Published Date : Apr 28, 2016
The global market for paints and coatings has been surging exponentially since the last few years thanks to the high demand for these materials in the construction industry. In the recent past the market for paints and coatings has witnessed increasing prospects in emerging economies of Asia Pacific such as India and China. The rapid economic development witnessed in this countries in terms of rising investment in infrastructural development, has been a key factor fuelling demand from the global paints and coatings market.
As per an analysis published by Transparency Market Research, the global paints and coatings market, which stood at US$100.3 bn in 2012, is anticipated to reach US$143.9 bn by the end of 2019. The market is likely to exhibit a CAGR of 5.4% between 2013 and 2019.
Market to Gain Impetus from Rising Demand in Construction and Manufacturing Industries
The primary uses of paints and coatings include protection and decoration. They are mainly applied to improve the surface resistance and ensure protection from rust and weathering. Besides this, paints and coatings are also used to improve the aesthetic appeal of the structure and make it more durable than before. Due to the intrinsic benefits offered by paints and coatings, their demand is poised to increase exponentially across manufacturing, and construction and building industries.
Rising Demand for Powder Coatings to Boost Global Paints and Coatings Market
Among the various paints and coatings available in the market, the waterborne coatings witnessed highest demand in 2012. The segment accounted for a share of 40% in the overall demand experienced in the market. The solvent borne technologies emerged as the second-largest segment in the same year. However, owing to stringent regulations curbing the emission of volatile organic compounds (VOCs) released from coatings and paints, the demand for the aforementioned product types is likely plummet in the coming years. Nevertheless, the market is likely to gain from the rising use of powder coatings in the construction, automotive, and electronics industry.
Asia Pacific Dominates Global Paints and Coatings Market
Regionally, Asia Pacific dominated the global paints and coatings market in 2012. The region accounted for a share of 39% in the global market in 2012. The market also witnesses lucrative opportunities in Europe due to the rising demand from the flourishing automotive and aviation industry in the region.