Paints And Coatings Market 2030: Navigating Raw Material Cost Challenges

Global Paints and Coatings Market Overview

The global paints and coatings market was valued at USD 211.28 billion in 2024 and is projected to reach USD 280.19 billion by 2030, growing at a CAGR of 5.0% from 2025 to 2030. This growth is driven by increasing product consumption across the construction, automotive, and general industrial sectors.

Emerging economies such as India, China, and nations in Southeast Asia are expected to be major contributors to market expansion due to accelerated urbanization and industrialization, particularly in construction. In fact, the construction industry accounted for over 40% of total global demand in 2024, making it the largest consumer segment for paints and coatings.

Rapid infrastructure development across Asia Pacific, Latin America, and the Middle East is contributing significantly to this demand. According to the International Trade Administration (ITA), China leads the world in urbanization. The American Institute of Architects (AIA) Shanghai noted in 2022 that China is on track to add construction capacity equivalent to 10 New York-sized cities by 2025. Additionally, estimates from India’s National Investment Promotion & Facilitation Agency suggest that 600 million people will reside in urban centers in China by 2030, necessitating 25 million new mid-end and affordable housing units. These dynamics are expected to further increase demand for paints and coatings.

The industry has also seen a notable shift towards eco-friendly and sustainable materials, in line with green chemistry principles. Growing consumer awareness and stringent environmental regulations—especially those aimed at reducing volatile organic compounds (VOC) emissions—have fueled demand for solvent-free and low-VOC alternatives.

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Environmental regulations in the U.S., China, and Western Europe are anticipated to play a critical role in promoting the adoption of low-pollution coating technologies. Products such as high-solids, powder coatings, water-based coatings, and UV-curable coatings are becoming increasingly popular, as they significantly reduce or eliminate VOC emissions, supporting global sustainability goals.

Key Market Trends and Insights

• Asia Pacific led the global paints and coatings market in 2024, accounting for a 35% revenue share.
• China remains a key growth market in the region due to high urbanization and infrastructure development.
• By product type, waterborne coatings dominated with a 40.8% revenue share in 2024, driven by environmental compliance and performance advantages.

Market Size & Forecast Summary

• 2024 Market Size: USD 211.28 Billion
• 2030 Projected Market Size: USD 280.19 Billion
• CAGR (2025–2030): 5.0%
• Leading Region (2024): Asia Pacific

Key Company Insights

Several major players dominate the paints and coatings industry, with top manufacturers focused on product innovation, sustainability, and supply chain integration:

• Akzo Nobel N.V., The Sherwin-Williams Company, BASF SE, PPG Industries, RPM International, Nippon Paint Holdings, and Asian Paints together held approximately 58% of the global market share as of 2023.
• These companies outperform regional players by integrating operations across the value chain, streamlining supply chain activities, and minimizing production and operating costs.
• Ongoing investments in new product development and coating technologies are aimed at meeting the diverse needs of end users while aligning with environmental and performance standards.

Leading Paints and Coatings Companies

The following are key market participants that significantly shape industry trends:

• Jotun
• The Sherwin-Williams Company
• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• PPG Industries, Inc.
• RPM International, Inc.
• BASF SE
• Henkel AG & Company, KGaA
• Contego International Inc.
• Hempel A/S
• No-Burn Inc.
• Nullifire
• 3M
• Albi Protective Coatings

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Conclusion

The global paints and coatings market is on a steady growth trajectory, set to expand from USD 211.28 billion in 2024 to USD 280.19 billion by 2030. This growth is supported by robust demand in the construction and automotive sectors, particularly in rapidly urbanizing and industrializing regions like Asia Pacific. The shift toward sustainable, low-VOC products—driven by both consumer preference and regulatory pressure—is reshaping the industry's product landscape. With major players focusing on innovation and operational efficiency, the market is well-positioned to meet evolving global demands over the forecast period.