Report Predicts Global Market for Coatings to Exceed $176 Billion by 2020
NEW YORK – A report on the global paints and coatings market by Persistence Market Research, titled Global Market Study on Paints and Coatings: Industrial Paints and Coatings to Witness Highest Growth by 2020, states that the global market for paints and coatings in 2013 accounted for $121.9 billion and is predicted to expand at a CAGR of 5.5% in the forecast period from 2014 to 2020, to reach an expected value worth $176.5 billion in the year 2020. The report analyzes recent developments influencing market growth of the coatings industry globally.
The report states that in the developing countries, a large part of the construction market is still untapped. This market is growing due to an increase in population, creating more demand for construction materials. The rising population along with per capita income is driving the demand for automotive and consumer goods, further boosting demand. Additionally, in the past few years, the use of metals has increased.