Paints And Coatings Industry Trends, Diverse Applications and Forecasts to 2030

Global paints & coatings sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book. 

The global Paints and Coatings Industry was valued 48.16 million tons in 2022 and expected to register a CAGR of 7.5% from 2023 to 2030, according to a report by Grand View Research, Inc.

Powder Coating Market Growth & Trends

The global powder coatings market size was valued 8.52 million tons in 2022 and expected to register a CAGR of 3.9% from 2023 to 2030, according to a report by Grand View Research, Inc. Powder coatings accounted for a share of over 19% in the industry in 2022. Powder-based coatings are more durable and eco-friendly as compared to their counterparts. Powder-based coatings have negligible VOC content due to the absence of solvents and, thus, they comply more efficiently and economically with the environmental protection regulations.

Powder-based coatings are widely used in agricultural equipment, automotive, machine components, mechanical parts & building facades, and electrical fixtures to prevent corrosion and provide a thicker coating. Increasing demand for low VOC or zero-emission coatings in the U.S., India, China, and in European countries is expected to propel the demand for powder-based paints & coatings over the forecast period. 

Waterborne Coatings Market Growth & Trends

The global waterborne coatings market size was valued 18.92 million tons in 2022 and expected to register a CAGR of 3.4% from 2023 to 2030, according to a report by Grand View Research, Inc. Waterborne coatings accounted for a share of nearly 35% in the industry in 2022. Water-based paints and coatings are widely used in confined and poorly ventilated spaces. These coatings dry at a faster rate as compared to solvent-based paints and coatings due to the rapid evaporation of water from the coating layer, which results in faster drying without surface skin formation.

Water-based paints and coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers as they possess excellent thermal and corrosion resistance. In addition, they are flame-resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions. 

Solvent-borne Coatings Market Analysis And Forecast

The global solvent-borne coatings market size was valued 10.95 million tons in 2022 and expected to register a CAGR of 2.7% from 2023 to 2030, according to a report by Grand View Research, Inc. Solvent-borne coatings accounted for a share of nearly 23% in the industry in 2022. Aerospace paints & coatings are used to provide reliability, long-lasting lubrication for critical components in order to operate efficiently in high vacuum and extreme temperature. Solvent-based segment is projected to record a slower growth rate as compared to water-based segment over the forecast period owing to the stringent regulations concerning products with high VOC content. However, rising application of solvent-based coatings for industrial and architectural purposes, owing to their various properties such as lower drying times and better functionality in open & humid conditions, is expected to fuel the segment growth over the forecast period.

Solvent-based paints and coatings are primarily employed in offshore oil & gas applications in low heat and high humidity areas. They can be applied to large surface areas with high thickness as compared to water-based coatings. Furthermore, solvent-based paints and coatings are used to achieve decorative finishes over complex shapes and exhibit improved adhesion along with high water resistance. 

Order your copy of Free Sample of “Paints and Coatings Industry Data Book - Powder Coatings, Waterborne Coatings, Solvent-borne Coatings and High Solids/Radiation Curing Coatings Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

High Solids/Radiation Curing Coatings Market Analysis And Forecast

The global high solids/radiation curing coatings market size was valued 5.07 million tons in 2022 and expected to register a CAGR of 3.1% from 2023 to 2030, according to a report by Grand View Research, Inc. High solids/radiation curing coatings accounted for a share of nearly 11% in the industry in 2022. Rise in consumer awareness for sustainable products and increasingly strict environmental regulations regarding the reduction of VOC emissions are expected to boost the demand for high solids and radiation curing paints and coatings over the forecast period.

High solids and radiation curing coatings relatively constitute a small portion of the global market; however, the adoption of these coatings in various applications, such as marine, aerospace, paper & paperboard, and construction, is rising owing to their rapid curing and excellent physical properties. This is expected to drive the growth of the segment in the coming years. These coatings comprise 70% to 100% of solids, which cure when exposed to ultraviolet (UV) light. Further, as they majorly contain the solid system, they have very less or zero amount of volatile solvents to evaporate, which makes them eco-friendly. In addition, these coatings cure at a faster rate as compared to their counterparts, making them suitable for heat-sensitive substrates. 

Competitive Landscape

Key players operating in the Paints and Coatings Industry are –

• PPG Industries

• The Sherwin-Williams Company

• Akzo Nobel N.V.

• Nippon Paint Holdings Co., Ltd.

• RPM International, Inc.

• Axalta Coating Systems

• BASF Coatings

• Kansai Paint Co., Ltd

• Jotun.ent