The new report from MarketsandMarkets titles "Paint and Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), & Region - Global Forecast to 2027," explains that the market size is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%. The demand for paint and coatings is primarily influenced by the demand trends in the building and construction, automotive, marine, packaging industry and in the growing economy. The companies have adopted various strategies, such as investment and expansion, merger and acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the paints and coatings market.

The Asia Pacific is the fastest-growing paint and coatings market due to the rapid infrastructural activities in the region, triggered by the availability of raw materials, low-cost labor, Asia Pacific’s increasing trade relations with other regions, and private sector involvement. The rising population and rapid urbanization in the emerging economies of Asia Pacific also contribute significantly to the market growth. In developed regions, such as North America and Europe, the constant rise in passenger car ownership is acting as a driver for automotive OEM and refinish paints & coatings.

The major players in the global paints & coatings market are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N.V. (Netherlands), Axalta Coating Systems LLC (US), and Jotun A/S (Norway). These players opted for inorganic growth through mergers & acquisitions, agreements, and partnerships. For instance, in December 2022, AkzoNobel has completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio. There is high demand for decorative (architectural) paints & coatings in the emerging markets of Asia Pacific due to the significant growth of the construction industry. Environment-friendly characteristics, durability, and better aesthetic appearance drive consumption in various applications. Growing investment in the emerging markets and less regulated regions is a key factor providing growth opportunities for the market players. However, stringent and time-consuming regulatory policies are major challenges for the market players.