Intermediates for the Paint & Coatings Market size is set to reach USD 512 Billion by the end of 2035, growing at a CAGR of 9% during the forecast period i.e. 2023-2035. In the year 2022, the industry size of intermediates for paints & coatings was USD 249 Billion. The growth of the market can be impelled by an increasing construction sector across the world. Paints & coating are frequently required in construction activities which is expected to add to the market growth. According to estimates, the worldwide construction business is quickly expanding, with the market value estimated to reach over USD 10 trillion by 2023.
The increasing automotive sector is believed to fuel market growth. For the production and repainting of vehicles, various kinds of paints & coatings are used which in turn is estimated to drive market growth. For instance, ethyl acetate is a substance used in coatings and paints for automobiles, which is utilized as a solvent for coating systems such as acrylic and nitrocellulose lacquers owing to its solubility in the primary natural and synthetic resins.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 249 Billion |
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Forecast Year Market Size (2035) |
~ USD 512 Billion |
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Regional Scope |
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Type (Organic Intermediates, Inorganic Intermediates)
The inorganic intermediates segment is estimated to gain a robust market gain of 60 % in the coming years. The segment growth can be attributed to the growing need for coatings. There is a rising need for coatings across various industries which has led to an increase in demand for inorganic intermediates, since it helps in reducing corrosion, and are suitable binders for any structural element. For instance, due to their exceptional performance, these coatings are commonly used in industries like building, painting, and other facets of daily life. They are generated chemically, changing the metal's surface layer into a metallic oxide film or compound, which minimizes corrosion.
Type (Organic Intermediates, Inorganic Intermediates)
The organic intermediates segment in the intermediates for the paints & coatings market is set to garner a notable share shortly. The growth of the segment is driven by rising demand for environmentally friendly coatings. Owing to stringent environmental regulations to reduce the effect of coatings on the environment the demand for organic intermediates is set to increase. Also, environmentally friendly options such as water-based technologies are becoming more and more popular with consumers. Traditional paints, varnishes, enamels, lacquers, water-emulsion finishes, and varnishes are all considered organic coatings that are frequently applied multiple times before they are thick enough to prevent corrosion. Furthermore, binders are within the broad category of organic binders which are biodegradable and are therefore seen to be safe for the environment.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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APAC Market Statistics
Intermediates for the paints & coatings market in Asia Pacific are predicted to account for the largest gain of 38 % during the forecasted period. The market growth in the region is impelled by rising urbanization in the region. For instance, as more and more people are shifting towards urban areas, the need for houses and other commercial buildings has increased in the region. This has led to a rise in demand for intermediates for the paints & coatings since these projects widely utilize paints and coatings for various purposes. In addition, construction activities are increasing in countries such as India, Southeast Asia, and South America to keep up with rising rates of urbanization. Furthermore, it is anticipated that more than 50% of Asia's population will be urban by 2030.
North American Market Forecast
North America intermediates for the paints & coatings market are estimated to hold a tremendous share, between 2023 and 2035. The growth of the market can be led by rising demand for paint and coating in industries such as automotive, construction, and aerospace in the area. This has resulted in the increased demand for the intermediates such as resins, epoxy, pigments, and solvents in these sectors.
Author Credits: Smruti Ranjan, Rajrani Baghel
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