Paints and Coatings Market Trends, Forecast, and Opportunity Assessment (2022-2031)
Posted: Oct 13, 2022
The worldwide paints and coatings market is anticipated to grow at a robust CAGR of 5.1% and reach a value of over US$ 239 Bn by 2031, according to an updated analysis by Persistence Market Research.
The demand for paints and coatings is anticipated to increase over the next few years as a result of expanding industrial development and a notable increase in construction activity in areas like Asia Pacific, North America, and Europe. It is anticipated that nations in the Asia Pacific, including China, India, and ASEAN, will prioritise doubling their infrastructure and building spending.
Key manufacturers are focusing on reducing their carbon footprint to increase sustainability in their products. They are investing substantial amounts in research & development to provide paint and coating products that emit low volatile organic compounds, by providing bio-based and eco-friendly paints and coatings.
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Companies are also investing in technologies that will keep them ahead of the competition.
AkzoNoble invested in Qlayers, which deals in coating application technologies. The company offers automated solutions that are safer, consistent, and faster than manual coating processes.
Opportunities for key players in the market include provision of services along with paint and coating products and special focus on remodel/ repaint businesses.
Some other factors driving sales of paints and coatings include surge in low-cost urban housing projects, increased infrastructural construction across regions, and the introduction of innovative formulation technologies in this space.
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Key Takeaways from Market Study
The Asia Pacific region is expected to dominate the market throughout the forecast period.
Growing demand is being witnessed for protective coatings in the industrial sector.
India’s paints and coatings sector has been witnessing a gradual shift in terms of consumer preferences from traditional whitewash to quality paints for indoor and outdoor applications.
Overall, the market is experiencing a healthy competitive environment across the globe, where key players are focusing on increasing their regional share.
The global market for paints and coatings is set to expand over 1.6X across the 2021 to 2031 forecast period.
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