The global Paints & Coatings Market size was estimated at USD 196.4 billion in 2023 and is projected to reach USD 246.6 billion in 2030 at a CAGR of 3.3% during the forecast period 2023-2030.
Paints are chemical compounds that are employed to enhance the visual appeal of the underlying surface on which it is administered, whilst coatings are primarily used to impede the deterioration of the substrate or for the purpose of safeguarding against corrosion. The application of paints and coatings endows the substrate with particular features including, but not limited to, anti-fouling, flame retardancy, and anti-microbial properties, which are highly desirable in various sectors such as architecture, manufacturing, automobile, aviation, and other areas of application.
The advent of high solid paints and coatings, which generate minimal to no volatile organic compounds (VOCs), has significantly expanded the scope of paint and coating usage across various end-use industries. High solid epoxies, for instance, are extensively employed in decking, hulls, cargo tanks, and other applications. Moreover, high solid paints and coatings necessitate less drying time and are facile to apply, rendering them highly sought-after for coating purposes in an array of end-use sectors. This is poised to propel the demand for high solid paints and coatings, thereby creating profitable openings for the market.
The outbreak of the highly infectious and contagious disease known as COVID-19 has caused massive disruption to the intricate and complex supply chains of companies operating within the paints and coatings industry. As a result, these companies have been placing a heightened level of focus on the management of crucial aspects such as orders, inventory, and transit shipments in a determined effort to navigate the challenges presented by the pandemic and to ensure that their operations continue to function in a smooth and efficient manner. In order to achieve this goal, these companies have been consistently and relentlessly employing innovative and cutting-edge techniques and strategies to stabilize their operations and production sites.
Over the course of the next half-decade, it is expected that the activities related to housing and construction will gradually expand throughout North America and Europe. Furthermore, it is anticipated that the construction industry in China will experience a more rapid surge than both Europe and North America, despite experiencing a significant slowdown over the past two to three years. In order to keep up with the increased rates of urbanization brought on by individuals migrating from rural areas to cities in search of improved earnings, construction levels are on the rise in countries such as India, Southeast Asia, and South America. It is projected that construction activity will increase as a direct result of infrastructure investments. In a concerted effort to bolster their respective economies' productive capacities and fuel their post-Covid economic recoveries, governments around the globe continue to lend their support to substantial infrastructure investments. The civil engineering sector is expected to be the most rapidly-growing industry within the construction market. By 2023, it is predicted that Australia's construction output will experience a decrease of around 3%. Residential construction is being heavily impacted by high inflation and rising interest rates, which has resulted in property values declining and construction costs soaring. Belgium, on the other hand, expects its construction output to decline by 1.3% in 2023 following a 0.8% decrease in 2022, primarily due to lower activity in the residential and industrial construction segments. Both segments are being impacted by increasing inflation and rising financing costs associated with building activity.
Asia-Pacific to Dominate the Market