Albany, NY -- (SBWire) -- 05/25/2018 --Transparency Market Research's new market study on the global paints and coatings market examines the developments in the said market from regional, product, and application considerations for the 2013-2019 period. The report, titled "Construction Paints and Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019," says that the global construction paints and coatings market will reach a valuation of US$76.1 bn by 2019, increasing from US$51.6 bn in 2012. This amounts to a CAGR of 5.8% between 2013 and 2019, adds the report.
The report points out that the growth of the construction paints and coatings industry is, naturally, dependent on the progression of the construction industry. Currently, the construction industry is displaying robust growth thanks to economic development following the 2008-09 economic slump, which affected most major economies around the world. Residential, commercial, and industrial undertakings that are up all over the world are indirectly contributing to the growth of the construction paints and coatings industry.
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Major impediments that are challenging the growth of this market are the price volatility of petroleum-based feedstock and laws in place that regulate the permissibility of volatile organic compounds that can be added to paints and coatings formulations.
Paints and coatings are used in building construction for several purposes. Some of these are increasing the visual appeal of the building's façade, protection of the structure against climatic extremes, waterproofing of the building's surface, increasing its durability, and protecting the surface from harmful creatures such as termites.
Asia Pacific is the largest regional market for construction paints and coatings; the region, along with Europe, held a share of close to 70% in the global market in 2012. In Asia Pacific, large-volume infrastructural development, especially in the emerging economies of China and India, proffers immense growth prospects for the construction paints and coatings market. The Middle East and Africa region is also a hotspot of construction activities due to a host of government-driven infrastructural development projects coming up in the U.A.E, Qatar, and Saudi Arabia. This will result in increased demand for construction paints and coatings for these undertakings, So much so that the Middle East and North Africa (MENA) region will emerge as a significant region contributing to the growth of the global construction paints and coatings market.
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Among the product types of construction paints and coatings, waterborne paints and coatings dominated the market in 2012 and held a share of close to one-third of the global market. Other product segments of the construction paints and coatings market are solvent-borne coatings, powder coatings, high solids/radiation cured coatings, and others.
The report also analyzes the global construction paints and coatings market from a competitive standpoint. BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, and Asian Paints are some of the companies that are actively involved in this industry. Using analytical tools such as Porter's five forces and SWOT analyses, the report elaborates on the competitive dynamics of the market during the forecast period.
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Construction Paints and Coatings Market : Current Competitive Scenario and Trends 2019