DUBLIN — Research and Markets has released a study that forecasts the value of the global paint and coatings market will reach $204.83 billion in 2023, growing at a compound annual growth rate (CAGR) of 4.92% for the period of 2018 to 2023. Factors such as escalating construction spending, a growing automotive industry, an increasing urban population, rising household consumption, and improving economic conditions are expected to drive the market growth. Increasing raw material prices and stringent regulations will challenge growth of the industry. A few notable trends include rising consolidation of market players, increasing preference for professional contractors, growing adoption of natural ingredients by chemical companies, high demand for personalized paints solutions in developing economies, and technological advancement.

The paint and coatings industry consists of manufacturers of paints, varnishes, polishes, shellacs and stains. It comprises of three sectors: architectural, industrial and special purpose. The architectural coatings sector depends heavily on the construction and manufacturing sector, whereas industrial coatings are closely connected to the automotive, major appliances and industrial equipment sectors. The special-purpose sector includes a wide collection of divergent coatings.