The recently published Global Market Analysis for the Paint & Coatings Industry (2024-2029), which was developed by ChemQuest in partnership with the World Coatings Council and the American Coatings Association, provides data, insights and forecasts to deliver a thorough picture of the dynamics shaping the industry. While the complementary U.S. Market Analysis for the Paint & Coatings Industry (2023-2028) focuses on the domestic landscape, the Global Market Analysis provides an international scope. In addition, detailed regional chapters focus on North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Together with data gleaned from ChemQuest TraQr^®, reliable external sources and our subject matter experts’ decades of experience, the Global Market Analysis incorporates input from extensive interviews that ChemQuest conducted with numerous industry experts. These insights provide a solid base for analyzing the impact of trends and drivers in the major global market segments.

Select Market Segment Findings

The Global Market Analysis estimates the paint and coatings industry 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. Of the three main market groups detailed in the study — Decorative Architectural, OEM and Special Purpose — Decorative Architectural is the largest in terms of both volume (Figure 1) and value (Figure 2).

*Includes liquid coating volumes in MML and powder coating volumes in KT.

Decorative Architectural Coatings

In contrast to the U.S. Market Analysis, the architectural chapter in the Global Market Analysis does not include floor coatings or building envelope coatings. The chapter in the global study has therefore been renamed Decorative Architectural Coatings to reflect its focus on decorative interior and exterior wall primers, paints, etc.

The global Decorative Architectural Coatings segment was estimated to have remained relatively flat in terms of volume (+0.6%) in the 2019-2024 timeframe, while value grew by 5.2%. Demand for Decorative Architectural Coatings is driven primarily by the building and construction sector. While some regions face specific challenges, growing GDP generally leads to favorable trends that positively impact Decorative Architectural Coatings, including healthy housing markets, more government-funded housing developments, and higher renovation and repair spending.

The Asia-Pacific region is the largest consumer of architectural coatings, followed by Europe and North America. While Latin America has shown the highest growth in terms of volume, value growth is highest in the Middle East and Africa region. The Decorative Architectural Coatings segment is expected to see growth in Asia Pacific, Latin America, and Middle East and Africa over the forecast period, driven by increasing populations and urbanization.

OEM Coatings

In the OEM Coatings sector, General Industrial Finishes, Powder Coatings and Wood Finishes constitute the largest segments, particularly in terms of estimated volume (Figures 3 and 4). Overall, continued headwinds from the COVID-19 pandemic and various supply-chain disruptions negatively impacted automotive manufacturing. As a result, volume in the Automotive OEM Coatings segment is estimated to have declined slightly (-0.6%) in the 2024-2029 period, though value increased by 0.3%.

*Includes liquid coating volumes in MML and powder coating volumes in KT

Packaging Finishes represents the only OEM Coatings segment to register a healthy volume increase, driven by remote work and the associated increase in e-commerce. The sector’s volume grew at an estimated 2.3% from 2019-2024, while 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.

Though OEM Coatings in APAC had recovered quickly from the downturn by the end of 2021, the sector faced additional economic challenges in 2022-2023. As global economies get back on track during the forecast period, the region is expected to see growth in both volume and value. OEM Coatings have mainly recovered to pre-pandemic levels in Latin America and North America, while the Europe and Middle East and Africa regions are still struggling with automotive sector challenges.

Special Purpose Coatings

Special Purpose Coatings is anticipated to show the highest growth rate of the three main segments covered in the Global Market Analysis over the forecast period. Protective Coatings, which dominate the sector in terms of both volume (Figure 5) and value (Figure 6), are anticipated to see strong demand from the infrastructure and energy/mining sectors. ChemQuest estimates that growth in Protective Coatings was a healthy 2.5% in volume and a robust 13.6% in value over the 2019-2024 timeframe.

In Europe and Latin America, downturns in automotive, shipbuilding, and oil and gas have challenged the Special Purpose Coatings segment. In contrast, Asia Pacific has seen strong overall growth.

Strength in the Protective Coatings segment assisted North America and the Middle East and Africa in achieving growth in the Special Purpose Coatings sector despite challenges in auto and marine. ChemQuest anticipates overall growth throughout this segment during the forecast period, driven by increases in numerous factors (e.g., consumer demand, oil/gas expansions, renewable energy construction, shipbuilding and marine trade infrastructure and public works projects).

Global Market Analysis Structure

As previously mentioned, the Global Market Analysis organizes market segments into three main groups: Decorative Architectural Coatings, OEM Coatings (includes five sub-segments), and Special Purpose Coatings (three sub-segments). For consistency, each market chapter features five sections, covering:

• Scope
• Market Overview
• Technology Overview (subdivided into Coating Characteristics and Technology Trends and Drivers)
• Five-Year Forecast
• Important Takeaways

New in this report are expanded Technology Spotlight chapters focusing on Coil Coatings and Powder Coatings. 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. Additional chapters in the Global Market Analysis provide background and insight on Raw Material Feedstock Dynamics and Trends, as well as Global M&A Activity (2022-2024).

What Does the Future Hold?

While each market segment in the global coatings industry enjoys its own opportunities and is faced with oftentimes unique challenges, at a macro level, the study reports that global demand for coatings is anticipated to achieve above-GDP growth during the forecast period. Advances are expected to be spurred mainly by the building and construction, energy, and non-automotive transportation sectors. Generally, sustainability will represent the primary driver in major economies for technological development and coatings growth.

To learn more, reach out to the author at ssutton@chemquest.com or visit paint.org/markets.