The global paint and coatings industry is a major subset of the international chemical industry. Coatings refer broadly to any type of covering that is applied to an object's surface for functional or decorative reasons, or both.
are a subset of coatings that are also used as a protective coating or as a decorative, colorful coating.
In 2023, the
was estimated to be valued at some 179.98 billion U.S. dollars. It is forecast that by 2032 the sector’s market value will surpass 255.59 billion U.S. dollars. Market growth is mainly driven by increasing demand in the
, with the automotive, general industrial, coil, wood, aerospace, railing, and packaging coatings markets also driving demand growth.
Asia is the world's leading paint and coatings market
The Asia-Pacific region constitutes the largest paint and coatings industry worldwide, with a
market share of 45 percent in 2022. The region's commanding share of the market is expected to expand even further, driven by the continued population growth and urbanization in China and India. It is forecast that the
compound annual growth rate (CAGR) of the industry in Asia between 2021 and 2026 will amount to roughly six percent. Architectural paints are one of the major demand areas of the global paints and coatings industry, which are used for decorative and protective purposes for various residential, commercial, industrial, and government buildings.
Coatings as a technological solution
Research and development in the coatings industry for a variety of very specific applications is very active as there are many different types of surfaces in the world that need to be optimized or protected in some way. To name just a few applications,
nanocoatings, hydrophilic (water attracting) coatings,
hydrophobic (water repellent) coatings, and
antimicrobial coatings are all sub-segments of the industry.
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