The global paint market under the COVID-19 pandemic

The global paint market has shown a slow growth trend under the influence of the global COVID-19 pandemic. It is expected to reach 179.5 billion US dollars by 2025, with a compound annual growth rate of about 4% from 2020's 147.2 billion US dollars.

During the pandemic, the paint industry was affected by multiple adverse factors such as suspended construction projects, shortage of raw materials, supply chain disruptions, production obstacles, and restricted business travel, which suppressed the demand for paint applications in various fields such as construction, automotive, and aviation industries.

Due to the impact of the pandemic, some paint manufacturers in certain countries and regions reduced production or closed down, resulting in a decrease in export volume. Social distancing measures, self-isolation policies, urban lockdowns, and other epidemic prevention measures have had a significant impact on construction projects, indirectly affecting the paint industry.

From the perspective of global paint production, the closure and reduction of paint production caused by the pandemic has impacted the vitality and scale of the entire paint market, with the automotive paint, aviation paint, and marine paint industries being the most affected.

The acrylic paint market will have the fastest growth rate in the coming years, leading the development of the paint market. Due to the excellent performance and easy DIY construction of acrylic coatings, it was least affected by the COVID-19 pandemic. In the coming years, there will be a significant increase in demand for residential decoration, renovation, and remodeling, which will promote the development of the paint market. Moreover, the Asia-Pacific region is still the largest paint market in the world.