Analysis of Paints and Coatings Market Size and Share – Growth Trend Forecast (2024 – 2029)

Analysis of the coatings market

The Paints and Coatings Market size is estimated to reach USD 153.36 billion by 2024 and is expected to reach USD 187.39 billion by 2029, growing at a CAGR of 4.09% during the forecast period. newspaper (2024-2029).

The COVID-19 pandemic has negatively impacted the paint and coatings market. However, the market is now estimated to have reached pre-pandemic levels.

• In the short term, the key factors driving the market studied are rapidly increasing construction activity, growth of the furniture market and diversification of oil and other industries in the Middle East.
• Rising VOC concerns are expected to hinder the growth of the market studied.
• Architectural coatings dominate the market and this segment is expected to grow during the forecast period due to increasing construction activities worldwide.
• Asia-Pacific dominates the market worldwide, with the largest consumption from countries such as China, India and Japan.

Coatings market trends

Demand is increasing from the architectural industry

• Architectural paints and coatings are by far the largest segment in the paints and coatings industry. Architectural coatings are intended to protect and decorate surface features. They are used to cover buildings and homes. Most are specified for specific uses, such as roof painting, wall painting or floor finishing. Regardless of the intended use, each architectural coating must provide certain decorative, durable and protective functions.
• Architectural coatings are used in commercial applications, such as office buildings, warehouses, retail convenience stores, shopping malls, and residential buildings. Such coatings can be applied on exterior surfaces and interior surfaces and include sealants or special products.
• In the living room and bedroom walls, most homeowners favor the color they choose. Therefore, acrylic paints are preferred because they offer many choices in terms of color and gloss. Most ceilings are painted flat white to reflect the most ambient light in the room. This makes the room feel more spacious and relaxing. Basement walls can often leak water. Elastic paint that expands under pressure is used in this area to prevent water leakage.
• North America saw healthy growth in the commercial construction sector thanks to significant investments in the United States and Canada. According to the US Census Bureau, in December 2021, construction spending in the country was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2% above the estimate November revision was 1,636.5 billion USD. Furthermore, in 2021, construction spending amounted to USD 1,589.0 billion, up 8.2% from USD 1,469.2 billion in 2020, thereby increasing the consumption of paints and coatings in applications build.
• Europe also saw an expansion in the retail sector, with the construction of new malls across the continent. Metropol Shopping Center in Türkiye, Scandinavia Shopping Center in Sweden, Westfield Bradford in the United Kingdom, Weberzeile Ried in Austria, Europe Shopping Center in Belgium and Lublin Shopping Center in Poland are one recent construction projects in Europe.
• The growing middle-class population, along with their growing disposable income, has facilitated the expansion of the middle-class housing segment, which in turn has fueled housing construction. The Asia-Pacific region is the largest market for architectural coatings thanks to the growth of the construction industry.
• For example, the Indian government is promoting significant projects over the next few years. The government’s Housing for All initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This could give a significant boost to housing construction .
• Due to all the above-mentioned factors, the paints and coatings market is expected to witness significant growth during the forecast period.

China dominates the market in the Asia-Pacific region

• China is recognized worldwide for its architectural boom. Demand for affordable housing and commercial housing has driven growth in recent years.
• China is promoting and experiencing continuous urbanization, with a target rate of 70% by 2030. Living space requirements are increasing in urban areas due to urbanization and expectations. Wanting to improve the living conditions of middle-class urban residents could have a profound impact on the housing market and thereby increase housing construction in the country, which in turn would have an impact on the housing market. Actively entering the paint and coatings market.
• China is mainly driven by abundant development in the civil and commercial construction sectors and supported by a growing economy. In China, Hong Kong’s housing authority has introduced a number of measures to promote the construction of affordable housing. Officials aim to provide 301,000 public housing units by 2030.
• Rising household income levels, combined with population migration from rural to urban areas, are expected to continue to drive demand for the domestic housing construction sector. The growing focus on affordable housing by both the public and private sectors is driving growth in the housing construction sector.
• Non-residential infrastructure is expected to grow significantly. The country’s aging population is creating a need to build new healthcare facilities and hospitals. Structural changes in the Chinese economy over the past few years, with the service sector accounting for a larger share of total GDP, have spurred the construction of huge commercial and office spaces.
• Furthermore, worldwide electric car sales increased by more than 140% in the first quarter of 2021 compared to the same period last year, thanks to sales of about 500,000 vehicles in China and about 450,000 vehicles in Europe. In 2021, China ranked first in the world in electric vehicle sales, nearly tripling to 3.4 million units.
• China is the world’s second largest consumer of oil and gas but only the sixth largest producer. As a large oil consumer, China’s oil consumption is increasing year by year with fluctuating growth rates. However, because oil supply still cannot meet demand, China must mainly rely on imports.
• These factors, in turn, are expected to influence the demand for paints and coatings in the region during the forecast period.