Global Paints and Coatings Market Trends, Business Strategies, Regional Outlook, Challenges and Forecast 2030

Large volumes of paints and coatings are used in the construction industry for both protective and aesthetic purposes. Thus, the rising construction of housing units, to accommodate the growing population, will create a huge requirement for such products in the forthcoming years. Moreover, the increasing number of manufacturing facilities, owing to the burgeoning need for consumer products and automobiles, will also amplify the usage of paints and coatings in the coming years. Additionally, the growing number of commercial structures will also fuel the consumption of these substances in the near future.

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Furthermore, the escalating demand for automobiles, on account of the mounting disposable income of people, accelerating urbanization rate, and changing lifestyles, will also fuel the paints and coatings market at 4.2 % CAGR during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $156,086.2 million in 2019 and it is projected to reach $227,834.0 million by 2030. According to the International Organization of Motor Vehicle Manufacturers (OICA), 55,834,456 units of passenger cars and 21,787,126 units of commercial vehicles were produced in 2020, globally.

The technology segment of the paints and coatings market is classified into water-borne, solvent-borne, high-solids, powder coatings, and ultraviolet (UV). Among these, the water-borne category held the largest market share in 2019, due to the mounting environmental concerns and surging public awareness about the hazards of volatile organic compounds (VOCs). Moreover, the burgeoning demand for water-borne paints and coatings from the furniture and automobile industries, owing to their superior adhesion and cost-effective properties, will support the growth of this category in the coming years.

Geographically, Asia-Pacific (APAC) accounted for the largest share in the paints and coatings market in 2019, and it is expected to retain its position throughout the forecast period. This can be primarily attributed to the rapid shift of manufacturing facilities from the western countries to South Korea, China, India, and Japan. Moreover, the surging construction of housing units, owing to the booming population, will also support the market growth in the region in the coming years. Additionally, the mounting demand for automobiles will also contribute to the APAC market growth in the forecast years.

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Thus, the widening construction industry and rising automobile sales will fuel the consumption of paints and coatings in the coming years.

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This release was published on openPR.