DUBLIN — Research and Markets announced the release of a new report on the global paint and coatings market and the impacts on the market from COVID-19. The company reports that the global paint and coatings market is expected to grow from $199.87 billion in 2020 to $216.9 billion in 2021 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $258.45 billion in 2025 at a CAGR of 4%.

According to the report, Asia-Pacific was the largest region in the global paint and coatings market, accounting for 55% of the market in 2020. North America was the second-largest region, accounting for 18% of the global paint and coatings market. Eastern Europe was the smallest region in the global paint and coatings market, according to Research and Markets.