Global Paints and Coatings Market – Synopsis
Construction industry in the developing countries is the large in abeyance or disuse market for Paints and Coatings. With the ever increasing global population, construction industry is growing too. Such untapped or disuse markets are generating demand for paints and coatings. The growing population and per capita income has been providing an impetus to the demand for consumer goods and automotive, which in turn is boosting industrialization. The use of metals has also increased to a great deal during the past few years. Paints and Coatings are primarily used to protect machines and equipment from rusting and corrosion in industries. As for consumer goods, they serve the purpose of keeping corrosion at bay and make products look better. Architectural and decorative paints and coatings are mainly applied on interior and exterior walls of houses and corporate buildings. Distempers are costlier than emulsions and account for lesser market share as compared to emulsions.
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Global Paints and Coatings Market – Overview
Paints and Coatings are liquid or mastic composition, which converts into a solid film after being applied upon a substrate in a thin layer. Paints and coatings are used for functional or decorative purpose. The world is becoming more sophisticated place with the increasing urbanization and growing quality of life. The increasing demand from the construction and manufacturing industries are driving the growth of the Global Paints and Coatings Market. The technological enhancements are providing ample opportunities for the growth of the Paints and Coatings Market, during the forecast period.
According to a recent study report published by the Market Research Future, The global paints and coatings market is expected to witness a significant growth in industrial paints and coatings with a CAGR of 4.3% in terms of volume and 5.6% in terms of value, during the forecast period, which is influenced largely by increasing waterborne recreational activities and global defense expenditure.
The Global Paints and Coatings Market is driven by advancements in the end user industries of paints and coatings, and growing infrastructural developments. Additionally, the rise in demand from pre-engineered buildings has also augmented the use of paints and coatings, such as silicon modified polyester, regular modified polyester, and super polyester coatings, in both internal and external environments. With the growing demand for repainting and new construction projects across the globe, the construction paints and coatings market is projected to witness a lustrous growth in the future, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 115 pages.
Paints and Coatings Market Regional Analysis:
The North American Paints and Coatings Market is growing primarily, due to the increasing number of industries in the region. An average population growth is witnessed in the region, which in turn, is generating demand for new houses and increased supply of consumer durable goods.
In terms of volume, the U.K. Paints and Coatings Market is expected to grow with the highest CAGR, among the countries of European region in the forecast period. While in terms of value, the U.K. and Germany are expected to grow with an equal rate of CAGR during the forecast period.
The Asia-Pacific Paints and Coatings Market is expected to grow with the highest CAGR in terms of volume and a moderate CAGR in terms of value in the forecast period, due to developing infrastructures, growing per capita income of the global population, and increasing urbanization in the region.
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