In 2016, Asia-Pacific reportedly accounted for the largest share in the global coatings market.
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.