The market growth in recent years can be attributed to the increased demand for paints & coatings in the Asia-Pacific region. The paints & coatings market is largely driven by the rising demand from construction industry. Economic and demographic growth, increasing residential building activities, growing urbanization, and increasing expenditure on housing construction are the important drivers for the global paints & coatings market.
Manufacturers are engaged in business expansion to cater to the increased demand for paints & coatings. However, formulation and implementation of new regulations, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and various other directives to control solvent emissions are affecting the growth of the paints & coatings market across the globe. The Eurozone crisis of 2012 has also affected the growth of the paints & coatings market globally, as several companies reduced their production as part of their cost-cutting strategy to survive in the market.
By application, the industrial segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for paints and coatings from automotive, marine, aerospace, coil coating, transportation, rail coating, and packaging industries is projected to drive the global paints & coating market during the forecast period.
Asia-Pacific was the largest market for paints & coatings, having accounted for the maximum market share, in terms of volume, in 2016. Key countries in the Asia-Pacific market include China, India, Japan, and South Korea. The Asia-Pacific region is a rapidly expanding paints & coatings market, owing to the growing economy and increasing middle-class population. This growth is driving the demand for many building and industrial materials, including paints and coatings.
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