According to a report on the global paint and coatings market by Persistence Market Research Company-"Paints and Coatings Global Market Research: By 2020, the global industrial paints and coatings will usher in the fastest growth"-By 2020, the global paint and coatings The market value of the coatings market will rise from US$121.9 billion in 2013 to US$176.5 billion, with a CAGR (compound annual growth rate) of 5.5% between 2014 and 2022. The report also analyzes several factors driving the growth of the global coatings industry in recent years.
The report pointed out that most of the construction market in developing countries is not saturated. The growth of the local population has brought about an increase in demand for building materials, which in turn has contributed to the development of the paint and coatings market. The growth of population and per capita income is also the main driving factor for the growth of demand for automobiles and consumer goods. In addition, in the past few years, the use of metal materials has become more common.
According to the report, the development of the coatings market also benefits from the development of private spaces. With the growth of the global population and the number of nuclear families, people's demand for new housing is also rising, and new housing has stimulated the development of the paint and coatings market. At the same time, the development of the automotive and consumer product markets is also driving the development of the paint and coatings market. The rapid industrialization process and the rising home improvement market and end application market are all driving the development and growth of the global paint and coatings industry.
Regional analysis shows that the global paint and coatings market is dominated by the Asia-Pacific region, followed by North America and Europe. New offices and houses in developing countries such as Eastern Europe, the Middle East, the Asia-Pacific and Latin America are in full swing, and the future growth momentum will continue.