April 17, 2019
WELLESLEY, Mass., April 17, 2019–Growing demand from the automotive, construction, and furniture/wood segments is driving expansion of the global paints and coatings market, according to a report by BCC Research.
The market expects to see a compound annual growth rate (CAGR) of 5% through 2023, when it could be worth $191.9 billion, according to the report “Paints and Coatings: A Global Market Outlook.”
“The global paints and coatings market has grown significantly in the past few years,” the report’s authors noted. “The market is expected to continue growing during the next five years due to demand from various applications such as automotive, construction, and furniture/wood. Also, the market has experienced increasing demand particularly from regions such as Asia-Pacific, Middle East and Africa. Growing demand for paints and coatings in India and China also is driving market growth.”
Technological Developments Focus on Improved Health and Environmental Performance
Regulatory pressure and consumer demand are pushing paint and coatings manufacturers to produce products with improved health and environmental friendliness. In particular, the new generation of paints and coatings has high performance characteristics but meets tough new volatile organic compound and emission requirements. Overall, there has been a push to create paints and coatings which have fewer hazardous chemicals and which conserve natural resources.
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Paints and Coatings: A Global Market Outlook( CHM121A )
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