As per a revised study by Persistence Market Research, the global paints and coatings market is expected to accelerate at a healthy CAGR of 5.1% and be valued at around US$ 239 Bn by 2031.
Growing industrial development along with significant rise in construction activities in regions such as Asia Pacific, North America, and Europe are expected to fuel demand for paints and coatings over the coming years. Countries in Asia Pacific, such as China, India, and ASEAN, among others, are expected to focus on increasing their infrastructure and construction spending multiple fold.
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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