Liquid Paints & Coatings Market (2025)

The liquid paints & coatings market is projected to grow from USD 175 billion in 2024 to USD 208 billion by 2030, at a CAGR of 2.9% between 2025 and 2030. The worldwide paints & coatings market has been expanding steadily, and this development pattern is anticipated to continue. Important industries include architecture, car manufacture, automotive repair, and construction are the main drivers of demand. The paint & coatings market is dominated by China and India. The major markets are in Asia Pacific, followed by North America and Europe. The robust economic performance and significant investments made in a range of industries in the Asia Pacific region are credited with this expansion. The manufacturing sector has prospered due to the global economic recovery, and the need for new infrastructure and building has increased due to rising urbanization.

Attractive Opportunities in the Liquid Paints & Coatings Market

Source: Interviews with Experts, Secondary Sources, and MarketsandMarkets Analysis

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Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Liquid Paints & Coatings Market Dynamics

Driver: Environmental regulations boosting the demand for VOC-free coatings

The increasing demand for environment-friendly characteristics has been one of the most important trends observed in the coatings industry for the last 10 years, largely influenced by stringent EU regulations regarding the reduction of volatile organic compounds (VOC) emissions in the coating life cycle. This has shifted the demand from solventborne coatings to environment-friendly products such as waterborne and powder paints and coatings.

New rules and regulations such as the Eco-product Certification Scheme (ECS) are set by the European Commission and other federal government agencies. These regulations ensure a green and sustainable environment with minimum or zero harmful VOC emissions. Also, the regulations on lead control in households and paints & coatings were implemented in 2016 after the Quality Council of India (QCI), Pollution Control Board Authorities, and the National Referral Centre for Lead Projects in India (NRCLPI) strongly recommended to the Government of India (GOI) to fix lead content below 90 ppm for all decorative and household paints. These regulations encourage liquid paints & coatings manufacturers to invest in bio-based raw materials for liquid paints & coatings, making the final products eco-friendlier. In addition, government regulations in the US and Western Europe, especially concerning air pollution, will continue to drive the adoption of new, low-polluting coating technologies.

Restraints: Requirement of more drying time for waterborne coatings

The drying and curing of waterborne coatings require more time than that of solventborne coatings. In addition, waterborne coatings have excellent flow properties that change with humidity, affecting the coating application. During high humidity, water does not easily evaporate, resulting in poor cure and a decrease in performance. Waterborne coatings are also sensitive to freezing conditions. Many waterborne coatings are not usable after freezing.

Opportunity: Increasing applications of fluoropolymers in the building & construction industry

In the building & construction industry, fluoropolymers such as polyvinylidene difluoride (PVDF) are used in both industrial as well as architectural coatings. PVDF is used in architectural applications, where both excellent appearance and substrate protection must be maintained for a long period. PVDF is the most preferred fluoropolymer since it has enough solvency in ester and ketone solvents, and the same can be formulated into solvent dispersion coatings.

PVDF-based coatings can be applied by spray coating or conventional coil techniques and baked at temperatures from 230°C to 250°C. They have high dielectric strength, excellent resistance to weathering, and the ability to self-extinguish. Moreover, PVDF is stable to sunlight and other sources of ultraviolet radiation. It is widely used as a base resin for long-lasting exterior coatings. PVDF coatings also offer long-lasting performance in architectural coating applications and are used by licensed industrial paint manufacturers in formulating hard, long-lasting coatings.

Challenges: Stringent regulatory policy

With the increasing number of regulatory policies adopted by various governments, paints & coatings producers must improve their processes to comply with the new policies constantly. Products that fail to meet the legal requirements are not allowed in countries that have strict environmental regulations, especially in Western Europe and North America.

Unfortunately, some legislators continue to limit emission values based only on the concentration of VOC in exhaust gases. This can lead to the approval for high mass emissions from processes, which require high airflows as against low mass emissions that need only very low airflows. The concentration approach also ignores the reduced atmospheric emissions when low-VOC coatings are used.

