The publication highlights the momentum generated in Latin America by the growth of infrastructure and maintenance spending by both the public and private sectors.
Among the leading countries of this regional growth are Colombia, Peru and Brazil.
"Increasing industrialization in Brazil may drive demand for architectural cladding that will further help increase revenue," the study notes.
It notes that following the outbreak of the pandemic, the market value of the paints and coatings industry worldwide declined by approximately 6% in 2020, equivalent to $145 billion.
However, its growth resumed in 2021, when the industry reached a market value of approximately US $ 160,000 million.
The report predicts that by 2029 the market value of the sector will exceed US $ 235,000 million.
It expects North America to witness remarkable growth in the global market.
"The U.S. is one of the largest consumers of paints for automotive and construction applications globally, which will contribute to the growth of the market."
The research highlights Sherwin-Williams and PPG Industries as the top two players in the global industry. In 2021, each company had a market share of approximately 11.2%. The two paint and coating suppliers are based in the United States.