The global paints and coatings market is tremendously scrappy owing to the existence of several businesses. The rivalry amongst the companies is anticipated to deepen over the next few years due to the little amount of product variation amongst the makers of paints and coatings. The global paints and coatings market was appraised at US$ 131.8 billion in 2015. It is estimated to grow at a CAGR of 5.75% during 2016-2021 to touch a probable value of US$ 178.8 billion by 2021.
To cater to the requirements of consumers, the businesses have comprehensively amplified their production volumes. To gain a durable spot in the market, the makers are concentrating on product invention and viability. The swift stride of industrial development, increasing number of consumer industries, and growing interest of the worldwide population in architecture are motivating the global paints and coatings market.
There is a huge unexploited market for the construction industry in the emerging economies which has been snowballing every year due to the constantly increasing global population. These aspects are generating demand for construction materials, together with paints and coatings. The mounting population and per capita earnings has been firing the demand for consumer goods and automotives, which sequentially is heightening industrial development. The usage of metals has also amplified exponentially in the past few years. Asia Pacific materialized as the foremost region in terms of consumption in 2012. The market for paints and coatings in Asia Pacific is further estimated to mature over the forthcoming years. Europe is projected to observe fast-tracked sales because of the escalating demand for paints and coatings in the automotive and aviation industry.
Paints and coatings are primarily used to safeguard machines and equipment from rusting and corrosion in industries. As for consumer goods, they assist in keeping corrosion away and make products look better. Architectural and decorative paints and coatings are primarily smeared on interior and exterior walls of houses and corporate constructions. Industrial paints and coatings are used by numerous businesses, including automotive, machinery manufacturing, and consumer goods. The snowballing universal population and the increasing number of nuclear families intensify the demand for new houses every year, which in turn produces demand for paints and coatings. The growing market for consumer goods and automobiles is also boosting the progress of the paints and coatings market.
Europe and Asia Pacific have seen noteworthy growth in their corresponding construction sectors. The developing need to put up with the expanding population has heightened the construction of new residential and commercial edifices, thus driving the demand for paints and coatings. Nevertheless, stern protocols to control the quantity of unstable compound used may hinder the growth of the market.
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