Paints market analysis report
Paints market analysis report
Architectural application segment dominated the market with the highest revenue share of 39.3% in 2022. Its high share is driven by excessive rise in consumption of paint additives to coat buildings and homes. The growth of the building & construction sector across the globe is expected to propel the demand for architectural coating which in turn is expected to boost the demand for paint additives. The paints and coatings are used as deck finishers, roof coatings, and wall paints. In addition, the rising need for green coatings that can be used in interiors is expected to positively impact the market over the forecast period.
Paints are used on automotive surfaces for both protection as well as for decoration purpose. The growth of the automotive sector, especially in the countries of Asia Pacific is expected to impact the market for paint additives. The key factors driving the automotive coatings market are population growth, need for weather protection and improved standards of living. The increased trend of refurbishing, repair and maintenance, of older vehicles is expected to stimulate growth. In addition, the growing number of road accidents in countries with adverse road conditions in mountainous areas are anticipated to fuel the demand for these products over the upcoming years, particularly in Brazil and India. These trends are expected to propel the demand for automotive coatings which in turn is expected to boost the demand for paint additives over the forecast period
Asia Pacific dominated the paint additives market with the highest revenue share of 40.3% in 2022. The growing population in Asia Pacific has been the key reason for rising architectural activities and increasing usage of automobiles in the region. The continuous increase in the population in Asia Pacific is driving infrastructure development activities across the region. As China and India are the two most populous countries in the world, they drive the growth of the construction industry in Asia Pacific. Ongoing urbanization and increasing individual disposable income owing to a surge in the number of private sector jobs in China, India, Japan, and South Korea have been driving citizens to construct their own houses for residential and investment purposes in these countries. This is anticipated to fuel the usage of paints, thereby augmenting the demand for paint additives in the region.
Europe is a global manufacturing center for automobiles owing to the presence of leading automotive companies such as Volkswagen AG, Daimer-Chrysler, and Mercedes-Benz in countries such as Germany, Hungary, Austria, and Romania of the region. The automotive industry extensively utilizes paints and coatings in various applications. The flourishing automotive industry in Europe is anticipated to fuel the demand for paint additives in the region in the coming years. Moreover, rising architectural activities in countries such as Germany, the U.K., France, and Italy in Europe have been fueling the demand for paint additives in the region. The growth of the construction industry in Europe is propelled by supportive government policies and tax relaxations. The flourishing construction industry is expected to propel the consumption of paints in Europe, thereby surging the demand for paint additives in the region in the coming years.
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