The global paints and coatings market revenue was valued at US$ 175.8 billion in 2021 and is projected to reach US$ 278.4 billion by 2031. The market will register a CAGR (Compound Annual Growth Rate) of 4.7% during the forecast period from 2022 to 2031.
Paint can be defined as a mixture or dispersion of opaque pigments or powders in a liquid or vehicle. Coatings include other materials that can be considered paint-like in their use such as varnishes and inorganic binders. Paints and coatings serve as the first line of defense between the facility and the environment. Knowing the components and formulations is an essential part of selecting the right paint or coating. Organic coatings have three basic components, solvent, resin, and pigment. A fourth component, additives, may be present to modify or improve specific properties related to processing, appearance, or performance. Not all coatings contain all four components.
Factors Affecting Market Growth
The rise in awareness for using eco-friendly products among citizens of both developed and developing economies has increased in popularity of paints and coatings with minimal or no volatile organic compounds emissions in various end-use sectors post-COVID-19 scenarios. Furthermore, the building & construction, and transportation activities have been back on track and start functioning at full capacity post-COVID-19 period, which is expected to drive the paints and coatings market growth.
Factors such as a surge in disposable income, technological upgrades, and spurring a rise in original equipment manufacturers have led the automotive sector to witness significant growth. Where paints and coatings are used for corrosion protection applications in under-hood parts, engine components, the interior of containers, and storage vessels which is driving the market growth.
Rise in population coupled with rapid urbanization has surged the growth of the architecture & construction sector in both developed and developing economies such as the U.S., China, India, and others where paints and coatings are used for flooring, wall finishing, and roofing applications which is a driving factor for market growth.
There are certain health hazards associated with the use of volatile organic compounds containing paints & coatings. For instance, high levels of VOCs in the paint could particularly affect asthmatic and sinusitis patients. Furthermore, VOCs can cause severe irritation to the throat & eyes and a burning sensation to the nasal membranes which will hamper the market growth.
COVID-19 Pandemic Effect on Market Growth
The paints and coatings market has been hampered due to the emergence of the COVID-19 pandemic owing to its dependence on building & construction, automotive & transportation, industrial, aerospace, and various sectors. However, the building and construction, and transportation activities have been back on track and operating at full capacity post-COVID-19 period, which is expected to boost the growth of the paints and coatings demand.
Regional Analysis
The Asia-Pacific paints and coatings market size is projected to grow at the highest CAGR during the forecast period due to the rise in automotive, building & construction, aerospace, and industrial sectors that have enhanced demand for paints and coatings in Asia-Pacific.
China's industrial sector is increasing rapidly, which has uplifted the performance of the paints & coatings market in the region. Furthermore, countries such as India, Australia, Indonesia, and Malaysia are having more building & construction resulting in more paints and coatings use which has been a driving factor in the market.

Leading Competitors
Nippon Paint Holdings Co. Ltd.
PPG Industries Inc.
RPM International Inc.
The Sherwin-Williams Company
Axalta Coating Systems LLC
Indigo Paints Ltd
Kansai Paint Co. Ltd.
Kwality Paints and Coatings Pvt. Ltd.
Akzo Nobel N.V.
Asian Paints Ltd
Others
Segmentation Analysis
The global paints and coatings market segmentation focuses on, Resin, Product Type, Application, and Region.
Segmentation based on Resin
Epoxy
Polyester
Polyurethane
Vinyl
Acrylic
Alkyd
Others
Segmentation based on Product Type
Solvent-borne coatings
Powder coatings
Waterborne coatings
Others
Segmentation based on Application
Industrial
Architectural
Others
Segmentation Based on Region
North America
U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe

Asia-Pacific
China
India
Japan, South Korea
ASEAN
Rest of Asia-Pacific

Middle East & Africa (MEA)
Brazil
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America