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.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It also traces the market’s historic and forecast market growth by geography.
To learn more about the report, Paints and Coatings Global Market Report 2021: COVID-19 Impact and Recovery to 2030, click here.