LONDON, March 27, 2017 /PRNewswire/ --
The global paints and coatings market is projected to proliferate at a CAGR of 5.26% during the forecast period. The market is estimated to expand from $145,712 million in 2017 to $208,642 million by 2024. An additional demand for paints and coating from the infrastructure and other various verticals such as aerospace, marine and automotive is driving the market.
The paints and coatings market is segmented on the basis of technology, application type, and geography. The paints and coatings market by technology is segmented into Water-borne, Solvent-borne, and others. The paints and coatings market by application type is segmented into architectural applications and industrial paints and coatings. On the basis of geography, the paints and coatings market is segmented into Asia-Pacific, Europe, North America and Rest of the world. An upsurge in the demand from the infrastructure industry in Asia- Pacific and other developing regions.
The growing demand from automotive industry and applications in marine and aerospace sector. On the contrary, the stringent government policies and regulations, as well as other environmental issues such as VOC emissions, are restricting the market growth. A sudden rise in demand for eco-friendly paints and coatings is one of the primary factor restraining the market growth.
Asia-Pacific accounts for the largest market share in the global paints and coatings market. Europe holds the second largest market share due to rapid growth in the global paints and coatings market. North America paints and coatings market is projected to grow during the forecast period. The booming infrastructure industry in the developing countries has resulted in the demand for residential buildings, stadiums, hotels, arenas, shopping malls and business parks.
The leading players in the global paints and coatings market are Valspar, The Sherwin-Williams, Axalta Coating Systems, RPM International, PPG Industries, Nippon Paints, Kansai Paint Co. LTD., Asian Paints Ltd., BASF Coatings and AkzoNobel.
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