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. Paints 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 46 percent in 2023. 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. While Asia dominates in market share,
the Middle East is poised for the strongest growth, with volume increases of 3.1 percent in 2023 and 3.9 percent projected for 2024. In contrast, North America is expected to see a 4.8 percent decline in market volume in 2023.
Top players
The global paint and coatings industry is dominated by two major players: Sherwin-Williams and PPG Industries.
Both companies, held a market share of approximately 11 percent in 2022. The global paints and coatings market is a dynamic and competitive landscape, with several key players vying for dominance. Sherwin-Williams, headquartered in the U.S.,
boasts a reported revenue of 23 billion U.S. dollars in 2023. While their roots are in North America, their influence extends globally through strategic acquisitions and a diversified product portfolio catering to architectural, industrial, automotive, and marine sectors. Similarly, PPG Industries, also a U.S.-based giant,
reported a revenue of 18.2 billion U.S. dollars in 2023. PPG has established itself as a truly global company with a strong presence across all continents, offering a comprehensive range of coatings and specialty materials for diverse industries, from automotive to aerospace.
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