The global paints and varnishes industry is being driven by a recovering construction sector and strong automotive production in Asia Pacific. Meanwhile, producers of paints and varnishes are driven by megatrends such as the rise in healthy living and digital demand, smart cities and environmental concerns.
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As producers of paints and varnishes enter 2018,the industry is embracing recovering construction activity and demand for paints in the largest economies of the world.
Rapidly growing demand in emerging Asia Pacific markets is expected to be the key growth driver.The largest global players are seizing the opportunity.
Consumers and socio-ecological issues all play a significant role in shaping the paints and coatings industry. Sustainability is becoming an integral part of input selection and final product qualities, including renewable raw materials, new environmentally friendly technologies, and responsible manufacturing.
Significant changes in the way consumers shop, and companies operate, with more and more going online, are making an impact. Some manufacturers are reducing their store footprints.
Companies that used to concentrate on a specific region now span several continents. For large B2B clients such as automotive or construction, suppliers with a reliable global footprint become critical.