New York City, NY -- (SBWire) -- 10/28/2016 --According to a new market report published by Persistence Market Research "Global Market Study on Paints and Coatings: Industrial Paints and Coatings to Witness Highest Growth by 2020", the global paints and coatings market was worth USD 121.9 billion in 2013 and is expected to grow at a CAGR of 5.5% during 2014 to 2020, to reach an estimated value of USD 176.5 billion in 2020.
With urbanization, the world is becoming a more sophisticated place with the growing need for greater comfort. The paints and coatings market has been benefitting due to these developments in personal and non-personal spaces. The increasing global population and the growing number of nuclear families escalate the demand for new houses every year, which in turn creates demand for paints and coatings. The increasing market for consumer goods and automobiles is also propelling the growth of the paints and coatings market.
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Based on end-use, the paints and coatings market is segmented into three categories: architectural and decorative; industrial; and marine. Architectural and decorative paints and coatings can be further segmented into water-based and solvent-based. Similarly, industrial paints and coatings can be classified into water-based, solvent-based, powder, and UV-based.
Architectural and decorative paints and coatings are used mainly applied on interior and exterior walls of houses and corporate buildings. Based on their formulation, there are basically two types of architectural and decorative paints and coatings: water-based and solvent-based. Based on type, architectural and decorative paints and coatings paints are mainly classified into emulsions and distempers. Distempers are costlier than emulsions and account for lesser market share as compared to emulsions.
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Industrial paints and coatings are used by several industries, including machinery manufacturing, automotive, and consumer goods. Based on their formulation, industrial paints and coatings can be segmented into four categories: water-based, solvent-based, powder, and UV-based.
Global Paints and Coatings Market to Raise at a CAGR of 5.5% During 2014 to 2020
With urbanization, the world is becoming a more sophisticated place with the growing need for greater comfort. The paints and coatings market has been benefitting due to these developments in personal and non-personal spaces.