The demand for paints and coatings, which was valued at $100.3 billion in 2012, is set to reach $143.9 billion in 2019, growing at an annual average rate of 5.4 per cent, according to a new report.

The ‘Paintings and Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019’ report, published by Transparency Market Research, said that the global paints and coatings market is expanding due to the expansion in the building and construction sectors.

The growth in these industries has been amplified due to huge demand for waterborne coatings in the past few years.

Waterborne coatings were the most widely consumed paints and coatings in 2012. It accounted for 40 per cent of the global demand in the same year.

The primary reason for the demand for waterborne coatings was due to the increase in demand for coatings from commercial, residential, automotive, and aviation end-user segments.

Typically, the paints and coatings industry is categorised into three different markets - industrial original equipment manufacturer (OEM), architectural/decorative, and special purpose coatings.

The industry also comprises businesses majorly involved in paints and other coatings, such as lacquers, varnishes, stains, enamels, and other water repellant coatings such as paint and varnish removers, putties, and paint brush cleaners and frit.

The paints and coatings market has been growing tremendously on the back of rapid industrialization, demand for paints and coatings from various industry verticals, and continuous recovery of global economy, said the report.

The next few years is expecting an increase in demand for nano-coatings and green coatings too. In addition, owing to the rising demand from different sectors such as, electronics, automotive, aviation, and construction industries, the powder coatings market will show the fastest growth in the forthcoming years, it said.

Such aspects are expected to open several new opportunities for the growth of the market. In contrary to these sects, the solvent borne technologies will lose their market shares due to various regulations related to VOCs.

Paints and coatings are often used in residential apartments, homes, row houses, or bungalows for architectural, decoration, and protection purposes, the report said.

There is also huge demand from commercial and industrial spaces such as factories and industries. The commercial segment was the largest end-user for this market and is likely to show similar growth in the coming years, it said.

According to the regional analysis, Asia Pacific dominated the paints and coatings market in 2012. This was due to the growing manufacturing activities in the building and construction industries.

The study also included the restraints and drivers, along with the impact they have on the overall market over the forecast period. Some of the key participants operating in the global market include PPG Industries, Sherwin-Williams Company, BASF, The Valspar Corporation, AkzoNobel, Axalta Coatings System, and RPG International. - TradeArabia News Service