Why Is Consumption for Paints and Coatings Increasing in Industrial Sector?

Paint and coating products are consumed in high volumes by commercial, residential, and industrial end-users. The construction of houses and commercial units has significantly increased due to the booming population. Paints and coatings are primarily used for protecting and enhancing the aesthetic value of the infrastructure. Additionally, these materials are important in the automobile, packaging, furniture, marine, military, healthcare, and aerospace industries. The increasing demand for the end products will drive the paints and coatings market from $156,086.2 million in 2019 to $227,834.0 million by 2030, at a CAGR of 4.2% during 2020–2030.

Backed by technological advancements, smart coatings have begun trending among end users. These coatings can transform according to external environmental stimuli like electric field or heat. Despite their high prices, customers are willing to adopt smart coatings due to their ability to self-stratify, self-clean, and self-heal. Because of their premium prices, smart coatings are mostly procured by the automobile, aerospace, military, and healthcare sectors, which generate high revenue on a consistent basis.

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In the years to come, production units will use the varied painting and coating materials in a high volume. Owing to the rising demand for vehicles and consumer products, there has been significant growth in the packaging and automotive industries. The number of manufacturing plants of vehicles and packaging materials is increasing in emerging economies. With the growing packaging and automotive sectors, the demand for paints and coatings will certainly rise in the foreseeable future.

The Asia-Pacific (APAC) paints and coatings market generated the maximum revenue in 2019. The presence of several manufacturers in India, Japan, China, and South Korea is the prime factor behind the dominating market size. Paint and coating consumption has increased in the region because of a surge in the spending power of people, owing to a rise in their disposable income. Moreover, the regional market is projected to retain its dominance during the forecast period, by demonstrating the highest growth rate. This will be driven by the boom in the population and shift of production units to the region from the West.