(PR Web Via Acquire Media NewsEdge) Albany, New York (PRWEB) April 29, 2014
According to a new report published by Transparency Market Research "Paints and Coatings Market by Product Segment (High Solids/Radiation Cure, Powder Coatings, Waterborne Coatings, Solvent Borne Technologies and Others) For Automotives & Aviation, Medical & Healthcare, Residential, Commercial and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global demand for the paints and coatings was valued at USD 100.3 billion in 2012 and is expected to reach USD 143.9 billion in 2019, growing at a CAGR of 5.4% between 2013 and 2019.
Huge building & construction industry coupled with growing manufacturing activities in Asia Pacific has been driving the paints and coatings market. The development of construction industry in the Middle East, North Africa and South America is likely to be one of the key factors driving the demand for paints and coatings over the next few years. However, stringent environmental regulations for paints and coatings industry, especially in Europe are expected to restrain the growth of the market in the upcoming years. Although, increasing demand for green coatings and nanocoatings are expected to open opportunities for the growth of the market over the next few years.
Waterborne coatings were the most widely consumed paints and coatings and accounted for around 40% of the global demand in 2012. The demand for waterborne coatings was more owing to rise in demand from residential, commercial and automotives & aviation end-users. Solvent borne technologies are likely to lose market share owing to various regulations associated with it regarding VOCs. However, powder coatings are expected to show the fastest growth over the next few years owing to their rising demand from automotive & aviation, electronics, and construction industries.
Asia Pacific dominated the paints and coatings market in 2012 followed by Europe owing to the growth of automotives & aviation industry. The RoW is expected to witness the highest growth within the forecast period on account of growing automotives & aviation and residential and commercial industries. The demand for paints and coatings in The RoW is expected to grow at a CAGR of 5.8% between 2013 and 2019.