The global paints and coatings market was valued at $194.0 billion in 2023 and is anticipated to grow to $203.8 billion in 2024, ultimately reaching $263.2 billion by 2029. This growth reflects a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029.
This report provides a thorough analysis of the global paints and coatings market, segmented by technology, chemistry, and end use, with insights at both global and regional levels. The base year for this analysis is 2023, with market estimates and forecasts extending through 2029, presented in revenue terms (U.S. dollars, millions).
A significant shift in the production of paints and coatings is underway, moving from developed regions like Europe and the U.S. to emerging economies such as China and India. The rising demand from developed nations, combined with growth in developing countries, is fueling the expansion of the global coatings market. Industrial growth in these emerging economies is a key driver, while in many mature markets, the growth of the coatings sector remains closely linked to economic activity and the construction industry, a major consumer of paints and coatings.
The paints and coatings market is experiencing growth across various applications, contributing to overall market expansion in numerous regions. Contrary to earlier expectations, the market for solvent-borne paints and coatings has not declined as anticipated, further enhancing the total market value.
The powder coating and emerging technology segments are witnessing the highest growth rates, as major manufacturers innovate to meet increasing regulatory pressures concerning pollution and environmental impact. Powder coating technology is being widely adopted across various applications, while solvent-borne technologies are gradually being replaced by more environmentally friendly waterborne options, particularly in North America and Europe. However, solvent-borne coatings continue to be prevalent in developing nations due to cost considerations.
High-solids and radiation-cured technologies are also experiencing notable growth, as they are regarded as less polluting alternatives to traditional solvent-borne methods. Consequently, forecasts for solvent-borne coatings have been revised downward in light of these market shifts.
Report Highlights:
- 92 data tables and 41 additional tables
- Overview of global markets and advanced technologies for paints and coatings
- Analysis of global market trends with historical revenue data from 2023, estimates for 2024, and forecasts for 2025 and 2029, including projected CAGRs through 2029
- Discussion on the integration of nanotechnology in the paints and coatings industry, leading to more durable and functional products
- Identification of new opportunities, challenges, and technological changes within the industry
- Market share analysis by technology, chemistry, end use, and region
- Overview of R&D activity, product launches, and regulatory developments
- Examination of key companies’ market shares, mergers and acquisitions, joint ventures, partnerships, and other strategic initiatives
Profiles of Major Market Players:
- Akzo Nobel N.V.
- Asian Paints Ltd.
- Axalta Coating Systems
- PPG Industries Inc.
- The Sherwin Williams Co.
