The paints & coatings market is projected to grow from USD 160.54 billion in 2017 to USD 209.36 billion by 2022, at a CAGR of 5.45% from 2017 to 2022. The market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. The growth of the Asia-Pacific paints & coatings market can be attributed to the increasing demand for paints & coatings from the region’s emerging economies, such as India, China, South Korea, Vietnam, and Indonesia, among others.
India has emerged as one of the key markets for paints & coatings in the Asia-Pacific region because of its growing population, economic growth, increasing industrialization, manufacturing activities, and infrastructure development. The rising demand from end-use industries, such as construction, automotive, general industrial, wood, protective, marine, aerospace, and coil coatings has assisted the growth of the country’s paints & coatings market. The construction industry in China is rapidly growing owing to the rising demand from housing activities, new construction and renovation, government and private investment in residential and non-residential projects, and growing consumer spending power.
The demand for paints & coatings from various end-use industries such as construction, automotive, marine, aerospace, wood, general industrial, rail, coil coatings, transportation, and packaging coatings has been increasing in the Asia-Pacific region over the past few years. This trend is expected to continue till 2022. The Asia-Pacific paints & coatings market is projected to grow at the highest CAGR during the forecast period. The Asia-Pacific region is a rapidly expanding paints & coatings market, owing to the growing economy and increasing middle-class population. The increasing number of residential and commercial buildings due to rising population and urbanization mainly in China and India are expected to drive the market during the forecast period.
By resin type, the acrylic segment of the paints & coatings market is projected to grow at the highest CAGR during the forecast period. Polyurethanes are preferred over other resins as they offer excellent appearance, high flexibility, hardness, good appearance, tough surface, exceptional weatherability, and excellent electrostatic application characteristics in products that require very high quality standards. The epoxy segment is projected to grow at the second-highest CAGR during the forecast period. Epoxy resins offer good adhesion, high chemical resistance, and excellent physical properties which provide excellent protection against severe corrosive environments.
By technology, the powder coating segment of the paints & coatings market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to low VOC emission, superior performance and cost efficiency for applications that require maximum abrasion resistance and hardness.
Among applications, the industrial coatings segment of the paints & coatings market is projected to grow at the highest CAGR during the forecast period. Increasing demand for paints and coatings from automotive, marine, and aerospace industries is projected to drive the global paints & coatings market during the forecast period.
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