Study on the global market for paints and coatings

A recent study analyzes the global market for paints and coatings. It shows developments such as the dynamic growth in powder coating sales and forecasts strong growth for water-based paints and coatings compared to products containing solvents.

The turbulence of the coronavirus era is over for now: the global market for paints and coatings has stabilized again - as shown by the latest, sixth study on these coatings by Ceresana. In 2020, the year of the pandemic, global demand for paints and coatings fell to a total of 41.8 million tons, mainly due to the slump in the automotive industry. This was followed by a strong countermovement. Growth has now leveled off again at lower figures: Around 44.5 million tons of paints and coatings were sold worldwide in 2022. Ceresana forecasts that demand will increase by around 3.1% per year until 2032. There are significant regional differences: In some countries, a recovery is not expected until 2025.

Sales of powder coatings are currently developing particularly dynamically, although they still form a small market segment. Ceresana's market researchers expect the greatest growth for water-based paints and varnishes, which continue to gain market share compared to products containing solvents. Water-based paints are more difficult to process, but are considered more environmentally friendly because they hardly emit any volatile organic compounds (VOCs). Water-based paints are not only used for buildings, but also for painting machinery and cars, wood coatings, plastic coatings and leather and textile coatings, for example. The consumption of paints and varnishes based on plastics such as acrylic, vinyl, alkyd, epoxy, polyurethane or polyester continues to rise. However, bio-based paints are also increasingly being used, especially as they can be easily combined with bio-insulating materials, bio-adhesives and other sustainable building materials.

Most paints and coatings are consumed in the Asia-Pacific region. In terms of application areas, wood processing and the construction industry are experiencing the greatest growth. The construction sector accounts for almost half of all paints and coatings sold worldwide. Although residential construction is currently weakening somewhat, new infrastructure and commercial buildings are still being erected in many countries. Acrylic resin-based paints in particular are used as wall and façade paints. For exterior facades, acrylic paints are often used in combination with water-repellent silicone resins. Bio-based paints and varnishes, which are made entirely or at least partially from renewable raw materials or minerals, can be an alternative to synthetic resins, particularly for interiors. The eco-coatings promise to be non-toxic and more environmentally friendly than petrochemical products based purely on crude oil or natural gas. However, the prices and properties of organic paints cannot yet keep up with the fossil-based competition in all applications.

Chapter 1 of the market study "Paints and Coatings - World" comprehensively analyzes the global market for paints and coatings. Forecasts up to 2032 are provided for the entire world and its various regions. The development of revenues, demand, and production of paints and coatings is explained for each world region. The market data is broken down into five sectors for eight application areas: Construction, Industrial Products (coil coating, other industry), Vehicles (OEM coatings, refinish coatings, marine coatings), Wood Processing, and Other Applications. Demand for paints and coatings is analyzed for the individual product types: Acrylic, Vinyl, Alkyd, Epoxy, Polyurethanes, Polyester, Other Polymers and Other Products. Furthermore, a differentiation by technology is made: Water-based, solvent-based, powder coatings and other paints and coatings.

Chapter 2 analyzes the 16 most important countries for the paint market in detail: Paint and coatings consumption, exports, imports, production and revenues. Demand (in tons) and revenues are given for the various application areas. The consumption data for each country is broken down by product type and technology.

Chapter 3 provides a useful directory of the 106 most important manufacturers of paints and varnishes, clearly arranged according to contact details, turnover, profit, product range, production sites, and profile summary. The producers presented with company profiles include, for example, 3M Company, AkzoNobel N.V., Axalta Coating Systems Ltd, BASF Coatings, Knauf Gips KG, Masco Corporation, Nippon Paint Co, Ltd, PPG Industries, RPM International Inc. and The Sherwin-Williams Company. (OM-1/24)