Asia-Pacific:
Asia-Pacific continues to be the fastest-growing region for the global paints and coatings industry, thanks to rapid urbanization, construction booms, and growth in automotive production. India, China, and Southeast Asian nations like Indonesia and Vietnam are emerging as key growth drivers.
Construction and real estate development projects are witnessing a surge, driven by government investments in affordable housing and smart city initiatives. Automotive production, including electric vehicles (EVs), is also ramping up, boosting demand for high-performance coatings. Companies like Nippon Paint, Asian Paints, and AkzoNobel are expanding production capacities in the region to meet rising demand.
Europe:
European Paint Market Faces Headwinds Amid Weather-Related Disruptions
The European paint industry reported mixed results in 2024. While construction activity picked up in Central and Eastern Europe, weather-related disruptions in Western Europe hampered DIY (do-it-yourself) paint sales. Poor weather in key markets like the UK and France led to a decline in consumer painting projects, impacting sales for companies like AkzoNobel and PPG.
However, industrial and protective coatings segments showed resilience as infrastructure projects continued. Growth in Eastern European markets, driven by new construction in Poland, Romania, and the Czech Republic, provided some relief for paint manufacturers.
North America:
Marine Coatings Drive Growth in North American Paint Sector
In North America, the paints and coatings industry witnessed growth in the marine and protective coatings segments. This trend is linked to an increase in shipbuilding activity, with new ships being commissioned for commercial shipping, offshore oil and gas exploration, and naval defense.
Companies like PPG, Sherwin-Williams, and AkzoNobel have increased their focus on marine coatings, which are known for their high corrosion resistance and long-lasting durability. The growing demand for sustainable and anti-fouling coatings is also pushing manufacturers to develop innovative solutions that reduce environmental impact.