Europe Paints And Coatings Market Size, Share, Opportunities, And Trends By Product (Coatings, Radiation-curable coatings, Solvent-borne coatings, Paints, High-solids paints, Waterborne paints), By Application (Architectural/decorative coatings, Industrial OEM coatings, Special purpose coatings), And By Geography - Forecasts From 2024 To 2029

The European paints and coatings market is valued at US$43.685 billion in 2024 and is projected to grow at a CAGR of 4.01% over the forecast period.

The main factors driving Europe's paints and coatings market are the development of new housing projects, growth in the automotive industry, rising aerospace and shipping industry, and growing awareness about using environment-friendly and sustainable materials. Paints and coatings have multiple applications in diverse industries. One such significant upcoming application is semiconductor coatings, which are applied to enhance their properties, protect, and improve their overall functionality. The automotive and construction industries are other notable industries with paint and coating applications.

EUROPE PAINTS AND COATINGS MARKET DRIVERS:

• Rising demand for paints and coatings from the automotive industry

The automotive industry is growing substantially. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automotive vehicles has increased 17% in the United Kingdom, 9% in France, and 18% in  Germany in 2023 from the previous year. This substantial increase is due to the demand for electric vehicles in the market. The automobiles are generally painted with resins that further protect the metal from corrosion and rusting. The production of these vehicles is projected to increase, which is expected to expand the paint and coatings market further.

• Growth in the demand for semiconductors boosting the paint & coatings market growth

The growth in the demand for semiconductors is anticipated to fuel the market's growth. Semiconductors are coated with spray paints, which enhances properties such as high electrical conductivity and magnetic response. The major driving factors behind the semiconductor industry's growth are R&D and capital expenditures.

The U.S. semiconductor firms invested $107.5 billion worldwide in 2023. Between 2001 and 2023, the industry’s compound annual growth rate was approximately 5.9 percent, according to SIA (Semiconductor Industry Association). The major demand is from the consumer electronics segment, such as laptops, smartphones, tablets, etc. The automotive sector is a major contributor to the semiconductor industry's growth.

• Rising demand from the aerospace and shipping industry

The rising aerospace and ship industry is also projected to positively impact paint and coating sales. The aircraft are painted for protection from corrosion. The aircraft industry is growing and advancing rapidly. The major expansion of the aircraft industry is due to the expansion of the tourism sector in the continent. Further, the increase in the trade volume worldwide has expanded ship transport. Due to this, ship travel has increased, causing surface corrosion. The application of paints in the aerospace and shipping industry is expected to spike the demand for paints and coatings in the global market.

• Rising awareness of environmental sustainability

Many companies are heading towards sustainability. The companies are working towards offering paints and coatings conducive to sustainable performance. The major challenge for the producers is developing bio-based paints that would have the same level of performance as fossil-based products.

Arkema introduced SYNAQUA4856, a waterborne alkyd resin made from 97% bio-based raw materials. It is APEO, ammonia, solvent, and plasticizer-free. Another offering is COAPURTM 3020 BB & COAPURTM 817 BB, polyurethane thickeners made from 93% bio-based raw materials. These product offerings ensure circular sourcing and a lower carbon footprint.

• Multi-year guarantee provided by many companies against corrosion will also bolster market growth

Another major reason for the market's growth is the multi-year guarantee many companies provide against corrosion. This is done by continuously improving their performance and introducing new products in the market. The products are not only better but also environment-friendly. The introduction of new schemes, technologies, and products is expected to contribute to the global paint and coating market’s growth.

Europe paints and coatings market key developments:

• In July 2024, AkzoNobel launched a new innovative powder coating technology to improve electrical protection for EV battery systems. This launch was in line with the demand for higher dielectric strength to help increase the safety of battery systems. The company's product has the solution to this challenge by creating a solution that requires film thickness with a single spray to increase efficiency and productivity. The ability to make a film with a one-time application also means that the production process becomes cheaper by increasing speed, reducing man hours, and improving asset utilization.
• In February 2024, Svenska Aerogel received an order for 3 tons of Quartzene from Novcoat, its French distributor. Customers would use the material in cool roof paint. The order had been planned for delivery in 2024, divided into four deliveries during the year. The value of the order was 96.8 KEUR. This order confirmed the large-scale application of Quartzene in cool roofs as an important application of our material.
• In March 2023, Beckers Group built a new Sustainable Innovation Centre in the UK. This center would help to unlock the potential of more sustainable coil coating technologies such as ultraviolet/electron beam (UV/EB) curing. It would be a two-story 300 m2 innovation that would double the capacity of the Long Term Development (LTD) R&D team for developing future coil coating capabilities. The new center would be built on sustainable coating solutions. The walls and roof of the building would use the cladding system that utilizes a bio-resin coating developed by Beckers for improved material sustainability.
• In February 2023, Beckers developed coil-coating paint formulations for the construction industry. This new technology would help to make significant energy and carbon tax savings. The paints are now commercially available. The European Coil Coating Association (ECCA) considered ultraviolet (UV) and electron-beam (EB) curing solutions to be the most significant game changer in terms of decarbonizing the coil coating industry. The finished coil-coated steel has the same material, protection, and corrosion resistance properties as conventional coil coating but has less embodied environmental impact. It enhances resource efficiency and reduces Volatile Organic Compounds (VOCs) as it is solvent-free.

Europe Paints And Coatings Market Scope:

Europe's paints and coatings market is segmented and analyzed as follows:

• By Product
  • Coatings
    • Radiation-curable coatings
    • Solvent-borne coatings
  • Paints
    • High-solids paints
    • Waterborne paints
• By Application
  • Architectural/decorative coatings
  • Industrial OEM coatings
  • Special purpose coatings
• By Geography
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe