BCC Research reveals in its new report, Global Markets and Advanced Technologies for Paints and Coatings, the global market for paints and coatings is expected to grow to $155.6 billion by 2020, with a five-year compound annual growth rate (CAGR) of 4.1%. Asia, particularly China and India, are experiencing the most significant regional gains of this market.
Acceleration in worldwide building construction, particularly residential construction in North America and Europe is pushing growth in the global paints and coatings market. Further, expected growth in global manufacturing activity, specifically in Asia, is also increasing demand for coatings used in the production of motor vehicles, durable goods, and industrial maintenance applications.
While a relatively mature market, the paintings and coatings remain markedly dynamic. Increasingly stringent environmental regulations have resulted in improvements in waterborne technology and increased use of water as the liquid medium in paints and coatings. Consequently, the waterborne coatings technologies segment will continue to dominate the overall market and is expected to reach $45.2 billion, at a 5.3% CAGR.
Meanwhile, driven by a move from wood in exterior accessories such as facade elements, windows, doors, and sidings in the North American and European construction markets, the powder-coating technologies category is experiencing the fastest growth overall. This segment is expected to reach $42.8 billion by 2020 and register a healthy CAGR of 7.2%.
In the wake of increasing governmental and industry regulation, production of paints and coatings is shifting from developed regions of Europe and the United States toward the developing countries, particularly China and India, where environmental regulations are less stringent.
"The Asian region will remain the leading consumer of paints and coatings through 2020 and will also see the most rapid gains," says BCC Research chemicals analyst Srinivasa Rajaram. "China and India, the two largest markets in Asia, are also the fastest growing coatings markets in the world. Gains are also forecast for North America and Europe, which are expected to rebound strongly from the declining demand of the earlier years and benefit from a greatly improved outlook for building construction and manufacturing activity. Best opportunities are expected in the Africa/Mideast region, where paint demand per capita is the lowest in the world."
Global Markets and Advanced Technologies for Paints and Coatings provides an overview of the global market for paints and coatings and related technologies. It includes analyses of global market trends, with data from 2013, estimates for 2014 and 2015, and projections of CAGRs through 2020.
