CIS Paints and Coatings Market to Cross US$ 12.39 Billion Revenues in 2032

CIS Paints and Coatings Market

The CIS paints and coatings market was valued at US$ 8.27 Billion as of 2021. Sales of paints and coatings are projected to increase at 4.1% CAGR and reach US$ 12.39 Billion 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. 

The Russia paints and coatings market is set to account for over 60% market share in the CIS region. Kazakhstan is slated to hold 6.4% share in the CIS market for paints and coatings in 2022.

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The increasing demand for infrastructure development and the growth of the construction industry in the region are expected to drive the growth of the CIS paints and coatings market in the coming years.

Market Dynamics:

The CIS paints and coatings market is expected to witness significant growth in the coming years owing to the increasing demand for paints and coatings from end-use industries such as construction, automotive, and manufacturing. The growth of the construction industry in the region, driven by increasing investments in infrastructure development and the construction of new residential and commercial buildings, is expected to be a key driver for the market growth. The increasing demand for eco-friendly and low VOC (volatile organic compound) paints and coatings is expected to provide growth opportunities for the market in the coming years. However, the availability of substitutes such as powder coatings is expected to hamper the market growth.

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.

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 and more

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Segmentation:

The CIS paints and coatings market can be segmented based on resin type, technology, application, and region.

• Based on resin type, the market can be segmented into acrylic, alkyd, epoxy, polyurethane, and others.

• Based on technology, the market can be segmented into waterborne, solvent-borne, powder, and others.

• Based on application, the market can be segmented into architectural, industrial, automotive, and others.

Regional Analysis: The CIS paints and coatings market can be segmented into Russia, Ukraine, Kazakhstan, and other CIS countries. Russia is expected to be the largest market for paints and coatings in the region owing to the presence of a large number of end-use industries in the country. The growth of the construction industry in Russia, driven by increasing investments in infrastructure development and the construction of new residential and commercial buildings, is expected to drive the market growth in the country.

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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.

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