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.
The China construction industry is the largest paint and coatings market and it will grow at a significant rate during 2022–2030. The growth in this industry is driving the decorative coatings demand in APAC.
Additionally, the increasing real estate activities, along with rapid urbanization, rising disposable income, and increasing population, have boosted the paint and interior demand.
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The introduction of nanotechnology has significantly changed the formulation of paints and coatings. Some of the formulations which are developed with the use of nanotechnology even conduct electricity and offer self-healing properties and UV protection. Additionally, these products are highly resistant to corrosion and mar. Thus, the advent of this advanced technology will provide growth opportunities.
Additionally, the demand for these variants will grow consistently in the future because of their rising uses by some furniture and automobile manufacturers.
Get More details Paints and Coatings Market Size, Share, Trends, Business Opportunities and Top Manufacture
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings