“The world’s population is projected to grow from 7.7 billion in 2019 to 8.5 billion in 2030 (10% increase), and further to 9.7 billion in 2050 (26%) and to 10.9 billion in 2100 (42%).”, says the United Nations in its 2019 World Population Prospects report. This means a vast jump in construction of all kinds, be it for residences, manufacturing plants, or commercial spaces. The population boom is also being reflected in the increasing vehicle production and sales, with Organisation Internationale des Constructeurs d'Automobiles (OICA) saying that automobile production rose substantially from 56,258,892 units in 1999 to 91,786,861 units in 2019.

These factors are expected to drive the growth of the paints and coatings market from $186.7 billion in 2017 to $262.5 billion by 2023, at a 6.0% CAGR during 2018–2023 (forecast period), according to PS Intelligence. These materials are widely used in buildings and vehicles not only for decorative and aesthetic purposes, but also to protect the structures from environmental forces. For instance, painting is known to be one of the best ways to protect iron from rust, as the paint acts as a barrier between the atmospheric humidity and the metal.

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A key trend in the paints and coatings market presently is the usage of smart coatings. In response to an external stimulus, such as heat and electric field, these materials have the ability to change their properties. Coupled with their ability to offer an aesthetic look, this advantage of smart coatings is making them a popular choice for numerous commercial purposes, including restoring historical structures and monuments to boost tourism. Similarly, smart coatings can also be used as a composite material for lightweight aircraft, and they can hide the damage caused to the engines of aircraft.

“The industry is projected to grow at 4.2 percent annually between 2018 and 2023 in terms of market value, with expansion opportunities in residential, nonresidential, and infrastructure projects.”, says the World Bank in the context of the construction sector. This means that in the years to come, the demand for paints and coatings is going to increase rapidly. With population boom and large-scale urbanization in the U.S. and India, China, and several other developing countries, construction activities are picking up.