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.

According to the report, the market for coatings is benefiting from development in private spaces. The growing worldwide population and the rising nuclear family increase the demand for new homes, which further generates demand for paints and coatings. The growing market for automobiles and consumer goods is also driving market growth of the paints and coatings industry. Fast industrial development, accumulative interest in home interior among individuals and increasing end-use industries are driving market growth in the global paints and coatings industry.

Analyzed according to region, the report states that APAC is leading the global market for paints and coatings, followed by North America and Europe. Construction of new offices and houses is booming in the developing countries of Eastern Europe, the Middle East, Asia-Pacific and Latin America, and this is projected to rise in the near future. Rising population, growing development and increase in per capita income are fueling growth in the market for paints and coatings.

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