CLEVELAND, April 8, 2021 /PRNewswire/ — A new Freedonia Group analysis of the $186 billion global paint and coatings market projects that the world’s emerging markets – most predominantly those in the Asia/Pacific region – will continue to post the fastest gains through 2024, driven by rising income levels and expanding industrial sectors in these countries.
Global Volume Demand for Paint & Coatings to Near 64 Million Metric Tons by 2024
Led by China, by far the world’s largest market, the Asia/Pacific region is forecasted to account for nearly 80% of new global paint and coatings demand in volume terms through 2024, driven primarily by manufacturing and construction trends in China and India.
But rapidly developing countries in Southeast Asia – including Indonesia, Thailand, the Philippines, and Vietnam – also offer strong opportunities for new paint sales in all areas. Despite slowed capital investment amid the COVID-19 pandemic, manufacturers based in Western Europe and North America will continue to expand their presence in these countries, boosting demand for:
- Manufacturing paint and coatings used in the production of products such as motor vehicles, furniture, and packaging
- Specialty coatings used on industrial lines
Additionally, these countries are quickly improving their housing stocks, infrastructures, and commercial centers. As economies expand, personal incomes in the region are rising and more consumers are able to purchase products such as automobiles and appliances such as refrigerators, boosting related paint and coatings demand in the near and long term.
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This study examines the global paint and coatings industry, which is divided into three major markets:
- Architectural (new residential construction; residential remodel and repaint; nonresidential construction)
- Manufacturing/OEM (furniture and fixtures; motor vehicles; packaging; other manufacturing –e.g., prefabricated building components, appliances, electronics, machinery, aerospace equipment)
- Protective and specialty (industrial maintenance; corrosion protection, including pipeline coatings; marine – e.g., commercial ships, offshore oil and gas drilling rigs, product platforms; vehicle refinishing; other specialty coatings – e.g., HVAC equipment, oil and gas pipelines, roads and bridges, electrical equipment)
The paint and coatings market is also examined by formulation, including:
- Water-based coatings (e.g., emulsions/latex paints, water-soluble paints, water-dispersible paints/colloidal coatings, water-based alkyds
- Solvent-based coatings
- Powder coatings
- Other products, including radiation-curable coatings
Historical data (2009, 2014, and 2019) are reported in metric tons and current US dollars, with forecasts provided for 2024 and 2029.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group