A recently published analysis report on the global paints and coatings market by Persistence Market Research, titled “Global Market Study on Paints and Coatings: Industrial Paints and Coatings to Witness Highest Growth by 2020,” illustrates that the global market for paints and coatings in the year 2013 accounted for US$ 121.9 billion and is predicted to expand at a CAGR of 5.5% in the forecast period from 2014 to 2020, to reach an expected value worth USD 176.5 billion in the year 2020. The report takes into description of various recent developments influencing the market growth of paints and coatings globally.
In the developing countries, large part of the market is still untapped for the construction industry which in turn is growing every year due to increase in population. Such factors are crafting demand for construction materials. The rising population along with per capita income is driving the demand for automotive and consumer goods are further boosting industrialization. And in last few years, use of metals has increased to a larger extent. In order to analyze the growth in market demand for paints and coatings, the report has segmented the global market based on product type, and end-user type. Distempers account for less market share and are more costly than emulsions. Many industries like automotive, machinery manufacturing and consumer goods uses industrial paints and coatings.
World is becoming a sophisticated place to live due to increasing development and need for better comfort. The market of paints and coatings has been profiting due development in private spaces. The growing worldwide population and the rising nuclear families increases the demand for new home every year, which further generates demand for paints and coatings. The growing market for automobiles and consumer goods is also driving the market growth of paints and coatings. The speedy industrial development, accumulative interest in home-interior among individuals and increasing end-use industries are escalating the market of global paints and coatings.
Some global leaders in the market of paints and coatings include BASF SE (Badische Anilin- und Soda-Fabrik), AkzoNobel N.V., Asian Paints Limited, PPG Industries, Inc., Henkel AG & Co., KGaA, The Sherwin-Williams Company, Axalta Coating Systems, Valspar Corporation, RPM International, Inc. and Kansai Paint Company Limited, among others building new ways for improving their technology so that they can retain their market competitiveness.
A regional overview of the global market for paints and coatings mentioned in the report is that among regions, APAC is the leading the global market of paints and coatings followed by North America and Europe. Construction of new offices and houses is booming in developing countries of Eastern Europe, the Middle East, Asia-Pacific, and Latin America is projected to rise in the near future. Rising population, growing development and increase in per capita income are fuel the market growth of paints and coatings.