Monday 27 May 2024
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The global paints and coatings market is projected to grow from US$167.04 billion in 2022 to US$235.06 billion by 2029, representing a compound annual growth rate of 5%. Important drivers of this industry include economic growth, rising population, increasing residential building activities and growing urbanisation.

The extensive and highly competitive global paints and coatings market produces various products including paints, coatings, varnishes, stains and other surface treatments. These products are used across the construction, automotive, aerospace, marine, industrial manufacturing and other industries.

The paints and coating industry in Malaysia is experiencing rapid growth, driven by the construction and automotive sectors. The industry is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028, reaching a market size of US$1.4 billion by 2028. This growth is attributed to the increasing demand for eco-friendly and sustainable coatings, which have gained popularity among consumers and manufacturers.

AkzoNobel, one of the world's largest producer of paint and paint related products established its Global Business Services (GBS) hub in GreaterKL due to the the value proposition in terms of multilingual and multicultural workforce; matured infrastructure; forward looking policies and supportive government incentives.

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