The global coatings market is forecast to surpass $167 billion by 2022 on account of increasing urbanization and industrialization, according to a recent report from TechSci Research. Moreover, robust development in infrastructure and automotive sector, especially in major developing countries, is reportedly also boosting demand for coatings.
In addition, with rising environment concerns, there is a growing demand being witnessed for coatings with low volatile organic compounds (VOCs), which is also positively influencing the demand scenario in the global coatings market.
The water-based coatings segment dominates the global coatings market, mainly due to the limited presence or complete absence of harmful organic solvents, according to the report. Among applications, coatings are extensively used in construction sector on account of the rising number of residential and 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 reportedly accounted for the largest share in the global coatings market, especially on the back of rising population leading to surging development of residential spaces. What’s more, growing automotive sector in the region’s major economies like China, India and Japan is further anticipated to proliferate consumption of coatings through 2022.
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