The expansion of the construction industry is one of the biggest factors responsible for the growing demand for paints and coatings around the world. With the surge in the global population, many countries across the world are launching large-scale construction and infrastructural development projects such as the building of offices, civic infrastructure, hotels, retail centers, apartments, and hotels. For example, the Indian Government announced a massive road development program in April 2020.

Under the program, the government will construct roads all over the country with a total investment of $212.8 billion (INR 15 lakh crore) over the next two years. Furthermore, the government allocated $24.27 billion (INR 1,69,637 crore) to the development of transport infrastructure in the country in the Union Budget 2020–21. This will massively push up the requirement for paints and coatings in the country in the coming years.

This will be because these materials are heavily used in construction activities for providing protective benefits and good aesthetics to structures. Apart from the expanding construction industry, the booming automobile industry is also positively impacting the sales of paints and coatings across the world. Because of the increasing disposable income of people, their changing lifestyles, and the rising urbanization rate in several countries, the sales of automobiles are soaring across the world.

According to reports, the sales of vehicles all over the world increased from 88.3 million in 2014 to nearly 91.3 million in 2019. This number is predicted to rise even further in the coming years, which will, in turn, propel the requirement for paints and coatings. This will fuel the boom of the global paints and coatings market in the future. The value of the market is predicted to grow from $156,086.2 million in 2019 to $227,834.0 million by 2030.

Furthermore, the market is predicted to progress at a CAGR of 4.2% between 2020 and 2030. Depending on technology, the paints and coatings market is classified into solvent-borne, water-borne, high-solids, ultraviolet (UV), and powder coatings. Out of these, the water-borne category recorded the highest growth in the market in the past years. This was because of the huge requirement for low- and no-volatile organic compound (VOC) containing products. These products negatively affect the central nervous system and can cause cancer.

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Globally, the paints and coatings market is set for lucrative growth in Asia-Pacific (APAC) in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the soaring number of construction and infrastructural development projects being announced in the region and the rapid shifting of various manufacturing facilities to APAC countries from Western nations. Furthermore, the mushrooming sales of vehicles are fueling the demand for paints and coatings in the region.

Hence, it can be said with full confidence that the sales of paints and coatings will shoot-up all over the world in the upcoming years, primarily because of the expansion of the automobile and construction industries in several countries.