Paints and Coatings Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 200.52 Billion
CAGR (2026-2031)	3.02%
Fastest Growing Segment	Polyester
Largest Market	North America
Market Size (2031)	USD 239.71 Billion

Market Overview

The Global Paints and Coatings Market will grow from USD 200.52 Billion in 2025 to USD 239.71 Billion by 2031 at a 3.02% CAGR. Paints and coatings are liquid, liquefiable, or mastic compositions that transform into a solid film after application to a substrate, primarily serving protective, decorative, and functional purposes. The fundamental drivers supporting market growth include the sustained expansion of the global construction sector, fueled by rapid urbanization and infrastructure development, alongside consistent demand from the automotive manufacturing and general industrial maintenance sectors. These core industries necessitate high-performance surface solutions to ensure durability, corrosion resistance, and aesthetic appeal, thereby securing a steady baseline for consumption independent of transient market preferences.

Despite these positive indicators, the industry faces a significant challenge regarding the volatility of raw material prices and supply chain complexities, which can erode profit margins and disrupt production schedules. Manufacturers must navigate these economic fluctuations while adhering to increasingly stringent environmental regulations concerning volatile organic compounds. Highlighting the sector's substantial economic scale, according to the American Coatings Association, in 2025, the global paint and coatings industry is valued at $202 billion. This figure underscores the immense economic footprint of the industry as it adapts to evolving regulatory landscapes and macroeconomic pressures.

Key Market Drivers

The rapid expansion of the global construction and real estate industry acts as a primary catalyst for market growth, driven by urbanization and substantial government investments in infrastructure. This sector relies heavily on architectural paints and protective coatings to enhance the aesthetic value and longevity of residential, commercial, and industrial structures. As developing nations modernize and developed regions retrofit aging infrastructure, the consumption of primers, emulsions, and enamels continues to rise, securing a steady revenue stream for manufacturers. Illustrating this sector's momentum, according to the American Institute of Architects, July 2024, in the 'Mid-year Consensus Construction Forecast', spending on nonresidential buildings is projected to increase over 7% in 2024. This uptick in building activity directly correlates with increased procurement of surface solutions necessary for both interior finishing and exterior weatherproofing.

Concurrently, the rising demand from the automotive OEM and refinish sectors significantly propels the industry, necessitating advanced coating technologies for vehicle protection and color customization. Manufacturers are increasingly adopting high-performance coatings that offer superior corrosion resistance and gloss retention to meet stringent quality standards and consumer preferences. This trend is evident in the performance of key industry players; according to PPG Industries, January 2024, in the 'Fourth Quarter and Full-Year 2023 Financial Results', automotive OEM coatings organic sales increased by a mid-single-digit percentage, driven by higher aggregate sales volumes. This specific segmental growth contributes to the broader financial health of the market. According to The Sherwin-Williams Company, January 2024, in the '2023 Year-End and Fourth Quarter Financial Results', consolidated net sales grew 4.1% to a record $23.05 billion, reflecting the enduring demand for diverse coating applications across these critical sectors.

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Key Market Challenges

Challenge: Volatility of raw material prices and supply chain complexities

The global paints and coatings market is significantly hampered by the ongoing volatility of raw material prices and persistent supply chain complexities. This unpredictability creates a precarious environment for manufacturers, who rely heavily on stable access to essential inputs such as resins, pigments, and solvents. When supply chains are disrupted by geopolitical tensions or logistical bottlenecks, the cost of these materials fluctuates wildly, making it difficult for companies to forecast expenses or maintain consistent pricing strategies. Consequently, manufacturers are often forced to absorb these increased costs, which erodes profit margins, or pass them on to consumers, which dampens demand and stifles market expansion.

This instability directly impacts production volumes and delays investment in growth initiatives, leading to contraction in key regional markets. For instance, according to the German Paint and Printing Ink Industry Association (VdL), in 2025, the industry reported a 4% decline in sales volumes, totaling 1.4 million tons for the year 2024. Such downturns in major manufacturing hubs illustrate how the inability to secure cost-effective raw materials and navigate complex supply networks acts as a braking mechanism on the broader industry's trajectory, preventing it from realizing its full economic potential.

Key Market Trends

The development of specialized coatings for electric vehicle batteries is rapidly gaining traction as the automotive industry accelerates its transition to electrification. Unlike traditional automotive paints, these functional coatings provide critical dielectric insulation and thermal management for battery packs and electric motors, ensuring safety and performance under high-voltage conditions. Manufacturers are increasingly collaborating with EV producers to tailor these solutions for longevity and efficiency, creating a new, high-value segment within the industrial coatings sector. According to AkzoNobel, September 2025, in the article 'AkzoNobel and NIO claim innovation prize', the company's Interpon A1000 technology, specifically engineered for battery shielding, has been applied to approximately 80,000 NIO electric vehicles since mass production commenced in November 2024.

