The global paints and coatings market value in 2017 was calculated as $186.7 billion, and it is expected to reach $262.5 billion by 2023, witnessing a revenue CAGR of 6.0% during the forecast period (2018–2023). The key factors driving the growth of the market are increasing construction activities, expanding automotive industry, and rising demand from the oil and gas industry.
Paints and coatings play an important role in decorating any house, office, restaurant, hotel, or automobile. These also provide texture in addition to corrosion and abrasion resistance to the substrate. Further, these enhance the durability and adhesive properties of the material on which they are applied. The paints and coatings market is huge, and thus, for the proper understanding of its growth, it is segmented by resin type, formulation, application, and region.
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Talking about the resin type, the paints, and coatings market is divided into epoxy, acrylic, polyester, polyurethane, and others (nitrocellulose lacquer, nylon, and polycarbonates). Out of these, the sales volume of polyurethane are projected to have the fastest CAGR (5.9%) in the market during the forecast period. The reason for this is that it offers beauty and strength to buildings and other structures; therefore, it is a preferred choice for a majority of commercial and residential interior projects.
The construction sector is expanding rapidly in countries, such as China, India, the U.S., and the U.K., on account of the rise in population and export of construction material. This is resulting in large-scale investments for the construction of hotels, retail centers, apartments, offices, and civic infrastructure. An example of investments in civic infrastructure would be the initiation of the Infrastructure and Capital Investment Plan 2016–2021.
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Asia-Pacific (APAC) is anticipated to be the fastest growing market or coatings and paints during the forecast period with a sales volume and value CAGR of 7.2% and 8.3%, respectively. In this region, stringent air pollution regulations are expected to drive the adoption of eco-friendly coating resins and formulations. In addition, the growing construction industry due to increasing government and private spending is projected to accelerate the paints and coatings market growth.
Therefore, it is not just due to aesthetic reasons that paints and coatings are being increasingly sold, but also because of the numerous advantages associated with these.