Overview
The global Paints & Coatings market is valued at US $174.3 billion in 2021. The waterborne segment led the market and accounted for more than 39% in 2021. The demand for Paints & Coatings is rising in the automotive industry due to increased overall vehicle demand and replacement of aging vehicles. The increasing spending in the construction sector and consumer preference for eco-friendly products are expected to support the growth of the Paints & Coatings market globally.
The ongoing growth in the urbanization and construction industry, especially in the Asia-Pacific region will drive the consumption of Paints & Coatings. The rate of urbanization in the Asia-Pacific region is around 1.5% per year, the world's highest. It is estimated that by the year 2030, over half of the population in the region will be urban.
According to the United Nations, as of 2021, 33 megacities in the world require planned habitation for the rapidly growing urban population. The global construction output will grow by 85% to reach US $15.5 trillion by 2030.
The Indian Paint Industry is today worth over Rs. 62,000 crore (US $8 billion), and is the fastest-growing paint economy in the world with a double digit growth. The decorative paint constitutes 75% of the overall market and includes categories like exterior wall paints, interior wall paints, wood finishes, enamels, primers, and putties. The industrial paint constitutes 25% of the paint market and includes a broad array of segments like automotive, marine, packaging, powder, protective, and general industrial coatings. The segment also includes construction chemicals and adhesives & sealants.
The entry of Grasim Industries and JSW Group and expansions by Indigo Paints and Shalimar Paints is bound to change the Indian Paints & coatings industry in days to come.
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