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Tuesday, 27 October 2020
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Markets & companies, Coatings market

Global paints and coatings market to grow

Wednesday, 20 August 2014

The world market of paints and coatings is estimated to reach EUR 116.3 Mio until 2020, a development accompanied by a shift of production towards Asia.

Global Paints and Market to grow. Source: Thorben Wengert- Pixelio

Global Paints and Market to grow. Source: Thorben Wengert- Pixelio

BCC Research predicts the global paints and coatings market to reach EUR 116.3 Mio by 2020, which corresponds to a five-year compound annual growth rate of 4.1 %. In the study "Global markets and advanced technologies for paints and coatings”, the market research company links this progression to an acceleration in worldwide building construction, especially to residential construction in North America and Europe. Furthermore, an expected growth in global manufacturing activity, specifically in Asia, is also increasing the demand for coatings used in the production of motor vehicles, durable goods, and industrial maintenance applications.

Generally, the paint and coatings production is estimated to shift towards Asia, partially due to less stringent regulations. In addition to the shift in production, "the Asian region will remain the leading consumer of paints and coatings through 2020 and will also see the most rapid gains," says research analyst Srinivasa Rajaram. While China and India have been determined as the fastest growing coatings markets worldwide, the research company also forecasts gains in the North American and European markets that are expected to rebound strongly from the declining demand of the last years.

The powder coatings market is estimated to grow to witness the highest gains, growing by a CAGR of 7.2 %. Another strong sector are waterborne coatings technologies that will continue to dominate the overall market and are expected to grow with a CAGR of 5.3 %.

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