The advancements in the end user industries of paints and coatings, growing infrastructural developments, and increasing architectural interest in the developing countries, are the key drivers of the global paints and coatings market. The increasing per capita income of the global population has led to an upward trend, in renovation of residences. In developing countries, the trend of using different color shades in the bedroom is increasing across all the age groups, especially in China.
Asian Paints’ Royal Play is getting popularity in India, due to its ready-to-use paints with effects and theme for interior decoration. The company is also concentrating on paints that carry glow themes, for children’s rooms. Therefore, the increasing adoption of new designs, painting and coating concepts is driving the growth of the paints and coatings market. The construction industry is growing at a faster rate, than the global Gross Domestic Product (GDP). The increasing industrial activities globally, are further propelling the growth of the paints and coatings market.
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The products of paints and coatings include architectural and decorative, industrial, and marine. Architectural and decorative accounts for a fair share in North America and Europe. However, they have less prevalence in Asia-Pacific and Rest of the World, due to the dominance of industrial paints and coatings in the region.
Numerous governments imposed regulations in 2009, against non-low volatile organic compounds paints, which in turn supported the growth of the green coatings market. Organizations such as Leadership in Energy and Environmental Design (LEEDS), U.S. Environmental Protection Agency (EPA), Green Seal and South Coast Air Quality Management District (SCAQMD) have established standards regarding volatile organic compounds. Low volatile organic compounds are present in green coatings, to preserve low vapor pressure inside the room. The increasing demand for low volatile organic compoundspaints is providing ample growth opportunities, for the paints and coatings market.
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The research offers paints and coatings market size and market forecast for the period 2011 to 2020. The market size breakdown is as follows:
Global Paints and Coatings Market Breakdown
- By Product – architectural and decorative, industrial and marine
- By Products of Architectural and Decorative Paints And Coatings – water based and solvent based
- By Products of Industrial Paints And Coatings – water based, solvent based, powder and UV based
- By Region – market size of North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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