Paints and Coatings Market Report 2025

The paints and coatings market size has grown strongly in recent years. It will grow from $267.54 billion in 2024 to $290.28 billion in 2025 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to construction and real estate boom, growth in automotive industry trends, industrial manufacturing growth, environmental regulations, raw material prices.

The paints and coatings market size is expected to see strong growth in the next few years. It will grow to $385.01 billion in 2029 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to green and sustainable practices, rapid urbanization, economic growth in emerging markets, focus on infrastructure renewal, stringent safety standards. Major trends in the forecast period include digitalization in manufacturing, smart coatings and nanotechnology, technological advancements, bio-based and sustainable coatings, focus on high-performance coatings.

The anticipated growth of the paint and coatings market is driven by the increasing consumption in end-user industries. There is a notable surge in the usage of paints and coatings across various sectors such as automotive, construction, and manufacturing. These coatings play a crucial role in protecting surfaces, enhancing aesthetics, and providing corrosion resistance in the construction industry. For example, in June 2023, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development revealed that privately owned home starts were growing at a seasonally adjusted annual rate of 1,631,000, marking a substantial increase over the previous predictions and rates in April 2023 and May 2022. This trend is expected to contribute to the overall growth of the paint and coatings market.

The expanding automotive industry is also set to be a key driver for the growth of the paint and coatings market. Within the automotive sector, paint and coatings are essential for protecting vehicle surfaces, ensuring aesthetic finishes, and improving overall durability. Notably, in September 2023, the Society of Motor Manufacturers and Traders (SMMT) reported a significant year-over-year increase in UK vehicle production, with passenger cars and commercial vehicles both experiencing positive growth rates. This growth in the automotive industry is directly influencing the upward trajectory of the paint and coatings market.

Biocides play a crucial role in enhancing the durability and preserving the quality of paints. These additives are specifically formulated to safeguard paints from damage during storage and to prevent the growth of fungi and algae on applied surfaces. The biocides market in paints is anticipated to experience continuous growth, driven by the transition from solvent-based to water-based paints. The shift is motivated by the non-hazardous nature of water-based paints to human health and the environment, along with their effectiveness in minimizing fungal and algae proliferation. However, the adoption of environmentally friendly biocides as replacements for traditional chlorine and formaldehyde-based biocides contributes to an increase in the production costs of paints. Notable companies, such as The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V., are actively incorporating biocides in their paint manufacturing processes.

Major companies in the paints and coatings market are concentrating on developing innovative products, such as biosurfactants, to enhance environmental sustainability and improve product performance. These biosurfactants are eco-friendly surface-active agents derived from natural sources, including plants and microorganisms. They boost product performance by improving emulsification and stability while remaining biodegradable and non-toxic. For example, in September 2024, Evonik Industries AG, a Germany-based chemical company, launched two new biosurfactants, TEGO Wet 570 Terra and TEGO Wet 580 Terra, for use in coatings and ink formulations. These products enhance substrate wetting and improve pigment dispersion in industrial coatings, ensuring optimal color properties and good corrosion resistance. In printing inks, they accelerate the wetting of pigments and fillers, contributing to sustainability by lowering VOC levels and enhancing the biodegradability of the final product.

Major companies operating in the paints and coatings market include BASF SE, Sherwin Williams Company, PPG Industries Inc., Arkema SA., Akzo Nobel N.V., Nippon Paint Holdings Co ltd., Masco Corporation, RPM International Inc., KCC Corporation, Axalta Coating Systems ltd., Diamond Vogel Paints, The Valspar Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Jotun Group, Hempel A/S, DAW SE, Benjamin Moore & Co., Berger Paints India Limited, Berger Paints India Limited, Rust-Oleum Corporation, Dunn-Edwards Corporation, Tikkurila Oyj, Nihon Tokushu Toryo Co. Ltd., Kelly-Moore Paints, Tnemec Company Inc., Chugoku Marine Paints Ltd., Behr Process Corporation, Vitracoat America Inc., National Paints Factories Co. Ltd., Shalimar Paints Limited.

Asia-Pacific was the largest region in the paints and coatings market in 2024. Western Europe was the second-largest region in the paints and coatings market. The regions covered in the paints and coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the paints and coatings market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The paints and coatings market consists of the sales of polyurethane coatings, epoxy coatings, alkyd coatings, zinc-rich coatings, and acrylic coatings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Paints and coatings are products created by blending pigments, solvents, and binders to form various coatings, including paints, stains, varnishes, lacquers, enamels, shellacs, water-repellent coatings for concrete and masonry, and allied paint products such as putties, paint and varnish removers, paintbrush cleaners, and frit.

The primary types of paints and coatings encompass water-borne coatings, solvent-based coatings, powder coatings, and other variations. Water-borne coatings, known for their environmental friendliness, utilize water as a solvent to disperse the resin used in the coating or paint. Resins can be of different types, including acrylic, polyurethane, polyesters, epoxy, alkyd, and others. The performance categories cover commodity coatings, engineering coatings, and high-performance coatings. These paints and coatings find applications in various sectors such as architectural, automotive, wood, packaging, aerospace, and others.

The paints and coatings market research report is one of a series of new reports that provides paints and coatings market statistics, including paints and coatings industry global market size, regional shares, competitors with a paints and coatings market share, detailed paints and coatings market segments, market trends and opportunities, and any further data you may need to thrive in the paints and coatings industry. This paints and coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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