PPG Industries Leading $123 Billion Global Paints & Coatings Market
According to TechSci Research report, “Global Paints and Coatings Market By Technology, By Application, By Region, Competition Forecast & Opportunities, 2012–2022’’, global paints and coatings market is
forecast to surpass $ 167 billion by 2022 on account of increasing urbanization
and industrialization. Moreover, robust development in infrastructure and
automotive sector, especially in major developing countries, is also boosting demand
for paints & coatings. In addition, with rising environment concerns, there
is a growing demand being witnessed for paints & coatings with low volatile
organic compounds, which is also positively influencing the demand scenario in
the global paints & coatings market.
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On the basis of technology, the global paints
and coatings market is segmented into two categories, namely, water-based and
solvent-based. The water-based paints and coatings segment dominates the global
paints and coatings market mainly due to the limited presence or complete
absence of harmful organic solvents. Among applications, paints & coatings are
extensively used in construction sector on account of the rising number of
residential & commercial buildings, globally. Furthermore, with increasing urbanization
and rising consumer preference for visually appealing residential buildings,
demand for architectural paints is likely to witness surge in demand over the
course of next five years. In 2016, Asia-Pacific accounted for the largest
share in the global paints and coatings market, especially on the back of rising
population leading to surging development of residential spaces. Moreover, growing
automotive sector in the region’s major economies like China, India and Japan
is further anticipated to proliferate consumption of paints and coatings
through 2022.
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PPG Industries is the market
leader in global paints & coatings market, followed by Akzo Nobel, BASF,
and Sherwin-Williams. “Infrastructure development across the globe has significantly
augmented demand for paints and coatings over the past few years. Also, with
rising environment concerns across the globe, there is a growing demand for
water-based paints and coatings that are environment friendly. Furthermore,
with anticipated growth in major end-use applications such as construction and
automotive sectors, the consumption of paints & coatings would continue to
witness an uptrend in the coming years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Paints and Coatings Market By Technology, By
Application, By Region, Competition Forecast & Opportunities, 2012–2022” has evaluated the future growth
potential of paints and coatings market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in the
global paints and coatings market.
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