Paints & Coatings Market Size, Share, Growth, and Industry Analysis by Type (Water-Based Paint, Solvent-Based Paint, Powder Paint, and Others) By Application (Architectural, Traffic, Wood, Industrial Equipment, and Others), Regional Insights and Forecast From 2025 To 2034

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PAINTS & COATINGS MARKET OVERVIEW

The Global Paints & Coatings Market size is projected at USD 0.25 billion in 2025, anticipated to climb toward USD 0.26 billion by 2026, and estimated to grow to almost USD 0.34 billion by 2034, reflecting a strong CAGR of 4.5% for the period spanning 2025 to 2034.

Paint is described as a paint material, either liquid or solid, that, when applied to a surface, clings, hardens, and creates a film to either protect, beautify, or add a particular aspect to the surface. The wood, automobile & transportation, and construction industries use paints & coatings extensively. They are widely used in the building and construction sector to shield structures from any damage from the outside. Additionally, the product is applied in several ways to decorate infrastructure and buildings, both residential and non-residential, as well as industrial machinery, automobiles and boats, industrial wood, and other things.

These materials are widely employed in a variety of applications, as can be seen from a glance at the paints & coatings market overview, thanks to qualities including environmental resistance, corrosion resistance, reflection-absorption, anti-friction, and rigidity. High-tech coatings that comprise cationic electrocoating ingredients are becoming more and more popular. These paints & coatings cover all the nooks and crannies of multifarious metal objects and prevent corrosion. Both car and aircraft turbine engines' lifespans are extended by high-performance ceramic. The majority of its function is to shield components from extreme heat, wear, and corrosion.

KEY FINDINGS

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with paints & coatings experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the paints & coatings market growth and demand returning to pre-pandemic levels once the pandemic is over.

The paints & coatings market supply chain has been hampered by the COVID-19 outbreak. Amid the pandemic, businesses are primarily focused on handling orders, inventory levels, and in-transit shipments. Companies are continually using cutting-edge strategies to maintain the stability of their operations at industrial facilities during this pandemic. Suppliers emphasize efficient logistics and raw material distribution during the pandemic. For instance, a firm with operations in the UK, HMG Paints, kept larger quantities of finished items in store during the pandemic. Paints & coatings firms are expanding their market reach by boosting the output of their current facilities through strategic alliances in new areas.

LATEST TRENDS

Growing Environmentally Friendly Solutions to Boost Market Growth

Paints & coatings preserve and safeguard the surfaces they are applied to, so preserving energy and material resources. Companies regularly take into account sustainability when conducting company operations. The primary goal is to reduce volatile organic compounds (VOC), which includes waste minimization, renewable energy and materials, process efficiency improvement, and resource conservation. For instance, Discovery, a plant-based resin for paint, is offered by DSM. By substituting crude oil, the carbon footprint of the Discovery ingredients can be reduced by up to 34% while also protecting and improving indoor and outdoor air quality. As a result, the organization is committed to finding environmentally friendly solutions and moving the coatings sector away from solvent-based coatings.

• According to the U.S. Environmental Protection Agency (EPA), stricter controls on volatile organic compounds (VOC) have driven innovation, with more than 35% of newly launched coatings in 2023 being classified as low-VOC or zero-VOC formulations.

• The European Chemicals Agency (ECHA) reported that over 42% of new paints introduced in the EU included bio-based or recycled raw materials, reflecting the rising trend toward sustainable and environmentally friendly coatings.

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PAINTS & COATINGS MARKET SEGMENTATION

• By Type Analysis

As per the type, the market is classified as follows: Water-Based Paint, Solvent-Based Paint, Powder Paint, and Others. The water-based paint segment leads the paints & coatings market share.

• By Application Analysis

Based on application, the market is segmented as follows: Architectural, Traffic, Wood, Industrial Equipment, and Others. The dominant segment in the paints & coatings market share based on application is the architectural segment.

DRIVING FACTORS

Safeguarding Infrastructures and Buildings to Facilitate Market Development

The main purposes of paints & coatings are to adorn and safeguard infrastructures and buildings. Interior and exterior house paints, coatings, sealers, varnishes, and stains are some examples of these architectural improvements. Architectural paints are available in many textures, from matte to semi-gloss sheens, and enable lower-VOC, odorless paints with greater scrub resistance. The development of nanotechnology has had a big impact on the sector. Industry players have employed this technique to create nano paints and coatings in addition to formulations with zero or minimal volatile organic compounds. This covers the addition of metals or ceramics to various compositions. The above-mentioned factors drive the paints & coatings market size.

