Paints and Coatings Market to Reach USD 313.2 Billion by 2035, Driven by Rapid Urbanization and Sustainability Initiatives | TMR

Paints and coatings market, valued at US$ 202.6 billion in 2024, is projected to grow steadily at a CAGR of 4.0% from 2025 to 2035, reaching approximately US$ 313.2 billion by the end of 2035. The market's growth trajectory is strongly influenced by rising urbanization, infrastructure development, and the transition toward eco-friendly coatings technologies across the globe.

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Infrastructure Development and Urbanization to Drive Global Demand
Rapid infrastructure expansion and large-scale urban housing projects across Asia, Africa, and the Middle East are major contributors to market growth. Governments in emerging economies are investing heavily in urban infrastructure and housing, generating robust demand for decorative and protective coatings.

According to United Nations projections, by 2050, nearly two-thirds of the global population will reside in urban areas-up from 56% in 2020. This urbanization wave is accelerating the consumption of paints and coatings across residential, commercial, and industrial sectors.

China continues to dominate with over 15 million new housing units constructed annually, each requiring decorative and protective coatings.

India's Smart Cities Mission, backed by a US$ 13 billion investment, is transforming urban infrastructure and spurring demand for architectural coatings.

In the United States, the US$ 1.2 trillion Infrastructure Investment and Jobs Act has intensified coatings requirements for bridges, roads, and public facilities.

Meanwhile, Saudi Arabia's Vision 2030, with over US$ 130 billion in infrastructure projects, including the futuristic NEOM City, is boosting demand for advanced coatings across the Middle East.

Collectively, these initiatives represent a powerful global driver underpinning growth across the decorative, protective, and industrial coatings markets.

Transition Toward Sustainable and Low-VOC Coatings
The paints and coatings industry is undergoing a structural shift toward eco-friendly and sustainable formulations, propelled by stringent environmental regulations and consumer demand for greener alternatives.

In Europe, the EU Directive 2004/42/EC mandates VOC limitations, encouraging the widespread adoption of waterborne coatings, which now account for over 75% of the decorative paint sector in Western Europe.

In the U.S., the Environmental Protection Agency (EPA) and regional bodies such as the South Coast Air Quality Management District (SCAQMD) are enforcing VOC compliance standards, pushing manufacturers toward low-VOC and zero-VOC coatings.

In Asia, countries like China and Japan have implemented mandatory VOC emission standards since 2020, prompting a major transition to powder-based and waterborne technologies.

Leading manufacturers are responding with innovation. AkzoNobel and Nippon Paint have introduced bio-based coatings that claim up to 30% reduction in carbon footprint compared to conventional alternatives. Similarly, automotive OEMs such as Tesla and BMW have shifted entirely to waterborne basecoats for sustainable production lines.

This convergence of regulatory action, corporate sustainability commitments, and consumer awareness is transforming eco-friendly coatings from a compliance requirement into a strategic growth opportunity for global players.

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Building & Construction Segment Dominates Market Share
The Building & Construction sector accounts for nearly 43% of total global paints and coatings demand, making it the dominant end-use segment. Coatings play a critical role in enhancing aesthetic appeal, extending material lifespan, and improving resistance to UV exposure, corrosion, and weathering.

Key growth markets include:

China, which invests over US$ 1 trillion annually in housing and infrastructure.

India, where urban housing and public projects are accelerating demand for both decorative and protective coatings.

The U.S., where public infrastructure renewal is significantly expanding coating consumption.

Europe, driven by energy-efficient renovation programs and architectural refurbishment projects.

As construction and urban renewal gain momentum globally, architectural coatings remain a cornerstone of the industry's expansion.

Asia-Pacific Leads Global Market Growth
Asia-Pacific continues to be the largest and fastest-growing region, accounting for approximately 45% of global consumption. The region's leadership is attributed to industrialization, infrastructure investment, and automotive manufacturing strength.

China, India, Japan, South Korea, Vietnam, and Indonesia are major contributors.

Indonesia alone has allocated US$ 400 billion toward post-2020 infrastructure projects, creating strong demand for construction coatings.

Vietnam's real estate sector, backed by over US$ 3 billion in annual FDI, is rapidly increasing consumption of decorative paints.

Japan and South Korea, producing over 12 million vehicles annually, sustain high demand for automotive OEM coatings.

China's dominance in shipbuilding (accounting for over 40% of global new ships) further enhances marine coating requirements.

North America and Europe remain mature but stable markets, driven by renovation trends and eco-friendly product adoption, while the Middle East and Africa offer emerging opportunities tied to urban development and smart city initiatives.

Competitive Landscape and Industry Consolidation
The global paints and coatings market is highly consolidated, with key players pursuing strategic mergers, acquisitions, and sustainability-led innovations to strengthen their positions.

The Sherwin-Williams Company remains the market leader, with over US$ 23 billion in annual revenue and a global footprint spanning 120 countries. In 2025, Sherwin-Williams acquired BASF's Brazilian paints business (Suvinil and Glasu) for US$ 1.15 billion, expanding its reach in Latin America.

PPG Industries, Inc., with US$ 18 billion in annual sales, recently sold its U.S. and Canada architectural coatings operations to American Industrial Partners for US$ 550 million to optimize its global portfolio and focus on high-margin sectors.

Other major companies include BASF SE, AkzoNobel N.V., Axalta Coating Systems, RPM International, Nippon Paint Holdings, Berger Paints, Asian Paints, Kansai Paint, Hempel A/S, and Jotun.

These companies are focusing on digital color-matching technologies, high-performance industrial coatings, and bio-based formulations to capture evolving customer demand and maintain competitive differentiation.

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Market Outlook
The paints and coatings industry is evolving beyond mere surface aesthetics to become a key enabler of sustainable urbanization and material preservation. With growing environmental awareness, rising infrastructure investment, and the continuous development of smart, functional, and eco-friendly coatings, the sector is set for long-term resilience and growth.

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