CONSTRUCTION PAINTS AND COATINGS MARKET ANALYSIS

Regional Analysis

Global Paints and Coatings Market – Regional Insights

Asia Pacific dominated the global paints and coatings market in 2022, with 36% market share, in terms of revenue, followed by Europe and North America, respectively, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be fastest growing region in the Global Paints and Coatings Market during the forecast period. In 2022, Asia Pacific dominated the paints and coatings industry.  According to the IMF and World Economic Outlook, China and Japan were the world's second- and third-largest economies in 2022, respectively. For instance, according to the United Nations Population Fund, the Asia Pacific region, 4.7 billion people live there, making approximately 60% of the world's population. The world's two most populated nations, China and India, are located in this region. Over the upcoming forecast period it is estimated that this will increase the prominence of the global building sector. The rapidly rising household income and the quickly rising demand from smaller towns and rural areas as a result of increased consumer awareness will also be driving the market.

Asia Pacific is has various numerous economies at various stages of development and across a wide range of industries. The market's expansion is linked to the strong economic growth rate followed by significant investment in a variety of industries including furniture, building & construction, and consumer electronics & appliances for the automotive industry. Companies are increasing the production of paints and coatings throughout Asia Pacific, particularly in China and India. Moving production there has advantages, including the opportunity to better serve the area's increasing local markets and the cheap cost of manufacturing.

• North America: U.S. and CanadaEurope: Germany, U.K., Spain, France, Italy, Russia, Poland, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Rest of World