The European Paints and Coatings market is projected to grow from USD 37.2 Billion in 2023 to USD 41.6 Billion by 2028, at a CAGR of 2.3% during the forecast period. Asia Pacific is the largest and fastest-growing European Paints and Coatings market in the world. Increasing penetration of e-commerce, pharmaceutical, and consumer durable industries boost the demand for European Paints and Coatings.
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Based on technology, waterborne is the largest employable segment where water act as a solvent, making it environmentally safe and simple to use. In most situations, this method combines 30% water with tiny amounts of other solvents, such as glycol ethers. This method is frequently used for automobiles, wood, furniture, plastic, and rail coatings. Waterborne coating binders can be polyacrylate polyvinyl ethers, polyurethane resins, epoxy, or alkyd resins. Because their chemical composition varies, the quality and strength of aqueous paints and coatings depend on using environmentally acceptable raw materials. Waterborne coatings are employed in the building and construction industries where cost is a primary consideration, whereas they might be used as base coats in automobiles where performance is a primary consideration. Waterborne coatings can be applied using a variety of processes, including brushing, spraying, dip, flow, and roller. The usage of aqueous industrial coatings has the advantage of being resistant to heat and abrasion. Because of their low VOC levels, they have great adhesion, low toxicity, and flammability, and thus help to reduce air emissions. They are less expensive than solvent-borne industrial coatings and do not require additives, thinners, or hardeners.
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Based on resin, acrylics are the largely used resins in the European paints and coatings market. These are classified into two types: pure and complicated acrylics (which contain extra monomers). Acrylic monomers are the only components of pure acrylics. Different monomers can be introduced into the acrylic polymer to produce a resin with specialized qualities or to minimize its cost. Styrene is most commonly employed in complicated acrylics, and the resulting resin is known as styrene-acrylic. Styrene monomers are far less expensive than acrylic monomers. They are known to improve hardness, boost water resistance, and provide alkali resistance. Acrylic paints and coatings are utilized in two ways: as solvents, as water-reducible emulsions, and as emulsions. Acrylic paints and varnishes are employed in a variety of applications due to their chemical qualities and distinct aesthetic attributes. Acrylic paints and coatings are in high demand in the automotive, medical device, paints and coatings, and building and construction industries.
Based on the end-use industry, Architectural is the growing European Paints and Coatings industry segment. Architectural paints and coatings are used on the inside and exterior walls of all residential, commercial, industrial, and institutional buildings. They are also known as decorative paints and coatings or building paints. Architectural paints and coatings have some protection properties in addition to their ornamental properties. For example, exterior architectural paints and coatings protect a building from excessive rain, sunlight, and wind. These are used by construction companies or by direct customers. Architectural coatings are also used in the decorative interiors of furniture, wood flooring, wall paintings, and sculptures to provide better aesthetics. Consumer and producer environmental consciousness has led to technological developments in the coating business to provide affordable quality products with value-added characteristics that satisfy worldwide trends. Similarly, rising safety regulations will increase demand for waterproof and fire-resistant materials.
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Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), BASF Coatings GmbH (Germany), Jotun A/S (Norway), and Axalta Coating Systems LLC (US) are the key players in the global European Paints and Coatings market. These top five players together accounted for a share of 50-55% of the total European Paints and Coatings market, while the rest was secured by small and medium-sized enterprises in 2022.
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