Paints and Coatings Market SWOT Analysis of Top Key Player Forecasts to 2032| Reach US$ 12.39 Bn

Paints and Coatings Market 2022

The CIS paints and coatings market was valued at US$ 8.27 Bn as of 2021. Sales of paints and coatings are projected to increase at 4.1% CAGR and reach US$ 12.39 Bn by 2032. Growing urbanization and significant growth in end-use industries, coupled with increase in per capita disposable income, to remain key growth factors for the market.

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Growing utilization paints and coatings in end-use industries, particularly in the industrial segment, which includes automotive, general industrial, and others, will continue to dominate the market over the coming years. Increased vehicle demand, environmental concerns, ageing vehicles, and customer preference for improved vehicle appearance & durability, as well as growth in development infrastructure facilities are driving demand growth of paints and coatings.

Demand for paints and coatings is also expected to be influenced by a variety of factors, such as green residue disposal, environmental protection, and so on. Various R&D activities are being carried out in order to introduce low-VOC emission paints in order to save the environment from detrimental metal-based paints and coatings.

The COVID-19 crisis had a significant impact on the performance of CIS economies, prompting them to call for societal lockdowns and the temporary closure of key industries such as manufacturing and services. This had a significant impact on the consumer basket, and spending on commodities was drastically reduced. With that, the ongoing invasion of Russia on Ukraine has heavily impacted the overall market in the CIS region due to disruptions in the supply chain.

Key Companies-

• Henkel Group
• Akzo Nobel NV
• Kansai Paint Co., Ltd
• Jotun Group
• Hempel A/S
• DAW SE
• Fosroc
• Russian Coatings
• Belzona International Ltd
• Steuler-KCH GmbH

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Key Takeaways from Market Study

• Demand for paints and coatings in the CIS market is forecasted to reach a value of US$ 12.39 Bn by the end of 2032.

• Russia is anticipated to remain one of the key markets in CIS accounting for around 58.5% share in 2022.

• By technology, the architectural segment is anticipated to witness a CAGR of 4.4% over the decade.

• By base type, the industrial segment is expected to experience a significant growth rate over the coming years.

• By application, the wood segment is anticipated to remain key, and the sector is set to account for 9.4% market share in industrial paints and coatings in 2022.

"Key players in the CIS paints and coatings market are expanding their production capacities in collaboration with respective governments. The goal of expanding production capacity is to reduce reliance on imports and meet regional demand," says a Persistence Market Research analyst.

Conclusion

In CIS countries, the construction and automotive industries are important markets for paints and coatings. Increased government focus on expanding investments and rapid industrialization are primary development factors for the CIS paints and coatings sector.

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Key Questions Answered in the Paints and Coatings Market Report

• How is the Paints and Coatings Market expected to grow over the projected period?

• What direction is the Paints and Coatings Market expected to take in terms of volume and value during the forecast period?

• What is the impact of macroeconomic factors on the Paints and Coatings Market in future?

• What are the key market drivers in the Paints and Coatings Market?

• What are significant opportunities and improvement areas for Ammonia manufacturers?

• What are the key developments and trends taking over the Paints and Coatings Market?

• Which are the emerging countries that are expected to create significant growth opportunities in the Paints and Coatings Market?

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