The global market for paints and coatings was worth nearly $100 billion in 2010, according to “Paints and Coatings: Global Markets & Advanced Technologies,” a new report from BCC Research. That value is projected to be nearly $117 billion in 2015, after increasing at a five-year compound annual growth rate (CAGR) of 3.2%.
The global market for coatings can be broken down by technology into three segments: solvent/waterborne technologies, high solids/radiation-cure technologies, and powder/emerging technologies. The solvent/waterborne technologies segment was valued at $62.6 billion in 2010, and in 2015 should be worth $68 billion, yielding a CAGR of 1.7%. The segment made up of high solids/radiation-cure technologies, worth $19.3 billion in 2010, should rise to $25 billion in 2015, a CAGR of 5.2%. The powder/emerging technologies segment was worth $17.8 billion in 2010 and in 2015 should be worth $23.7 billion, a CAGR of 5.9%.
Paints and coatings are generic terms typically used to identify a range of surface-finish products, including conventional solventborne formulations, varnishes, enamels, lacquers, and water-based systems. Customers are currently driving the increased demand for coatings with huge expectations in diverse areas such as performance, ease of application, sustainability, quality, functionality, and environmental properties. The market remains interesting and growing on a global level; legislation, however, is causing the market to evolve on a technology basis, and products and formulations are likely to change drastically in the next five years.
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