How big the global market share of paint business in 2023?

In 2023, the global paint market is expected to have revenue of 196 billion US dollars and output of 47.9 billion liters. It is estimated that the global sales growth will be flat in 2023, with a decrease of 0.1%, and the paint output value will increase by 4%. In 2024, it is estimated that the sales volume will increase by 2.6% and the output value will increase by 3.8%. 

The fastest growing regions are Asia and the Middle East.  So far, Asia is still the largest paint market, with an estimated market size of $88 billion. In Asia, China accounts for more than 50% of the market share, with US$ 44 billion. Japan and South Korea have the same paint market.  It is estimated that the sales of Asia-Pacific coatings industry in 2024 will be about 101 billion US dollars and the output will be 31.2 billion liters. From 2019 to 2024, the output will increase by 4.5% and the output value will increase by 5.4%. China is the largest paint market in the world, and it is still the growth engine of global and Pacific paints, with output and output value accounting for 59% and 60% respectively.  

In 2023, the North American market is expected to be $37.6 billion, and both residential construction and non-automobile production are declining.  The European market is expected to be $43.7 billion in 2023; It declined in the first half of the year; It is expected that the decline will continue in the second half of 2023. Overall, the output of European coatings market decreased by 3.8% and the output value increased by 3.7% in 2023.  

In 2023, the construction industry in the Middle East will continue to maintain a good growth momentum, especially in infrastructure projects. Other industries will also maintain growth. The growth of coatings market in Saudi Arabia and United Arab Emirates is particularly strong, and the coatings market in Iraq has recovered.

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About the author：

This is Bruce Wong from Klarint Material Technology, MBA degree, with 12 years of experience in company operation, especially good at the reengineering lean management system in marketing, R&D, and production department in paint & coating, and powder coating industries. To contact the author for more detail.

Mr.Jason.Wong   

Cell: +86 13951823978 (WeChat, WhatsApp, skype)

Emil: bruce@aabindustrycom

Tel:+86 021 58895705

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