GLOBAL PAINTS & COATINGS MARKET FORECAST 2023-2032
The global paints & coatings market is forecasted to grow with a CAGR of 4.97% in terms of revenue during the forecast years 2023 to 2032. The market’s growth is accredited to key drivers, such as developments in construction and property, the rising demand for waterborne paints, the introduction of personalized solutions, and the thriving furniture sector.
Paints are characterized as liquefiable, liquid, or mastic composition, which converts into a solid film after application to a substrate in a thin layer. They are primarily used to color, protect, and provide texture to objects. Paints can either be manufactured or purchased in multiple colors and diverse types, like synthetic and watercolors, among others. On the other hand, a coating entails a covering applied to an object’s surface, typically referred to as the substrate. It serves the purpose of either decoration or functionality, or both.
The construction industry is the largest consumer of paints & coatings across the world, equating to nearly 40% of the total consumption. Moreover, the demand for paints & coatings in the construction sector largely influences the need for resins used in the production of the same. In addition, owing to the significant increase in the global population, the demand for residential construction is on the rise. This factor, in turn, augments the usage of architectural paints & coatings, thus propelling the global market’s growth during the forecast period.
1. AKZO NOBEL NV
2. ASIAN PAINTS LIMITED
3. AXALTA COATING SYSTEMS LTD
4. BERGER PAINTS INDIA LIMITED
5. DAVIES PAINTS PHILIPPINES INC
6. HAYMES PAINT
7. JOTUN GROUP
8. KANSAI PAINT CO LTD
9. KOVA PAINT CO LTD
10. NIPPON PAINT HOLDINGS CO LTD
11. PACIFIC PAINT (BOYSEN) PHILIPPINES INC (BOYSEN PAINTS)
12. PPG INDUSTRIES INC
13. PT PROPAN RAYA ICC
14. RPM INTERNATIONAL INC
15. THE SHERWIN-WILLIAMS COMPANY
16. TOA PAINT (THAILAND) PUBLIC COMPANY LIMITED