Simultaneously, the market is experiencing a decisive shift toward water-borne and low-VOC formulations, driven by stringent environmental regulations and a heightened corporate focus on sustainability. This transition mitigates the release of hazardous solvents during application and aligns with broader decarbonization goals across the manufacturing footprint of major coating producers. Companies are actively reconfiguring their operations to support these eco-friendly product lines, resulting in measurable environmental improvements that appeal to environmentally conscious consumers and regulators. Illustrating this operational commitment, according to The Sherwin-Williams Company, May 2025, in the '2024 Sustainability Report', the firm achieved an approximate 16% reduction in Scope 1 and 2 greenhouse gas emissions, reflecting the tangible impact of adopting sustainable manufacturing technologies.

Segmental Insights

The Polyester segment is projected to be the fastest-growing category in the Global Paints and Coatings Market. This trajectory is largely fueled by the rising demand for powder coatings in the construction and appliance sectors, where polyester offers essential heat resistance and chemical durability. Furthermore, strict guidelines from regulatory bodies such as the U.S. Environmental Protection Agency concerning volatile organic compound emissions are accelerating the shift toward these low-emission alternatives. Manufacturers are increasingly prioritizing polyester resins to ensure compliance with environmental standards while maintaining consistent operational quality in industrial finishes.

Regional Insights

North America maintains a leading position in the global paints and coatings market due to sustained demand from the construction and automotive industries. The region benefits from distinct increases in residential renovation projects and commercial infrastructure development, which drives the consumption of architectural coatings. Furthermore, stringent regulations regarding hazardous air pollutants enforced by the Environmental Protection Agency compel the adoption of eco-friendly and low-volatile organic compound products. This regulatory environment supports the development of sustainable coating technologies. Consequently, the established industrial manufacturing base and automotive aftermarket further secure North America’s dominance in this sector.

Recent Developments

In October 2025, PPG announced a strategic collaboration with Xiaomi EV to co-develop exclusive automotive paint colors for the "100 Colors Project." This partnership aims to redefine personalization in the electric vehicle market by introducing 100 unique color options over a three-year period. As a key partner in this initiative, the company contributed to the development of the initial set of custom colors, leveraging its global color expertise and advanced coating technologies. The collaboration reflects a shared commitment to innovation and individual expression, enabling vehicle owners to select distinctive finishes that align with their personal style.
In January 2025, Axalta Coating Systems introduced "Evergreen Sprint" as its 2025 Global Automotive Color of the Year. This new shade, described as a rich and deep forest green, was designed to symbolize speed, performance, and sustainability in the automotive market. The launch highlighted the company's expertise in identifying color trends and its ability to formulate coatings that meet the evolving preferences of consumers and vehicle manufacturers. "Evergreen Sprint" features a versatile formulation suitable for various vehicle types, reflecting the industry's shift towards colors that evoke nature and environmental consciousness while maintaining a modern, sporty aesthetic.
In October 2024, Sherwin-Williams Aerospace Coatings introduced the 850 Series Skyscapes Effect Finishes, a high-performance polyurethane basecoat system for the aviation industry. Unveiled at the NBAA Business Aviation Convention & Exhibition, this product line offers a versatile range of aesthetic options, including complex mica and metallic effects for both small and large aircraft. The system was engineered to provide a durable, vibrant finish while significantly improving application efficiency for maintenance facilities and original equipment manufacturers. This launch underscored the company's commitment to delivering advanced coating solutions that combine visual appeal with operational benefits for the aviation sector.
In July 2024, AkzoNobel launched a new powder coating technology under its Resicoat brand, specifically designed to enhance the safety and production efficiency of electric vehicle battery systems. This innovative one-spray solution allows manufacturers to achieve the required film thickness and high dielectric strength in a single application, thereby eliminating the need for multiple coats. The technology was developed to address the growing demand for improved electrical protection in EV components such as cooling plates and battery covers. By simplifying the application process, the coating helps customers increase productivity and asset utilization while ensuring consistent electrical insulation.

Key Market Players

Dunn-Edwards Corporation
Asian Paints
RPM International Inc.
PPG Industries, Inc.
Kansai Nerolac Paints Limited
Nippon Paint Holdings Co., Ltd.
The Sherwin-Williams Company
BASF SE

By Technology	By Resin	By Sales Channel	By End-User	By Region
Water based Solvent based	Acrylic Alkyd Polyurethane Epoxy Polyester Others	Direct Indirect	Architectural Industrial Infrastructure	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Paints and Coatings Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Paints and Coatings Market, By Technology:

Water based
Solvent based

Paints and Coatings Market, By Resin:

Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Others

Paints and Coatings Market, By Sales Channel:

Direct
Indirect

Paints and Coatings Market, By End-User:

Architectural
Industrial
Infrastructure

Paints and Coatings Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Paints and Coatings Market.

