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Manufacturing Industry > Chemical & Paints

Chemical & Paints

Chemicals & Paints: A Sector Fueling Innovation Across Industries

The chemical industry is a crucial enabler of other manufacturing sectors, from automotive to construction to consumer goods. The global chemicals market, valued at $5 trillion in 2023, is projected to reach $8 trillion by 2030, driven by growth in petrochemicals, specialty chemicals, and green chemistry. Bain & Company reports that demand for chemicals used in clean energy technologies—such as solar panels, batteries, and electric vehicles—will continue to increase significantly, positioning the chemical industry as a key player in the energy transition.

The paints and coatings market, a sub-sector of chemicals, is similarly growing, with a market value of $200 billion in 2023, expected to reach $275 billion by 2030. The shift towards water-based, low-VOC (volatile organic compound) formulations and the rise of eco-friendly coatings are reshaping product development, especially in the automotive and construction industries.

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