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There has been a wide usage of paints & coatings in various sectors such as wood, automotive, transportation, and construction. This led to an increasing trend of high-tech coatings for covering all corners and crevices of multifaceted metal parts. The demand for coatings and paints is growing owing to the rise in the construction industry.
As per a report by Fortune Business Insights™, the market for paints & coatings reached USD 164 billion in 2022. The market is set to reach USD 171.55 billion by 2023 and is set to reach USD 241.32 billion by 2030 with a CAGR of 5% over the forecast period. They are used to protect the substrates, conserving material resources and energy. Focus on reducing the volatile organic compounds for waste minimization, efficiency enhancement, and resource and energy conservation is estimated to drive the market. Various applications in non-residential and residential infrastructures, automobile & marine, decorating, industrial wood, and others are anticipated to propel market growth.
The Sherwin-Williams Company is a U.S.-based paints & coatings manufacturing company. It is one of the main companies in the industry, and its primary markets are in North and South America, with additional operations in the Caribbean, Europe, Asia, and Australia. The company manufactures, distributes, develops, and sells paints, coatings, and related products to professional, commercial, industrial, and retail customers.
In February 2022, Sherwin-Williams signed an agreement with the state of North Carolina, Statesville city, and Iredell County for the expansion of its architectural paints & coatings manufacturing capacity. The agreement will also help in the establishment of a larger distribution facility in Statesville, North Carolina.
PPG Industries Inc. is a Fortune 500 company based in the U.S. and is a global supplier of paints, specialty materials, and coatings. The company serves customers in consumer products, construction, transportation, and industrial markets, and aftermarkets with manufacturing facilities and equity affiliates in more than 70 countries.
In June 2021, PPG acquired a Tikkurila that will work with PPG to aid customers with expanded paints & coatings options, which will include Tikkurila’s eco-friendly decorative products and high-quality industrial coatings.
AkzoNobel N.V. is normally traded as AkzoNobel. It is a Dutch MNC, which makes coatings and paints for consumers and industries globally. The company has a strong presence in the Netherlands and across 150 countries. The company has its business segments in industrial coatings, automotive & specialty coatings, decorative paints, marine, protective and yacht coatings, and powder coatings. The company is headquartered in Amsterdam.
In June 2021, AkzoNobel acquired Grupo Orbis, a Colombia-based paints & coatings company, for expanding AkzoNobel’s South and Central America regional reach.
Started in 1881, Nippon Paint Holdings Co. Ltd. is one of the oldest running manufacturers and suppliers of coatings and paints. The company operates in the paint and coating business, which distributes and manufactures automobile coatings, fine chemicals, industrial coatings, decorative paints, and others. Its paint peripheral business manufactures and sells paints-related products such as adhesives.
In July 2021, Nippon Paint Industrial Coatings Co., Ltd. released PROTECTION BARRIER X SPRAY, an anti-bacterial and anti-viral spray. This product is used to create a safe space in public places such as offices, medical institutions, public transportation, living spaces, and schools.
RPM International Inc. is an American company founded in 1947. RPM’s subsidiaries market products in approximately 165 countries and territories and operate manufacturing facilities in approximately 122 locations. The brand’s portfolio includes Carboline API, CAVE, DAP, Ekspan, Day-Glo, Euclid, Dri-Eaz, Dryvit, EUCO, Fibregrid, Fibrecrete, Flecto, Fibergrate, Flowcrete, Grupo PV, illbruck, Kemtile, Hummervoll, Key Resin, Nudura, Mohawk, Prime Resins, RustOleum, Stonhard, Strathmore, Toxement, TCI, Tremco, Tuf-Strand, Universal Sealants, Watco, Zinsser, Viapol, and Specialty Polymer Coatings.
In June 2021, RPM International, Inc. declared that the Carboline subsidiary of the company acquired the Dudick Inc. business. This acquisition will help Carboline to secure its position in the secondary containment linings market, and later also expand its footprint across the world.
Axalta Coatings Systems, Ltd. or simply known as Axalta specializes in coatings in a broad variety of industrial materials, applications, and sectors such as automotive paints & coatings. It functions in two business segments, performance coatings and transportation coatings. The company operates in North America, Asia Pacific, Latin America, and EMEA globally.
In May 2021, Axalta Coating System expanded its waterborne coatings production unit in Jiading, Shanghai, China. The expansion is set to meet the rising demand for sustainable coating solutions for commercial vehicle, industrial, and automotive markets in the Asia Pacific region. The expansion has newly added primer, waterborne basecoat, and small batch capacity, featuring the advanced product and production technology available.
Kansai Paints is a Japan-based chemical company. The company offers products in decorative coatings, protective coatings, industrial coatings, automotive coatings, and automotive refinish coatings. The company operates in the Americas, Europe, Africa, China & East Asia, Japan, South Asia, Southeast Asia, and Africa.
Asian Paints Ltd. is an Indian multinational paint company located in Mumbai, India. Asian Paints manufactures and sells a wide range of coatings and paints for industrial and decorative use, products related to home decor, bath fittings, and provides other related services. The company operates in 14 countries and has 26 paint manufacturing facilities globally, servicing consumers in over 60 countries. In addition, the company’s manufacturing operations are present in South Asia and the Middle East.
In August 2021, Asian Paints launched Royale Glitz, a luxurious interior wall paint. The paint is used for green design properties such as low Volatile Organic Compounds (VOC) emission.
Jotun Group is a Norwegian multinational chemicals company that deals with sales of protective and powder coatings decorative paints. The group has 67 companies in 47 countries, with 38 production units across 23 countries, and is represented in more than 100 countries worldwide.
In November 2020, Jotun launched a new range of premium antifouling coatings for its SeaQuantum S-line, which offers tailor-made fouling protection.
Dunn-Edwards Corporation is a manufacturer and distributor of architectural and industrial coatings. The company operates in three business segments, interior paints & primers, exterior paint and finishes, and industrial finishes & high-performance paint. Dunn-Edwards’ products are sold by the company-owned 153 stores and numerous dealerships throughout California, Utah, Arizona, Montana, Kentucky, New Mexico, Texas, Nevada, Wyoming, and Oregon.
Rise in Virtual Events and Concerts to Create Opportunities for the Market
The trend for high-tech coatings, including cationic electrocoating that covers all corners and crevices is expected to create opportunities for market growth. High-performance ceramic also increases the life of the components they are applied to. However, the main focus of such coatings is to reduce the VOC for waste minimization, efficiency enhancement, and resource and energy conservation.