Global Paints and Coatings Market Insights 2024-2031: Key Drivers Include Urbanization, Infrastructure Modernization, and Advanced Formulations

The Global Paints and Coatings Market reached US$ 197.8 billion in 2023 and is projected to increase to US$ 260.5 billion by 2031, expanding at a CAGR of 3.5 percent during 2024-2031. Growth is driven by rising construction activities, infrastructure modernization, demand for protective industrial coatings, and increasing adoption of high-performance and eco-friendly formulations across end-use sectors.

The market holds a solid position as a critical component of the global construction, automotive, marine, industrial, and decorative segments. Advancements in waterborne, powder, and UV-cured coatings, along with strict environmental regulations pushing low-VOC solutions, continue to elevate the industry's innovation landscape. With expanding urbanization, refurbishment spending, and technological upgrades in protective coatings, the Paints and Coatings Market remains a fundamental pillar of global manufacturing and infrastructure development.

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The Paints and Coatings Market covers products used to protect, preserve and enhance the appearance and performance of surfaces across industries including construction, automotive, industrial and consumer applications.

Key Developments

United States

✅ September 2025: The U.S. paints & coatings market was valued at approximately USD 33.65 billion in 2025, with strong growth expected over the next decade driven by sustainability trends and construction demand.

✅ July 2025: Major coatings companies are expanding their low-VOC and water-based product lines as consumer preference shifts toward eco-friendly formulations.

✅ May 2025: High-performance coatings demand rose, particularly in automotive and infrastructure, fueled by electric vehicle growth and infrastructure spending.

✅ March 2025: Coating manufacturers intensified R&D in smart and functional coatings (e.g., self-healing, antimicrobial) to differentiate in a crowded market.

Japan

✅ November 2025: The Japanese decorative paints and coatings market is projected to reach around USD 6.21 billion by 2030, driven by demand for durable, eco-friendly coatings and innovations in color and smart paint technologies.

✅ 2025 (Mid-year): Japanese companies are accelerating the shift from solvent-based to waterborne and powder coatings, driven by stricter environmental regulation and customer demand.

✅ April 2025: The architectural coatings segment in Japan saw strong uptake in waterborne systems, supported by renovation activity and energy-efficiency incentives in older housing stock.

Mergers & Acquisitions

United States

✅ November 2025: AkzoNobel announced an all-stock merger with Axalta Coating Systems to create a $25 billion global coatings leader, combining their complementary portfolios to capture scale and synergies.

✅ July 2025: Sherwin-Williams lowered its 2025 profit forecast, citing soft DIY paint demand and signaling a possible shift in strategic priorities and cost structure.

Japan

✅ October 2025: Leading Japanese paint companies increased investment in R&D partnerships to accelerate development of low-VOC, high-performance coatings tailored to both industrial and decorative sectors.
✅ September 2025: Nippon Paint and Kansai Paint expanded capacity for eco-friendly and multifunctional coatings through joint ventures, reinforcing their competitive positions in sustainable formulations.

Key Players:

AkzoNobel N.V. | PPG Industries, Inc. | The Sherwin-Williams Company | Axalta Coating Systems | Jotun | Nippon Paint Holdings Co., Ltd. | Asian Paints Limited | Kansai Paint Co., Ltd. | RPM International Inc. | Tikkurila

Key Highlights:

• AkzoNobel N.V. - Reported EUR 10.7 billion in 2024 revenue, driven by strong demand for decorative paints, performance coatings, and sustainable surface protection solutions globally.

• PPG Industries, Inc. - Achieved USD 18.2 billion in 2024 revenue, supported by growth in industrial coatings, automotive OEM coatings, and advanced protective applications.

• The Sherwin-Williams Company - Delivered USD 23.0 billion in 2024 revenue, maintaining its position as a global leader in architectural paints, industrial coatings, and specialty finishes.

• Axalta Coating Systems - Recorded USD 5.2 billion in 2024 revenue, driven by strong performance in automotive refinishing, industrial powder coatings, and energy-efficient coating systems.

