Paints and coatings: Overview
Where the world's paint goes: walls, factories and cars
Where the world's paint goes: walls, factories and cars What this tab covers What the chemical is, how big its market is, what it is used for (with shares, volumes, why it wins and what could replace it), and its chain from raw material to end user. Ends with three things to remember.Paint is a mix of a binder (acrylic, alkyd, epoxy or polyurethane resin), pigments such as titanium dioxide, extenders, solvent or water, and additives. Plants mix and disperse rather than react, so the industry is about formulation, brands and distribution. World sales are about $200 billion a year (indicative). Asia makes up over half of growth. India is one of the fastest-growing markets, with a fierce price war since Grasim's Birla Opus entered in 2024. Most of a paint's carbon footprint sits in its raw materials, especially TiO2 and resins.
Volume about 50 Mt a year (indicative, basis: about $200 billion at an average of about $4/kg; no volume figure found in public sources) Market value about $200 billion (2025, indicative, basis: MarketsandMarkets forecast of $223 billion for 2025 made in 2020; Technavio puts water-based coatings alone at $87.17 billion in 2024) Growth 4.4% a year 2025-2030; Asia-Pacific about 54% of incremental growth Technavio (paints and coatings market report, 2026); MarketsandMarkets via BusinessWire (May 2020); value and volume indicativeKey uses
| Use | Share | Annual volume | Why this commodity | Alternatives |
|---|---|---|---|---|
| Architectural and decorative paints (interior and exterior walls, primers, enamels) | 50% | about 25 Mtbasis | Water-borne acrylic emulsions dominate walls because they dry fast, smell little and meet VOC rules. Demand follows housing, repainting cycles and incomes. Brands and dealer networks matter more than chemistry: Asian Paints reaches about 160,000 retail points in India. Technavio 2026 (architectural is the largest application); Businessworld (India decorative 70% of industry); share indicative | Lime wash and distemper (low end) Wallpaper and cladding Pre-finished panels |
| General industrial coatings (machinery, appliances, metal furniture, agricultural equipment) | 12% | about 6 Mtbasis | Factory-applied coatings need corrosion resistance and fast curing on production lines. Powder coatings have taken much of this segment because they have no solvent and overspray can be reused. indicative (basis: industry splits) | Galvanising Powder vs liquid substitution within the segment Pre-coated metal |
| Automotive OEM and refinish | 10% | about 5 Mtbasis | A car body carries electrocoat, primer, basecoat and clearcoat. OEM coatings are a technical, contract business with few suppliers (PPG, Axalta, BASF, Kansai, Nippon). Refinish follows the number of cars on the road and accident rates. PCI Magazine Jul 2026 (BASF sale of OEM and refinish coatings); share indicative | Paint-free moulded-in colour plastics Wrap films |
| Protective and marine coatings (steel structures, pipelines, ships, offshore) | 8% | about 4 Mtbasis | Epoxy and polyurethane systems stop corrosion on steel for 15-25 years; antifouling hull coatings cut ship fuel use. Jotun, Hempel, AkzoNobel (International) and PPG lead. indicative | Weathering steel Cathodic protection Thermal-spray zinc and aluminium |
| Wood coatings (furniture, flooring, joinery) | 6% | about 3 Mtbasis | PU, nitrocellulose and UV-cured lacquers give hard, clear finishes. Factory finishing of panels is moving to UV curing. indicative | Laminates and veneers Oils and waxes |
| Packaging and coil coatings (cans, pre-painted steel and aluminium) | 6% | about 3 Mtbasis | Can linings protect food and drinks from metal; coil coating paints steel and aluminium in strip form before it is shaped into roofing and appliances. BPA-free can linings are a regulatory driver. indicative | Glass, PET and cartons in place of cans Film laminates |
| Other: road marking, aerospace, electronics, floor and specialty coatings | 8% | about 4 Mtbasis | Small, technical niches with high prices per kg. indicative (remainder) | Varies by niche |
From raw material to user
- Raw materials TiO2 (about $2,500-3,200/t, see titanium dioxide tile), acrylic and vinyl monomers, alkyd and epoxy resins, solvents and calcium carbonate or kaolin extenders make up most of the cost.
- Resin and emulsion making Large paint makers polymerise their own emulsions and alkyds; Asian Paints commissioned a VAM plant with commercial production from August 2026 (PL Capital, Jul 2026).
- Dispersion and let-down Pigments are milled into the binder and thinned; a typical decorative emulsion is about 15-25% TiO2, 20-40% extenders, 10-20% binder solids and 30-40% water (indicative).
- Tinting and distribution Dealers tint base paints with colourant machines; India's per capita use is about 3.5 kg a year against a world average of about 10 kg (The Week, May 2025).
- Application and service Labour is most of the cost of a paint job; deco brands now sell painting services, and industrial coatings are applied on lines or by contractors.
Made from (commodity table)
Ti TitaniumOil Crude oilThree things to know
- Raw materials make up about 85% of a decorative paint's carbon footprint, led by TiO2 at about 5.7 t CO2e per t (Omya case study).
- The top four coatings makers sell about $58 billion a year: Sherwin-Williams about $19.8 billion, PPG $15.9 billion, and AkzoNobel and Nippon about $11 billion each (PCI Magazine, Jul 2026).
- India's industry is about Rs 72,000 crore and Birla Opus reached over 21% of organised decorative capacity (1,096 million litres a year) within about a year of launch (The Week, May 2025).