Global Anti-Microbial Coatings segment is projected to create high-value opportunities in the Paints & Coatings market. Here's your chance to get an extensive understanding of this market.
The Global Paints & Coatings Market was valued at USD 176.7 Bn in 2020 and is expected to reach USD 220.1 Bn by 2027, growing at a CAGR of 3.2% during the forecast period. The market will benefit from increasing product demand from several end-use industries including aerospace, electronics, medical, construction & automotive industries. This growth is due to rapidly rising population, rising real incomes, and rising standard of living in the developing and emerging countries of Asia, Middle East & Africa. The Paints & Coatings consumption in these regions is projected to grow faster than in other regions by 2024. Asia Pacific accounted for 48% of the global paints & coatings consumption in 2020, followed by North America with 21% of the market share.
The global anti-microbial coatings segment was a significant contributor to the market in 2020 and is estimated to reach USD 7.60 Bn by 2027 at a CAGR of 10.5%. Due to the spread to COVID-19 pandemic, several governments and key market players are investing huge amounts in R&D activities for developing vaccines as well as coating solutions. This is expected to create immense opportunities for the paints & coatings market.