Demand for paints and coatings to flourish

The global paints and coatings market is estimated to flourish at a compound annual growth rate (CAGR) of 5.2 percent from 2022 to 2031, says a report from Transparency Market Research. The report projects that the overall sales revenue for paints and coatings is estimated to reach US$369.85 billion by the end of 2031.

Emerging research and adoption of bio-based raw materials for paint and coatings production are driving demand and signal a shift towards sustainable sourcing and reduced environmental impact, catering to eco-conscious consumers. Advancements in nanotechnology facilitate the development of nanocoatings, enhancing surface properties with functionalities like self-cleaning, anti-corrosion, and antimicrobial properties, broadening application scopes. In addition, the integration of smart coatings with functionalities such as temperature responsiveness, self-repair, or colour-changing properties for indications like structural integrity, expands the market into innovative, high-tech solutions. 

Polyurethane resin leads the paints and coatings market due to its versatility, durability, and wide applications in diverse coating formulations. Water-based technology leads the sustainability demand for the paints and coatings market due to its eco-friendliness, lower VOC emissions, and increasing consumer preference for sustainability. Building, construction, and increased infrastructure are increasing demand for architectural coatings and protective solutions.