India Set to Witness Boom in Paints and Coatings Sales in Future

With the mushrooming usage of paints and coatings in automobiles for aesthetic and protection purposes, their demand is skyrocketing in the Asia-Pacific (APAC) region. Moreover, paints and coatings are also being extensively used by automakers for improving the durability and efficiency of vehicles. In addition to this, paints and coatings also improve the resistance of automobiles to various environmental conditions. According to the China Association of Automobile Manufacturers (CAAM), China registered 28.88 million new vehicle sales in 2017.

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Thus, the booming automobile industry, especially in China and India, is driving the demand for paints and coatings in APAC. Apart from this, the rising industrialization rate and the increasing construction activities are also fueling the demand for paints and coatings in APAC. This is subsequently propelling the growth of the Asia-Pacific paints and coatings market. As a result, the market value is expected to surge from $92.5 billion in 2017 to $148.4 billion by 2023.

Furthermore, the market will record a CAGR of 8.3% between 2018 and 2023, as per the forecast of P&S Intelligence, a market research company based in India. The paints and coatings sold in this region are classified into polyester, acrylic, epoxy, nylon, polycarbonates, lacquer, and polyurethane, depending on the resin type. Out of these, the demand for the polyurethane-based paints and coatings is predicted to rise at the fastest pace in the coming years.

For example, the Airport Authority of India aims to build city-side infrastructure at as many as 13 regional airports across the country. Marine, industrial, and architectural and decorative are the major applications of paints and coatings in APAC. Out of these, the usage of these products is expected to be the highest in industrial applications in the forthcoming years, primarily because of the burgeoning requirement for paints and coatings solutions in industries such as automotive, machinery manufacturing, and consumer goods.

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Hence, it is safe to say that the demand for paints and coatings will shoot up in APAC in the upcoming years, primarily because of their growing usage in the automobile industry and the increasing construction activities in the region.

Contact:
Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.