A major end-market for paints and coatings is construction. In various countries construction output is healthy. The global paints and coatings market has grown healthily, both in value and volume terms in recent years. Stable growth is expected to continue in the coming years. Continued infrastructure investment in many countries will drive construction output, which in turn will spur demand for paints and coatings.
The global paints & coatings market had total revenues
of $150.7bn in 2017, representing a compound annual growth rate (CAGR) of 6.2%
between 2013 and 2017. In comparison, the Asia-Pacific and US markets grew with
CAGRs of 7.4% and 5.1% respectively, over the same period, to reach respective
values of $82.1bn and $23.4bn in 2017.
Many Asian economies are still developing and growing. A noticeable by-product of this is increased urbanization as people move to major cities for jobs. This necessitates new housing construction and in countries like China, Indonesia, and Vietnam, this is a key demand driver for paints and coatings.