• Jotun - Generated NOK 32.6 billion (approx. USD 3.1 billion) in 2024 revenue, supported by marine coatings, protective coatings, and decorative paint segments across global markets.

• Nippon Paint Holdings Co., Ltd. - Achieved JPY 1.4 trillion (approx. USD 9.3 billion) in 2024 revenue, propelled by high demand in Asia-Pacific across decorative, automotive, and industrial coatings.

• Asian Paints Limited - Reported INR 42,173 crore (approx. USD 5.1 billion) in FY 2024 revenue, driven by robust growth in home décor, decorative paints, and industrial coatings categories.

• Kansai Paint Co., Ltd. - Delivered JPY 548 billion (approx. USD 3.6 billion) in 2024 revenue, supported by expansion in automotive coatings and infrastructure-protective solutions.

• RPM International Inc. - Achieved USD 7.3 billion in FY 2024 revenue, strengthened by strong demand for protective coatings, sealants, and specialty chemicals.

• Tikkurila - A major Northern European coatings brand, now part of PPG; continues to contribute to PPG's European decorative coatings portfolio with strong regional market penetration.

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Market Drivers & Growth

- Increasing construction activities in residential, commercial, and infrastructure sectors is driving demand for decorative paints and architectural coatings.

- Strong growth in automotive manufacturing, industrial machinery, and consumer goods is boosting the need for high-performance protective coatings.

- Rising focus on corrosion protection in oil & gas, marine, and heavy-industry applications is supporting demand for advanced industrial coatings.

- Growing preference for water-based, low-VOC, and eco-friendly coating formulations due to stricter environmental regulations.

- Expansion of renovation and refurbishment activities across developed and developing regions is contributing to steady market growth.

Industrial Advances & Developments

- Introduction of high-durability coatings with enhanced resistance to chemicals, UV radiation, and weathering.

- Development of smart coatings, including self-healing, anti-microbial, and thermal-insulation coatings for specialized applications.

- Increased adoption of powder coatings and UV-curable coatings due to their low emissions and efficient curing processes.

- Technological improvements in nano-coatings that provide superior surface protection and performance.

- Growing use of digital color-matching tools and automated paint dispensing systems in the retail and industrial sectors.

Regional Insights

North America: Strong market supported by infrastructure maintenance, industrial activity, and demand for high-performance protective coatings.

Europe: Growth driven by strict environmental standards, renovation projects, and widespread adoption of sustainable coating technologies.

Asia-Pacific: Fastest-growing region due to rapid urbanization, construction expansion, and rising automotive production in China, India, and Southeast Asia.

Latin America: Moderate growth encouraged by construction recovery and increasing industrial investment.

Middle East & Africa: Growing demand from large-scale infrastructure, commercial construction, and oil & gas projects.

Key Segments:

➥ By Resin
Epoxy leads the market due to exceptional durability, adhesion, and chemical resistance. Polyurethane grows rapidly for high-performance industrial and automotive uses. Acrylic and Alkyd remain widely used for architectural coatings, while advanced resins like Fluoropolymers and PEEK variants gain traction in aerospace and high-end engineering applications.

➥ By Technology
Water-based coatings dominate due to low VOC emissions and regulatory compliance. Powder coatings expand across industrial and consumer applications for their superior finish and eco-friendly profile. Solvent-based systems remain relevant for heavy-duty environments, while UV-cured and EB-cured coatings rise in electronics and precision applications.

➥ By Resin Characteristics
Thermoset coatings dominate for long-term durability and protective performance. Thermoplastic coatings grow in applications requiring flexibility and recyclability. Commodity coatings remain widely used in construction, while engineering coatings gain momentum in aerospace, marine, and high-stress industrial environments.

➥ By End-Users
Architectural and Industrial sectors remain the largest consumers due to extensive construction and manufacturing activity. Marine and Aerospace require high-performance corrosion and weather-resistant coatings. Packaging coatings grow with rising demand for safe, durable, and protective material finishes. Rail continues adopting advanced coatings for durability and safety.

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