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Deerfield Beach, FL -- (SBWIRE) -- 10/01/2015 -- The Global Paints and Coatings Market accounted for $128.5 billion in 2014 and is expected to reach $196.2 billion by 2022 growing at a CAGR of 5.4% between 2014 and 2022. The factors that are influencing the market growth are huge demand in the construction industry, due to increase in civil construction activities globally, as a result of increased urbanization and healthy economic conditions. The growth in the market is due to advancements in technology and emergence of new manufacturing technologies. The challenging factor for the market is lack of product differentiation in the market.
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Paints and Coatings Market is segmented by type, by technology, by product and by geography. Depending on the various types, market is segmented into Architectural/Decorative Coatings, Industrial OEM Coatings and Special Purpose Coatings. Based on technology, market is classified as Packaging Coatings, Protective Coatings, Powder Coatings, Transportation Refinishes and Wood Finishes. Based on product, market is categorized into High-Solids Paints, Radiation-Curable Coatings, Solvent-borne Coatings and Waterborne Paints. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific region is the fastest growing segment of the global paints and coatings market. Significant mergers and acquisitions, collaborations, and joint ventures are the industry trends that are playing a major role for the market growth.
The key players in the Paints and Coatings Market include Asian Paints Limited, Axalta Coating Systems, BASF Coatings GmbH, Chugoku Marine Paints, Ltd., Hempel A/S, Kansai Paint Co., Ltd., Nippon Paint Co., Ltd., PPG Industries, Inc., Sherwin-Williams Company and Valspar Corporation.
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