Table of Contents
With the overabundance of information available today, it can be difficult to identify trustworthy resources to support strategic planning efforts. Together with the World Coatings Council and the American Coatings Association (ACA), ChemQuest is pleased to announce the availability of the highly anticipated and uniquely trusted Global Market Analysis for the Paint & Coatings Industry (2024-2029). This in-depth study of the global market provides data, insights, and forecasts to help you gain a thorough understanding of the dynamics shaping the industry, as well as a competitive edge to plan for the future.
In addition to data gleaned from ChemQuest TraQr®, external reliable sources, and our subject matter experts’ decades of experience, ChemQuest incorporated findings from extensive interviews with numerous industry experts. These insights provide a solid base for analyzing the impact of trends and drivers in major global market segments, which are organized in three groups within the Global Market Analysis: Decorative Architectural Coatings, OEM Coatings, and Special Purpose Coatings.
Each market chapter features five sections, covering Scope, Market Overview, Technology Overview (subdivided into Coating Characteristics and Technology Trends and Drivers), Five-Year Forecast, and Important Takeaways. Additional chapters provide specific insight into Raw Material Feedstock Dynamics and Trends, as well as Global M&A Activity (2022-2024).
The coatings industry has long struggled with how to quantify certain technologies that can be considered application-specific within market sub-segments, specifically coil and powder coatings. For this reason, the new report features expanded information on both coil and powder in Technology Spotlight chapters. The organization of these chapters aligns with the market segment chapters, and volume and value information is included for both the coil and powder coating technology segments.
While the complementary U.S. Market Analysis for the Paint & Coatings Industry (2023-2028) focuses primarily on the domestic landscape, the Global Market Analysis takes a broader view to provide international detail. In addition, regional chapters focus on North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Regional chapters are structured similarly to the market segment chapters for consistency, providing in-depth detail, analysis, and forecasting on the regional level.
The Global Market Analysis for the Paint & Coatings Industry (2024-2029) is available for purchase (through single-use or corporate license) via the ACA website at www.paint.org/markets. ACA members receive special pricing, and discounts are also available when purchasing both the Global Market Analysis and the companion U.S. Market Analysis.
Global Market Segment Highlights
The global coatings industry is estimated to have reached 48.9 billion liters valued at $202 billion in 2024, representing increases of 0.4% and 2.5%, respectively, over the prior year. Decorative Architectural is the largest of the three major segments in terms of both volume and value (see Figures 1 and 2).
*Includes liquid coating volumes in MML and powder coating volumes in KT
(Source: The ChemQuest Group, Inc.)
(Source: The ChemQuest Group, Inc.)
Decorative Architectural Coatings
Unlike the U.S. Market Analysis, the Global Market Analysis does not include floor coatings or building envelope coatings within the architectural chapter. Thus, the global chapter has been renamed Decorative Architectural Coatings to reflect its focus on decorative interior and exterior wall primers, paints, etc. It is our hope that relevant market data will be collected over the next five years for the various regions, enabling the inclusion of a more comprehensive chapter focusing on both decorative and functional coatings in the next iteration of the global report.
Globally, the Decorative Architectural Coatings segment was estimated to have remained relatively flat in the 2019-2024 timeframe in terms of volume (+0.6%), while value grew by 5.2%. Defined by aesthetic rather than protective properties, Decorative Architectural Coatings demand is driven primarily by the building and construction sector. While some regions face specific challenges, growing GDP generally leads to healthy housing markets, more government-funded housing developments, and higher renovation and repair spending, all of which positively impact Decorative Architectural Coatings.
The Asia-Pacific region is the largest consumer of architectural coatings, followed by Europe and North America. Latin America has shown the highest volume growth, while value growth is highest in the Middle East and Africa region. Population and urbanization growth in Asia Pacific, Latin America, and Middle East and Africa are expected to drive growth in Decorative Architectural Coatings over the forecast period.
OEM Coatings
In the next-largest sector covered in the Global Market Analysis — OEM Coatings — General Industrial Finishes, Powder Coatings, and Wood Finishes are estimated to have constituted the largest segments, particularly in terms of volume (see Figures 3 and 4). Overall, continued headwinds from the COVID-19 pandemic and various supply-chain disruptions negatively impacted automotive manufacturing; Automotive OEM Coatings are estimated to have seen volume decline slightly (-0.6%) in the 2024-2029 period as a result, though value increased by 0.3%.
*Includes liquid coating volumes in MML and powder coating volumes in KT
(Source: The ChemQuest Group, Inc.)
(Source: The ChemQuest Group, Inc.)
Driven by remote work and the subsequent increase in e-commerce, Packaging Finishes represents the only OEM Coatings segment to register a healthy volume increase, estimated at 2.3% from 2019-2024; value increased by an even more robust 4.1%. Looking to the future, Non-Automotive Transportation and Powder Coatings are expected to see strong demand in the forecast period.
Regionally, OEM Coatings in APAC had recovered quickly from the downturn by the end of 2021 only to face additional economic challenges in 2022-2023. The region is expected to see growth in both volume and value as global economies get back on track during the forecast period. OEM Coatings have mainly recovered to pre-pandemic levels in Latin America and North America, while the Europe and the Middle East and Africa regions are still seeing significant challenges in the automotive sector.
Special Purpose Coatings
Of the three main segments covered in the Global Market Analysis, Special Purpose Coatings is anticipated to show the highest growth rate over the forecast period, spurred by increasing Protective Coatings demand from the infrastructure and energy/mining sectors. Protective Coatings dominate the segment in terms of both volume and value (see Figures 5 and 6). ChemQuest estimates that Protective Coatings growth over 2019-2024 was a healthy 2.5% in volume and a robust 13.6% in value.
(Source: The ChemQuest Group, Inc.)
(Source: The ChemQuest Group, Inc.)
Downturns in automotive, shipbuilding, and oil and gas have challenged the Special Purpose Coatings segment in Europe and Latin America, while Asia Pacific has seen strong overall growth. Protective Coatings assisted North America and the Middle East and Africa in achieving growth in this sector despite challenges in auto and marine. ChemQuest anticipates growth throughout this segment over the forecast period, driven by increases in factors such as consumer demand, shipbuilding and marine trade infrastructure, public works projects, oil/gas expansions, and renewable energy construction.
What Does the Future Hold?
Overall, the Global Market Analysis reports that demand for coatings globally is anticipated to achieve above-GDP growth during the forecast period, spurred mainly by building and construction, energy, and non-automotive transportation. Generally, sustainability will represent the primary driver in major economies for technological development and coatings growth.
While detailed analysis and forecasts are beyond the scope of this article, we encourage those interested in diving deeper to visit www.paint.org/markets, view the full Table of Contents, and explore purchase options. In addition, purchasers of the Global Market Analysis and the U.S. Market Analysis are invited to take advantage of a free day of virtual consulting from ChemQuest to address specific study-related questions.
To learn more, contact the author at ssutton@chemquest.com.
Read in CoatingsTech.