The expansion of the construction industry is one of the biggest factors responsible for the growing demand for paints and coatings around the world. With the surge in the global population, many countries across the world are launching large-scale construction and infrastructural development projects such as the building of offices, civic infrastructure, hotels, retail centers, apartments, and hotels. For example, the Indian Government announced a massive road development program in April 2020.
Furthermore, the market is predicted to progress at a CAGR of 4.2% between 2020 and 2030. Depending on technology, the paints and coatings market is classified into solvent-borne, water-borne, high-solids, ultraviolet, and powder coatings. Out of these, the water-borne category recorded the highest growth in the market in the past years. This was because of the huge requirement for low- and no-volatile organic compound containing products. These products negatively affect the central nervous system and can cause cancer.
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Globally, the paints and coatings market is set for lucrative growth in Asia-Pacific in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the soaring number of construction and infrastructural development projects being announced in the region and the rapid shifting of various manufacturing facilities to APAC countries from Western nations. Furthermore, the mushrooming sales of vehicles are fueling the demand for paints and coatings in the region.
Hence, it can be said with full confidence that the sales of paints and coatings will shoot-up all over the world in the upcoming years, primarily because of the expansion of the automobile and construction industries in several countries.
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