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cis paints and coatings market
The CIS paints and coatings market was valued at US$ 8.27 Bn as of 2021. Sales of paints and coatings are projected to increase at 4.1% CAGR and reach US$ 12.39 Bn by 2032. Growing urbanization and significant growth in end-use industries, coupled with increase in per capita disposable income, to remain key growth factors for the market.
The Russia paints and coatings market is set to account for over 60% market share in the CIS region. Kazakhstan is slated to hold 6.4% share in the CIS market for paints and coatings in 2022.
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The analysis includes forecasted CIS Paints and Coatings Market valuation and growth rate, as per the researchers' review. This CIS Paints and Coatings Market Review provides a summary of current market dynamics, barriers, drivers, and metrics as well as a perspective for important segments. Business growth in different industries, too, is anticipated. The nature of the research also demands comprehensive segmental analysis.
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.
Henkel Group Akzo Nobel NV Kansai Paint Co., Ltd Jotun Group Hempel A/S DAW SE Fosroc Russian Coatings Belzona International Ltd Steuler-KCH GmbH and more
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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.
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.
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Key Questions Answered in This Report –
What is the Current Valuation of the CIS Paints and Coatings Market?
What is the CAGR of the CIS Paints and Coatings Market during the Forecast Period?
What is the Anticipated Size of the CIS Paints and Coatings Market in 2032?
What Region is Most Lucrative for CIS Paints and Coatings market?
Which Segment is the Highest Contributor in the CIS Paints and Coatings market?
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