Available Customizations:

Global Paints and Coatings Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Paints and Coatings Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Paints and Coatings Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Technology (Water based, Solvent based)

5.2.2. By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others)

5.2.3. By Sales Channel (Direct, Indirect)

5.2.4. By End-User (Architectural, Industrial, Infrastructure)

5.2.5. By Region

5.2.6. By Company (2025)

5.3. Market Map

6. North America Paints and Coatings Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Technology

6.2.2. By Resin

6.2.3. By Sales Channel

6.2.4. By End-User

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Paints and Coatings Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Technology

6.3.1.2.2. By Resin

6.3.1.2.3. By Sales Channel

6.3.1.2.4. By End-User

6.3.2. Canada Paints and Coatings Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Technology

6.3.2.2.2. By Resin

6.3.2.2.3. By Sales Channel

6.3.2.2.4. By End-User

6.3.3. Mexico Paints and Coatings Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Technology

6.3.3.2.2. By Resin

6.3.3.2.3. By Sales Channel

6.3.3.2.4. By End-User

7. Europe Paints and Coatings Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Technology

7.2.2. By Resin

7.2.3. By Sales Channel

7.2.4. By End-User

7.2.5. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Paints and Coatings Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Technology

7.3.1.2.2. By Resin

7.3.1.2.3. By Sales Channel

7.3.1.2.4. By End-User

7.3.2. France Paints and Coatings Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Technology

7.3.2.2.2. By Resin

7.3.2.2.3. By Sales Channel

7.3.2.2.4. By End-User

7.3.3. United Kingdom Paints and Coatings Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Technology

7.3.3.2.2. By Resin

7.3.3.2.3. By Sales Channel

7.3.3.2.4. By End-User

7.3.4. Italy Paints and Coatings Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Technology

7.3.4.2.2. By Resin

7.3.4.2.3. By Sales Channel

7.3.4.2.4. By End-User

7.3.5. Spain Paints and Coatings Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Technology

7.3.5.2.2. By Resin

7.3.5.2.3. By Sales Channel

7.3.5.2.4. By End-User

8. Asia Pacific Paints and Coatings Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Technology

8.2.2. By Resin

8.2.3. By Sales Channel

8.2.4. By End-User

8.2.5. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Paints and Coatings Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Technology

8.3.1.2.2. By Resin

8.3.1.2.3. By Sales Channel

8.3.1.2.4. By End-User

8.3.2. India Paints and Coatings Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Technology

8.3.2.2.2. By Resin

8.3.2.2.3. By Sales Channel

8.3.2.2.4. By End-User

8.3.3. Japan Paints and Coatings Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Technology

8.3.3.2.2. By Resin

8.3.3.2.3. By Sales Channel

8.3.3.2.4. By End-User

8.3.4. South Korea Paints and Coatings Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Technology

8.3.4.2.2. By Resin

8.3.4.2.3. By Sales Channel

8.3.4.2.4. By End-User

8.3.5. Australia Paints and Coatings Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Technology

8.3.5.2.2. By Resin

8.3.5.2.3. By Sales Channel

8.3.5.2.4. By End-User

9. Middle East & Africa Paints and Coatings Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Technology

9.2.2. By Resin

9.2.3. By Sales Channel

9.2.4. By End-User

9.2.5. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Paints and Coatings Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Technology

9.3.1.2.2. By Resin

9.3.1.2.3. By Sales Channel

9.3.1.2.4. By End-User

9.3.2. UAE Paints and Coatings Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Technology

9.3.2.2.2. By Resin

9.3.2.2.3. By Sales Channel

9.3.2.2.4. By End-User

9.3.3. South Africa Paints and Coatings Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Technology

9.3.3.2.2. By Resin

9.3.3.2.3. By Sales Channel

9.3.3.2.4. By End-User

10. South America Paints and Coatings Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Technology

10.2.2. By Resin

10.2.3. By Sales Channel

10.2.4. By End-User

10.2.5. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Paints and Coatings Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Technology

10.3.1.2.2. By Resin

10.3.1.2.3. By Sales Channel

10.3.1.2.4. By End-User

10.3.2. Colombia Paints and Coatings Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Technology

10.3.2.2.2. By Resin

10.3.2.2.3. By Sales Channel

10.3.2.2.4. By End-User

10.3.3. Argentina Paints and Coatings Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Technology

10.3.3.2.2. By Resin

10.3.3.2.3. By Sales Channel

10.3.3.2.4. By End-User

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Paints and Coatings Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Dunn-Edwards Corporation

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Asian Paints

15.3. RPM International Inc.

15.4. PPG Industries, Inc.

15.5. Kansai Nerolac Paints Limited

15.6. Nippon Paint Holdings Co., Ltd.

15.7. The Sherwin-Williams Company

15.8. BASF SE

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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