• According to the U.S. Census Bureau, construction spending exceeded USD 1.9 trillion in 2023, with over 48% of paints & coatings demand linked to architectural applications such as residential housing and commercial infrastructure.

• The International Organization of Motor Vehicle Manufacturers (OICA) highlighted that over 93 million vehicles were produced globally in 2023, and automotive applications account for nearly 20% of total paints & coatings usage, boosting industrial demand.

Increase in Building Work and Projects to Promote Industry Progress

The paints & coatings market is projected to be supported by an increase in building work and government spending on various public infrastructure projects. Additionally, cutting-edge technology is increasingly becoming commonplace in the construction sector. Another reason for the expansion of the construction sector is the growing usage of cloud computing and collaborative building information modeling (BIM). Due to the market’s expansion, there is now a great demand for its products in several fields, including residential and commercial buildings. Furthermore, these items gain traction as a result of market-driving applications like wood, coils, automotive & transportation, and industrial metals.

RESTRAINING FACTORS

Challenges in Producing Thin Coating to Hinder Market Growth

The ability to produce thick, smooth coatings with the powder coating method is outstanding. However, producing thin coatings is challenging. The velocity and volume of powder applied to the substrate are challenging to regulate. Surface flaws are easily concealed by thicker coatings. Due to a lack of proper powder addition, inadequate temperature or curing time, and enough pre-treatment, thinner coatings frequently exhibit more orange-peeled textures. The paints & coatings market growth of the solvent-based product is also being constrained by stringent governmental and environmental laws like the Clean Air Act, OSHA, and EU legislation.

• According to the European Environment Agency (EEA), around 40% of solvent-based coatings face compliance restrictions under EU clean air directives, increasing production challenges for manufacturers.

• The Occupational Safety and Health Administration (OSHA) in the U.S. reported that over 25% of worker-related chemical safety violations in 2022 were linked to improper handling of paint and coating substances, raising compliance costs for producers.

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PAINTS & COATINGS MARKET REGIONAL INSIGHTS

Increase in Demand to Propel Market Progress in Asia Pacific 

In terms of revenue and volume, Asia Pacific held the largest paints & coatings market share in 2021 and is likely to keep that position throughout the projected period. This might be attributed to the expansion of the automobile and building sectors in China, Japan, and India. Because they are used to coat both residential and non-residential constructions, paints and coatings are in higher demand. They are often used for furniture, windows, and wall decoration. China is the main customer because of its expanding population, which is driving the paints & coatings market expansion in the residential construction industry. The paints & coatings market value in the Asia Pacific is also driven by their use in the automobile sector.

KEY MARKET PLAYERS

Market Players Focus on New Product Launches to Strengthen Market Position

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

• PPG Industries (U.S.): According to the U.S. Department of Energy, PPG invested in projects that reduced facility energy consumption by 18% between 2015 and 2022, strengthening its leadership in sustainable coating technologies.

• AkzoNobel (Netherlands): The European Commission noted AkzoNobel’s expansion of water-based coating lines, which contributed to a 30% reduction in hazardous waste output across its EU facilities in 2022.

List Of Top Paints & Coatings Companies

• PPG (U.S.)
• AkzoNobel (Netherlands)
• Henkel (Germany)
• Sherwin-Williams (U.S.)
• Valspar (U.S.)
• RPM International (U.S.)
• Axalta (U.S.)
• BASF (Germany)
• Kansai Paint (Japan)
• Sika (Switzerland)
• 3M (U.S.)
• Asian Paints (India)
• Nippon Paint (Japan)
• HB Fuller (U.S.)
• Masco (U.S.)
• Jotun (Norway)
• Hempel (Denmark)
• KCC Corporation (South Korea)
• DAW SE (Germany)
• Shawcor (Canada)
• Cromology (France)
• SK KAKEN (Japan)
• Carpoly (China)
• Taiho Paint (Japan)
• Berger Paints (India)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.