Paints and Coatings Market Share

Asia Pacific Market Analysis:

Asia Pacific in paints and coatings market is predicted to account for around 40.3% revenue share by 2037 due to rapid industrialization and urbanization, especially in China and India. The rapidly growing construction sector, coupled with rising production in the automotive industry, acts as a strong factor for growth. Besides, the surging demand for eco-friendly products is driving the market. The market outlook is positive as governments and industries are inclined toward sustainable development.

China continues to be one of the major players in the Asia Pacific paints and coatings market, based on large construction and automotive industries. In 2023, electric vehicle sales in China surpassed global levels, surging nearly threefold to 6.2 million units. This surge in EV manufacture, automatically enhances the need for advanced coatings solutions, boosting this market further. This growth underlines China's strategic importance in the global market.

Another key market in Asia Pacific includes India. The rapid urbanization in India and the need for the growth of infrastructure in the country have fueled market growth. The government has also put in place policies that continue to enhance the use of sustainable products. In January 2023, Asian Paints Ltd launched a new water-based paint production facility after investing USD 267 million. The development is an indication of the country’s commitment and focus on eco-friendly solutions and places it among the leading players in Asia Pacific.

Europe Market Analysis:   

By 2037, Europe paints and coatings market is likely to dominate over 29.5% share owing to stringent environmental regulations related to the need for sustainability. The region’s well-established automotive and construction industry acts as a major source for driving demand. It is estimated that the improvement of eco-friendly coatings across Europe is impacting the market and will continue to do so in future years. The growth momentum is positive as many countries in Europe are focused on developing and technologically advancing in the green movement.

Germany is one of the leading markets in Europe primarily due to its well-established automotive and industrial sectors. The environmental regulations imposed by the government are driving up the need for sustainability in coatings. In November, Sherwin-Williams Company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH. This is in line with a strategy to diversify its coating business and expand its industrial-machinery coatings business in Germany. These factors hint that the country is a significant market for paints and coatings.

France is another key market for paints and coatings due to a notable construction sector and an active aerospace industry. The local government is pushing sustainable development with many legislative measures. A French Ministry of Ecological Transition report in 2022 claims that the country is expected to achieve carbon neutrality by 2050. In addition, there is a high demand for eco-friendly coatings as the coatings manufacturers work to align with national goals.