The paint and coatings market was valued at USD 164.1 billion in 2022, and it is predicted to reach USD 238.8 billion by 2030, rising at a rate of 4.80% during the forecast period as per a report by P&S Intelligence.
The growth is due to the increasing consumption of the product in the general industrial, construction, and automotive sectors. Additionally, it is expected that the rapid industrialization and urbanization in China, India, and other countries in Southeast Asia, will increase product demand.
At a significant pace, the construction industry is growing in India, Sweden, China, the U.S., the U.K., Canada, and Australia, due to the rising urbanization rate and increasing population. This has increased the investment in the construction of apartments, hotels, offices, public infrastructure, and retail centers.
APAC paints and coatings industry is projected for the highest growth rate, of 5.9%, in the upcoming years. This is mainly credited to the increasing construction industry in India and China, thus driving the implementation of new coating resins and designs. Also, the industry in the regions is driven by the increasing investments by the government and overseas in the automotive sectors.
Additionally, the increasing real estate activities, along with rapid urbanization, rising disposable income, and increasing population, have boosted the paint and interior demand.
To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market/report-sample
In 2022, product sales revenue in Europe was USD 32,640 million. This can be credited to the existence of numerous players and reputable automotive sectors. Additionally, the region will continue to advance due to the increasing maritime industry and the rising activities of residential construction and renovation.
Water-borne coatings have the largest share, of approximately 47%, in 2022. Due to their growing use in furniture, wood, automotive, printing inks, and plastic industries. These variants also offer advantages such as quick drying, simpler application, and low VOC emissions.
Additionally, the demand for these variants will grow consistently in the future because of their rising uses by some furniture and automobile manufacturers.