New Delhi: The global paints and coatings industry is on course for robust expansion over the next decade, with IMARC Group estimating total market value to reach USD 274.8 billion by 2034 at a compound annual growth rate (CAGR) of about 4.5% from 2026-34.
The market’s growth outlook reflects broad-based demand across key end-use sectors, notably construction and infrastructure, where rapid urbanisation and commercial building projects are fuelling consumption of architectural and protective coatings. Automotive and industrial sectors continue to underpin demand for performance-oriented formulations that offer enhanced corrosion resistance, finish longevity and functional benefits.
On the sustainability front, tightening environmental regulations in North America and Europe, coupled with heightened consumer preference for eco-friendly products, are accelerating the shift toward low-VOC, waterborne and bio-based paint systems. These greener alternatives are increasingly preferred in both residential and commercial segments as building codes evolve and corporate buyers integrate environmental product declarations into procurement decisions.
Innovation trends such as “smart” coatings with self-healing, antimicrobial and nanotechnology-enabled properties are emerging as additional growth vectors, supporting diversification beyond traditional decorative and protective applications. Digital tools for colour customisation and predictive formulation are also reshaping how manufacturers and retailers engage with end users.
Asia Pacific continues to dominate the paints and coatings landscape, propelled by rapid industrialisation, expansive infrastructure projects and rising vehicle production. Key players in the sector include Asian Paints Ltd, Berger Paints India Ltd, Akzo Nobel N.V., PPG Industries Inc, Nippon Paint Holdings and Jotun, among others.
The sector’s steady growth trajectory reflects not just the recovery in core construction activity post-pandemic but also structural shifts toward higher-performance and sustainable coating solutions globally.