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.