Market Sector Insights – The Paints and Coatings Market

Introduction

According to a report by Grand View Research, the global paints and coatings market size was valued at USD 146.2 billion in 2019 and is expected to grow at a CAGR of 4.3% from 2019 to 2027, reaching to USD 204.7 billion by 2027. The market is expected to be driven by the increasing product consumption in the construction, automotive, and general industries application sectors. Rapid urbanization and industrialization in the emerging countries, such as India, China, and Southeast Asia, are anticipated to fuel the product demand in various applications. However, the outbreak of COVID-19 may have a negative impact on market growth in the near future.