The global paints and coatings market size was US$ 161.1 billion in 2021. The global paints and coatings market is forecast to grow to US$ 261.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
The global paints and coatings market is forecast to gain substantial traction due to growing construction activities and rising living standards. Furthermore, significant advancements in construction activities will contribute to the growth of the global paints and coatings market.
The growing population, combined with rapid urbanization, will also drive the paints and coatings market forward. In addition, increasing industrialization and rising number of projects related to building and infrastructure development will benefit the paints and coatings market during the study period.
The aesthetic and protective benefits of paints and coatings will also escalate the market growth. Further, rising awareness related to the advantageous features of architectural coatings, such as protection and decoration, will drive the overall market forward.
The rapidly growing automotive industry will also contribute to the growth of the global paints and coatings market. Paints and Coatings are widely used to paint the component of automobiles. Further, eco-friendly paints and coatings are expected to gain wide traction due to rising environmental concerns. On the contrary, fluctuating prices of raw materials may limit the growth of the global paints and coatings market.

COVID-19 Impact Analysis
The COVID-19 pandemic negatively affected the global paints and coatings market, owing to the steep decline in construction projects. Further, work-from-home policies also declined the demand for architectural development, which ultimately affected the global paints and coatings market.

Regional Analysis
The Asia-Pacific paints and coatings market is forecast to register substantial growth, owing to the rising regional population and increasing urbanization across the region. Furthermore, improving economic growth and a mounting range of construction projects will contribute to the growth of the Asia-Pacific paints and coatings market.
The easy accessibility of raw materials in the region and lenient laws related to VOC emission will also benefit the paints and coatings market in the region.
The contribution of government bodies will also have a substantial impact on the market in the coming years. For instance, the government of India has introduced considerable projects, such as Housing for All initiative that aims to build nearly 20 million affordable homes for the urban poor. Thus, such projects will drive the Asia-Pacific paints and coatings market forward. Additionally, the steeply rising automotive sector of the region will offer ample growth opportunities for the paints and coatings market during the study period.

Competitors in the Market
PPG Industries
Akzo Nobel NV
Asian Paints Ltd.
Axalta Coating Systems
BASF SE
Berger Paints India Ltd.
Diamond Vogel Paints
Dow Inc.
Hempel A/S
Jotun A/S
Kansai Paint Co., Ltd.
KCC Corporation
Other Prominent Players

Market Segmentation
The global paints and coatings market segmentation focus on Resin, Technology, Application, and Region.
By Resin
Acrylic
Alkyd
Epoxy
Polyurethane
Polyester
Others
By Technology
Waterborne
Solvent-borne
Powder
Others
By Application
Architectural
Residential
Non-residential
Industrial
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America