Growing Homeownership Rate Driving Consumption of Paints and Coatings

People not only care for their own appearance but also that of the things they own, such as houses and automobiles. Thus, with the booming population pushing up the requirement for houses, vehicles, and a host of other practical and materialistic things, the paints and coatings market has a bright future ahead. As per P&S Intelligence, the sale of such materials valued $156,086.2 million in 2019, and this revenue is set to witness a 4.2% CAGR during 2020–2030, to reach $227,834.0 million by 2030.

To accommodate the growing population, especially in Sweden, China, the U.S., India, Australia, Canada, and the U.K., residential, civil, commercial, and industrial infrastructure development projects are increasing in number. For instance, the Indian government allocated $24.27 billion (INR 1,69,637 crore) in the 2020–21 Union Budget for transport infrastructure development, which would boost the demand for paints and coatings. Similarly, smart cities are under construction around the world for conserving resources and making the world more sustainable, which is again creating a huge requirement for paints and coatings.

The other major sector that consumes these materials in vast volumes is automotive. The look of the car is one of the most-vital aspects that encourage someone to buy it; therefore, automakers continue to go overboard with their paint job. Any vehicle requires at least four layers of coating: primer, basecoat, electrocoat, and clearcoat, for aesthetic value and protection from the elements. Thus, with auto sales and production booming in emerging economies, the demand for paints and coatings is rising.

Thus, owing to the burgeoning automobile sales and homeownership rate, Asia-Pacific (APAC) generates the highest revenue in the paints and coatings market. China, Japan, India, and South Korea account for the highest sales and production figures of automobiles globally due to their booming population and rising urbanization rate. Moreover, regional governments are implementing several policies to make housing affordable, which is another reason behind the rising consumption of such materials.

Hence, with the booming homeownership rate and automobile sales, the demand for paints and coatings, especially the technologically advanced ones, will keep shooting up.

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