According to a new market report published by Credence Research “Paints & Coatings Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the paints & coatings market was valued is expected to reach over US$196.5 Bn by 2022, expanding at a CAGR of more than 5.0% from 2015 to 2022.
Browse the full Paints & Coatings (Premium, Medium and Economy) Market for Architectural Coatings, Industrial Coatings, Special Purpose Coatings and Other Applications- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021 report at http://www.credenceresearch.com/report/paints-and-coatings-market
Coatings are coverings that are applied to the surface of any object to protect it from corrosion, dust and for decoration. It is referred as a substrate and is mainly used as a functional material for many applications. Hence, paints & coatings are widely used for many applications in various end-user industries. Functional paints & coatings are used to change the surface properties of object which includes adhesion, wear and corrosion resistance among others. In case of device fabrication, the coatings used add excellent new properties such as electrical conductivity and magnetic response among others. These factors have promoted the growth of paints & coatings industry worldwide.
Rising population in emerging economies such as Asia Pacific has boosted the growth of construction industry. China and India are the major countries boosting market demand for residential projects which is driving the market for paints & coatings in the region. Asia Pacific is the largest and fastest growing market for paints & coatings worldwide. The increasing demand for paints & coatings in the construction industry is the major factor driving the growth of global paints & coatings market. Hence, high demand from the construction industry is expected to boost market growth of global paints & coatings market. Paints & coatings are segmented into premium, medium and economy coatings depending on the quality and price of the product. Premium coatings are expected to experience high growth due to its beneficial properties as compared to other coatings in the market.
Architectural coatings accounted for larger share of global paints & coatings market. The growing demand for residential and commercial projects in emerging economies such as Asia Pacific and Rest of the World has led to high demand for paints & coatings in the market. Architectural coatings are expected to gain high demand among other coatings in the market. Industrial coatings followed architectural coatings in terms of demand and the market is expected to grow in the near future. High demand from industrial sector for machine manufacturing, automobiles, etc. is anticipated to boost market for paints & coatings. Other applications such as special purpose coatings are also projected to generate high demand for paints & coatings worldwide. These coatings offer less benefits but are widely used for small scale applications. Hence, paints & coatings market is projected to grow in the near future.
- Architectural coatings in construction industry
- Manufacturing process of automobiles and machinery
- Wide applications in numerous end-user industries
- Opportunities from increasing research activities for green and environment friendly coatings