According to the World Paint and Coatings Industry Association, the paints and coatings market expanded by 4.9% to $164.9 bn in 2018. Europe and North America are mature regions for coatings. They represent 21% and 16% of the global volume, respectively.
Macroeconomic factors, such as GDP growth, rise in purchasing power and disposable income, urbanisation and improvements in economic conditions of developing countries positively impact the paints and coatings market. This, in turn, also boosts the entire paints and coatings fillers market.
In terms of volume, Asia-Pacific held a leading share of the global. Paints and coatings fillers market in 2018. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo and Kia have either established their automotive manufacturing facilities or intend doing so, while planning to start new facilities in Asia-Pacific soon.
China, India, the Philippines and Vietnam are emerging markets for automobiles, with several automobile manufacturers establishing their manufacturing and assembly plants in those countries. This can be ascribed to the availability of labour at low cost, favourable raw material prices, and the rise in urban population.
Consequently, the demand for paints and coatings fillers is estimated to rise during the forecasted period This is likely to drive the market for paints and coatings fillers during the forecast period.