at a significant pace during the forecast period. Owing to technological advancements, several new kinds of products are now available in the market for suiting different needs.

Take for example smart coatings, which have the ability to transform their properties according to the stimuli that is being provided by the external environment, such as temperature and electric field. These coatings are increasingly gaining popularity in a number of applications, such as the restoration of historical buildings. Smart coatings further offer advantages including the capability to mask the damage done to an aircraft engine and the ability to be used as a composite for making lightweight aircraft.

The paints & coatings market is predicted to generate a revenue of $262.5 billion by 2023, increasing from $186.7 billion in 2017, progressing at a 6.0% CAGR during the forecast period (2018–2023). When resin type is taken into consideration, the market is divided into epoxy, polyurethane, polyester, acrylic, and others (which include polycarbonates, nylon, and nitrocellulose lacquer). Out of all these, the acrylic division dominated the market in the past, accounting for a sales volume share of more than 40.0% in 2017.

These resins are highly soluble, elastic, versatile, non-toxic, and water-resistant, owing to which, their demand has been rising at a rapid pace. The polyurethane division is expected to register the highest CAGR of 5.9% during the forecast period. These resins make structures and buildings aesthetically appealing and strong, which is why, they are quickly becoming a preferred choice for commercial and residential interior projects. The expansion of the construction industry is further predicted to drive the demand for these paints & coatings in the coming years.
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When formulation is considered, the paints & coatings market is categorized into powder, water-based, UV coatings, and solvent-based. Among these, the UV coatings category is projected to register the highest CAGR of 7.3% during the forecast period, in terms of sales volume. These coatings provide various advantages over their counterparts, such as reduced environmental impact, rapid cure speed, zero pot life issues, and low energy costs.

Hence, the market is being driven by the growth of the construction industry and rising demand for smart coatings.