Comparing 16 vendors in Paints and Coatings across 100 criteria.
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The Paints and Coatings companies quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Paints and Coatings. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 300 Paints and Coatings companies of which the Top 16 Paints and Coatings Companies were categorised and recognized as the quadrant leaders.
Paints and coatings are substances applied to surfaces to protect, decorate, or enhance their appearance. They serve a variety of functional and aesthetic purposes, ranging from protecting environmental factors to adding color and texture to surfaces. Paints and coatings are used in numerous industries, including construction, automotive, aerospace, marine, electronics, and more.The 360 Quadrant efficiently maps the paints and coatings companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the paints and coatings quadrant. While the top criteria for product footprint evaluation included Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl and Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings and Powder Coatings), and End-Use Industry.
Key trends highlighted in 360 Quadrants:
- The global paints and coatings market was valued at USD 190.2 billion in 2022 and is projected to reach USD 223.7 billion by 2027, growing at a CAGR of 3.3% from 2022 to 2027. Rapid growth in infrastructural activities in the Asia Pacific and the expansion of the furniture industry, as well as the diversification of the Middle Eastern oil and other industries, are the major factors expected to drive the global paints and coatings industry during the forecast period.
- Rapid advancements are being made in the dynamics of the paints and coatings industry. Paints and Coatings companies are modifying their paints and coatings portfolio to meet the demand of the building and construction industry and automotive industries. For instance, in March 2023, PPG introduced the PPG ENVIROCRON Primeron primer powder portfolio, which is intended to offer superior corrosion protection for metal substrates such as steel, hot-dip galvanized steel, metalized steel, and aluminium. Depending on the substrate, operating environment, and end application, the series addresses a wide range of requirements. The series broadens the selection of tailored solutions for long-lasting corrosion protection for metal substrates.
- The Waterborne technology segment is projected to witness the highest CAGR of 3.5% in terms of value from 2022 to 2027, Waterborne coatings decrease the possibility of a fire, make cleanup simpler (leaving behind less dangerous residues), and expose employees to fewer organic fumes. Some of the Paints and Coatings companies in the domain include Dulux Paint, PPG, AkzoNobel, Sherwin-Williams and others.
- Based on resin type, Acrylic dominated the global paints and coatings market, in terms of value and volume, in 2022, the segment is driven by the demand for acrylic paints & coatings is high in the automotive, medical device, paints & coatings, and building & construction industries.
- Globalization, urbanization, rising standards of living, rising purchase power parity (PPP), infrastructure development, and the urgently growing need to build megacities in emerging nations are all factors that are boosting the global construction industry and, consequently, the demand for paints and coatings.
- A major aspect of creating development prospects for paints and coatings companies is increasing investments in emerging markets and less regulated countries. Due to the enormous expansion of the building sector, ornamental (architectural) paints and coatings are in great demand in rising economies in the Asia Pacific.
- Another primary reason driving the for paints and coatings companies is the increased demand for developing and increasing the performance of coatings. Paints and Coatings manufacturers are continuously introducing new products to meet the demand of customers. For instance, in September 2022, PPG launched PPG VERSOLON Solutions, a newly formed brand designed to simplify PPG's offerings to light industrial customers including liquid coatings, powder coatings and allied products, and provide exceptional service. Similarly, companies like Asian paints, Sherwin-Williams, Berger Paints and AkzoNobel have introduced the products they marketed with a multi-year guarantee against corrosion, mostly because of improvements in the performance of coatings.
- The Alkyd resins segment is expected to dominate in 2022, in terms of value, the growing demand for alkyd resins is in the developing region of Asia Pacific in the building and construction industry.
- When it comes to applications that demand the highest level of abrasion resistance and hardness, powder-based industrial coatings with minimal VOC emission offer superior performance and cost-effectiveness. Binders, pigments, and additives are all 100% solid components of powder coatings and are atomized into tiny powder particles. Solvents are not present in them. Powder coatings come in two varieties: thermoplastic and thermosetting. For instance, in August 2022, PPG invested USD 11 million to double the production capacity of its powder coatings plant in San Juan del Rio, Mexico.
- Asia Pacific was the largest market for paints and coatings companies, accounting for 54% of the overall market in terms of volume, followed by North America and Europe in 2022, and it is expected to be the fastest-growing region during 2022 and 2027. The reason for this is the need for automotive OEM and refinish paints & coatings is being driven by the steady increase in passenger car ownership in the region.
- This market is dominated by major paints and coatings companies Sherwin-Williams (USA), PPG Industries (USA), AkzoNobel (Netherlands), RPM Inc (USA), and Nippon Paints (Japan) These paints and coatings companies account for an approximate 35%-40% share of the overall paints and coatings market.
- Companies are adopting various strategies for acquisitions, product launches, and contracts & agreements to increase their share in the market. Some of the paints and coatings companies are focusing on launching new technologies and expanding their manufacturing unit and meet the rising purchasing power and disposable income in the emerging regions in the Asia Pacific and South American region. For instance, In April 2022, PPG acquired Arsonsisi's powder coatings business for expanding its manufacturing capabilities in Europe, the Middle East and Africa region.
- Paints and Coatings companies are also focused on building strategies to address the demand for the automotive industry. Cite an example, in 2022, AkzoNobel acquired Grupo Orbis to expand its position in South and Central America and has been focusing more on water-borne paints as the trend for solvent-borne paints is likely to fade out gradually in the European and Latin American regions.
- Most of the paints and coatings companies are introducing innovative technologies, for reducing the risk of fire, reducing air emissions, and reducing the number of workers. These companies are trying to provide excellent adhesion, low toxicity, and flammability due to low VOC levels. For instance, in April 2021, PPG introduced PPG ERGOLUXE powder coatings for metal office furniture. Offering a unique polyester-hybrid technology, the new coatings provide styling and sustainability benefits over traditional liquid or solvent-based coatings for seating solutions, desks, cabinets and more.
The Full List
|Company||Headquarters||Year Founded||Holding Type|
|Akzo Nobel||Amsterdam, Netherlands||1994||Public|
|Axalta Coating||Philadelphia, USA||1866||Public|
|Beckers Group||Berlin, Germany||1865||Private|
|Berger Paints||Kolkata, India||1923||Public|
|Hempel A/S||Lyngby, Denmark||1915||Private|
|Jotun A/S||Sandefjord, Norway||1926||Private|
|Kansai Paint||Osaka, Japan||1918||Public|
|Nippon Paint||Osaka, Japan||1881||Public|
|SK Kaken||Ibaraki, Japan||1955||Public|
|Tiger Coatings||Wels, Austria||1930||Private|