Liquid Paints & Coatings Market Ecosystem

Prominent companies in this market include well established, financially stable manufacturers of liquid paints & coatings. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in the market include Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems LLC. (US), Jotun A/S (Norway).

Growing share of waterborne coatings to support eco-friendly coatings

The increasing need for eco-friendly products is driving a substantial growth in the market for waterborne coatings. The decorative coatings market is the main industry witnessing the trend of waterborne paints and coatings replacing solventborne paints and coatings. Manufacturers are making paint in a greener manner as a result of growing public awareness of the negative effects of volatile organic compounds (VOCs). Waterborne coatings are predicted to continue to grow in market share within the paints and coatings industry.

The necessity for environmentally friendly goods has led to a demand for environmentally friendly raw materials, especially for waterborne resins like epoxy, acrylic, and alkyd. For example, improvements in waterborne alkyd technology have made it possible to produce alkyd resins with almost no volatile organic compounds (VOCs) and comparable performance to solventborne alkyd resins.

Acrylic Resins is projected to be the fastest growing resin type of liquid paints & coatings market.

Acrylic resins' remarkable qualities, such as their superior hardness, durability, adherence to a variety of substrates, gloss, weather resistance, and chemical resistance, have made them the one of the fastest-growing segment in the coatings business. These resins are widely utilized in architectural and automobile coatings, especially in developing nations like China and India where the need for premium paints has been fueled by rising infrastructure spending and rising living standards. One major factor predicted to propel infrastructure growth in Asia and increase demand for acrylic resins in the coatings sector is China's Belt and Road Initiative, a huge infrastructure development initiative that spans Asia, Africa, the Middle East, and Europe.

Asia Pacific leads the liquid paints & coatings market with global growth trends and regional shifts

The paint and coatings industry is changing quickly, and the largest market worldwide is currently in the Asia Pacific region, followed by North America and Europe. The region's strong economic growth and significant investments in industries like building, architecture, automotive, and industry are major factors contributing to this expansion.

The demand for new residential and infrastructural projects has been fueled by expanding urbanization, and the global economic recovery has greatly boosted manufacturing. The requirement for paints and coatings has grown even more as a result of the construction and repair of smart cities, water and sewage systems, highways, and bridges.

On the other hand, the market has grown in industrialized nations including the US, Germany, the UK, France, and Japan. As a result, businesses are concentrating on areas with consistent demand to make up for falling revenues in their established sectors.

In developed regions, manufacturers have several obstacles like unstable economies, erratic prices for raw materials, unstable exchange rates, slow economic expansion, and disparities in supply and demand. In order to tackle these problems, businesses are expanding into emerging markets, investing in R&D, and diversifying their product offerings in order to meet the increasing demand that exists throughout the world.

In order to prosper in a constantly changing global market, players in the sector must strike a balance between innovation, sustainability, and strategic relationships as it adjusts to these changes.

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Key Market Players

Akzo Nobel N.V.(Netherlands), PPG Industries Inc.(US), The Sherwin-Williams Company.(US), Jotun A/S(Norway), Axalta Coating Systems(US) are the key players in the global liquid paints & coatings market.

Axalta Coating Systems Ltd. is a diversified coatings company. It majorly operates through Performance Coatings and Transportation Coatings segments. The Performance Coatings segment is further sub segmented into refinishing and industrial segments. In contrast, the transportation segment is sub segmented into light and commercial vehicles. The company manufactures liquid and powder coatings used for various applications by automotive OEMs in automotive refinish, transportation, general industrial, and architectural & decorative coatings.

Recent Developments in Liquid Paints & Coatings Market

• In May 2021, Axalta completed the expansion of its waterborne coatings plant in Jiading, Shanghai, China. The expanded site is designed to meet the rising demand for sustainable coating solutions for automotive, commercial vehicle, and industrial markets in China and the Asia Pacific region.

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