NEW YORK, April 01, 2022 (GLOBE NEWSWIRE) -- The CIS paints and coatings market is projected to expand at 4.1% CAGR over the decade. Rising end-use sectors, growing urbanization, and rising individual standard of living are expected to drive market growth.
Growing utilization paints and coatings in end-use industries, particularly in the industrial segment, which includes automotive, general industrial, and others, will continue to dominate the market over the coming years. Increased vehicle demand, environmental concerns, ageing vehicles, and customer preference for improved vehicle appearance & durability, as well as growth in development infrastructure facilities are driving demand growth of paints and coatings
Demand for paints and coatings is also expected to be influenced by a variety of factors, such as green residue disposal, environmental protection, and so on. Various R&D activities are being carried out in order to introduce low-VOC emission paints in order to save the environment from detrimental metal-based paints and coatings.
The COVID-19 crisis had a significant impact on the performance of CIS economies, prompting them to call for societal lockdowns and the temporary closure of key industries such as manufacturing and services. This had a significant impact on the consumer basket, and spending on commodities was drastically reduced. With that, the ongoing invasion of Russia on Ukraine has heavily impacted the overall market in the CIS region due to disruptions in the supply chain.
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Key Takeaways from Market Study
- Demand for paints and coatings in the CIS market is forecasted to reach a value of US$ 12.39 Bn by the end of 2032.
- Russia is anticipated to remain one of the key markets in CIS accounting for around 58.5% share in 2022.
- By technology, the architectural segment is anticipated to witness a CAGR of 4.4% over the decade.
- By base type, the industrial segment is expected to experience a significant growth rate over the coming years.
- By application, the wood segment is anticipated to remain key, and the sector is set to account for 9.4% market share in industrial paints and coatings in 2022.
“Key players in the CIS paints and coatings market are expanding their production capacities in collaboration with respective governments. The goal of expanding production capacity is to reduce reliance on imports and meet regional demand,” says a Persistence Market Research analyst.
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Competitive Landscape
The CIS paints and coatings market is a fairly consolidated space with a few players highly active in the market. Some of the key market players included in the report are Henkel Group, Akzo Nobel NV, Kansai Paint Co., Ltd, Jotun Group, Hempel A/S, DAW SE, Fosroc, Russian Coatings, Belzona International Ltd, and Steuler-KCH GmbH.
Key market participants are strategically focusing acquisitions and collaborations to increase their market presence and attain higher market shares. Small and medium manufacturers are focusing on providing cost-effective and value-for-money products to improve their market penetration.
Conclusion
In CIS countries, the construction and automotive industries are important markets for paints and coatings. Increased government focus on expanding investments and rapid industrialization are primary development factors for the CIS paints and coatings sector.
The industrial sector is one of the fastest-growing segments in the paints and coatings market, accounting for more than half of the market. However, due to the pandemic situation, demand from this industry was low in 2020. However, demand began to recover in the first quarter of 2021 and is expected to gain traction in line with its historical growth.
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Key manufacturers of paint and coating are concentrating their efforts on research & development in order to produce higher-quality products with long-lasting durability and high efficiency. End users are also expected to prefer water-based paints and coatings over solvent-based paints and coatings due to growing concerns about the emission of volatile organic compounds (VOCs).
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the CIS paints and coatings market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, technology, base, application, and country. The report also provides supply and demand trends along with an overview of the parent market.
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