Paints and Coatings Market Share, Size, Expected Growth Opportunities and Forecast by 2027 | Know the Russia Ukraine Impact On Paints and Coatings Industry in Korea

The global paints and coatings market size is projected to reach USD 217.66 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period. The development of environment-friendly coatings by companies is expected to bring new dimensions of growth in the market, observes Fortune Business Insights™ in its report, titled “Paints and coatings Market, 2021-2028.” the market size stood at USD 145.15 billion in 2020.

As they dry up, paints and coatings release toxic substances known as Volatile Organic Compounds (VOCs). Moreover, VOCs cause significant harm to the environment, contributing to smog formation and Ozone Layer depletion. Many leading companies in the coatings and paints industry are developing and launching eco-friendly products to address these issues. For example, in July 2020, Stepan Company launched the STEPANPOL® PC-6000 series, its next-gen polyester polyols designed to reduce VOC content in polyurethane coatings. Similarly, allnex China released its new acrylic dispersions in July 2020, which can create coatings with zero VOC content. These innovations are leading the trends in this market and fueling its growth.

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Russia-Ukraine War Implication

The Russia-Ukraine war could change the Paints and Coatings Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Paints and Coatings Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.

Market Segments:

Waterborne Coatings to Account for Maximum Share

Based on resins, the market is divided into epoxy, acrylic, polyester, alkyd, PU, and others. Acrylic resin is expected to hold the largest share due to its drying rate, adhesion, flexibility, and relative resistance properties.

Based on technology, the market is classified into waterborne, solvent-borne, powder coating, and others. Waterborne coatings are expected to account for a significant share during the forecast period due to its increased usage in automobiles, furniture, plastic, wood, and printing inks industries.

Based on application, the market is categorized into architectural, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, and others.

Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The Report Encompasses?

• Quantitative and qualitative insights into the market size, share, and revenue;
• Actionable research into the major drivers and restraints of the market;
• In-depth analysis of all market segments; and
• Careful evaluation of the regional and competitive dynamics shaping the market.

Driving Factor:

Increasing Adoption of Ceramic Coating for Vehicles to Aid Growth

The paints and coatings market growth is increasingly influenced by the rising preference for ceramic coating solutions over conventional wax or paint in the automotive industry. This changing preference is attributable to the wide array of benefits offered by ceramic coatings. For example, ceramic coatings have hydrophobic properties, which ensure that substances such as bird droppings or snow do not stick to the exterior of the vehicle. Harder coatings such as those made from quartz even protect the vehicle from scratches and debris, preserving its fresh appearance even after years of use. Furthermore, ceramic coatings are highly cost-effective compared to wax, as the latter does not last more than three months and needs to be reapplied regularly. Ceramic car protection is more long-lasting and durable, and with proper maintenance, it can serve for years before needing reapplication. Thus, the emergence of ceramic coating solutions for automobiles is propelling the demand for advanced paints & coatings.

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Regional Insights

Promising Progress in the Construction Industry in Asia Pacific to Animate Market Spirits

Asia Pacific is expected to lead the paints and coatings market share in the forecast period because of surging growth in construction activities in Asia Pacific. Driven by rapid urbanization and industrialization in India and China, the demand for paints and coatings is escalating in the Asia Pacific region, creating lucrative business opportunities for market players. In 2020, the region’s market size accounted for the highest share.

North America holds a prominent position in the global market owing to the increasing application of coatings and paints in the refurbishment and remodeling of outdated infrastructures in the region. The market in Latin America is also expected to make substantial gains in the coming years owing to massive infrastructure development projects planned in Peru, Colombia, and Brazil.

Industry Developments:

Engineering Sustainable Coatings to be the Key Focus Area for Market Players

Capitalizing on the sustainability trend currently dominating the paints and coatings industry, many players in this market are investing in R&D to build their portfolio of sustainable coatings. Additionally, some companies are strategically acquiring regional players to expand their presence in burgeoning markets.

Industry Developments:

• August 2020: PPG Industries and Sibi, a supply chain platform, entered into a 4-year-long agreement with Tricon American Homes (TAH) to deliver PPG’s paint solutions. The deal entails TAH utilizing PPG’s low VOC-emitting paint products for its 21,000 single-family and 7,000 multi-family rental properties across the US.
• October 2019: Berger Paints India announced the acquisition of STP Ltd, a construction materials maker based in Kolkata, for an estimated value of INR 167.5crore. The takeover will allow Berger to strengthen its distribution, procurement, and manufacturing of paints and coatings in the flourishing Indian construction industry.

List of Key Players Covered in the Global Market:

• Dunn-Edwards Corporation (U.S.)
• TIKKURILA OYJ (Finland)
• Nippon Paint Holdings Co., Ltd. (Japan)
• The Sherwin-Williams Company (U.S.)
• Kansai Nerolac Paints Limited (India)
• AkzoNobel (Netherlands)
• Axalta Coating Systems (U.S.)
• S K Kaken Co., Ltd (Japan)
• RPM International Inc. (U.S.)
• Jotun (Norway)
• NIPSEA GROUP (Singapore)
• Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)
• PPG Industries, Inc., (U.S.)

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