OCEAN VIEW, DE - Global Market Insights, an industry research firm based in Ocean View, Delaware, has released a new study that reports the global protective coatings market was valued at over $12.5 billion in 2015, growing at a CAGR of more than 9% from 2016 to 2023. Increasing population and growing industrialization are likely to be the key growth factors. An increase in industrial growth coupled with technology advancement is also expected to boost composite coatings market size.
Driven by strong demand from India and China for composite coatings, market share in Asia-Pacific is anticipated to grow at the highest rate owing to the increase in foreign direct investment in infrastructure. U.S. composite coatings market size is likely to be the major contributor in North America due to the rise in the military budget and increasing infrastructure development. Brazil and Russia are expected to be lucrative markets due to upcoming sport events such as the Olympics in 2016 and the FIFA World Cup in 2018.
The composite coatings market is diversified in nature due to the presence of various applications such as buildings and construction, marine, automotive, oil and gas, aerospace, and metal forming. Asia-Pacific contributed more than 40% of the total building and construction spending in 2015. China was the major contributor with total spending of more than $1.75 trillion in the same year followed by Japan and India, which spent over $740 billion and $425 billion respectively. Middle East and Africa is expected to grow at a significant rate due to future investments in Saudi Arabia, Qatar and UAE.
For additional information about the report, Composite Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023, visit www.gminsights.com.