November 26, 2020

Surging Construction Activities Driving Growth of Global Paints and Coatings Market

The global paints and coatings market was valued at $156,086.2 million in 2019 and is predicted to grow at a CAGR of 4.2% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would generate a revenue of $227,834.0 million by 2030. The prominent growth drivers of the market are the soaring construction activities and the increasing usage of paints and coatings in commercial, residential, and industrial sectors.

The surging population levels in various countries is fueling the increasing investments in various construction projects such as those pertaining to apartments, hotels, retail centers, civic infrastructure, and offices. For example, in April 2020, the Indian government has set a target of road construction with a total investment of $212.8 billion in the coming two years. Additionally, in the Union Budget 2020—2021, the government allocated as much as $24.27 billion toward the development of transport infrastructure in the country.

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Due to the increasing urbanization, changing lifestyles, and the surging disposable income of people, the sales of vehicles are picking up across the world. This is, in turn, causing a sharp surge in the sales of paints and coatings. For example, the worldwide sales of vehicles grew from 88.3 million to 91.3 million from 2014 to 2019. When technology is taken into consideration, the paints and coatings market is divided into solvent-borne, water-borne, powder coatings, ultraviolet (UV), and high-solids.

The key factors driving the advancement of the market in this region are the increasing construction and infrastructural development activities being performed in the regional countries and the shifting of manufacturing facilities and plants from Western countries to the APAC nations. In addition to this, the increasing disposable income of the people residing in the APAC countries is augmenting their purchasing power, which is, in turn, propelling the sales of paints and coatings in the region.