Industrial Development, Environmental Regulations Spurring Coatings Industry Growth
The global coatings market accounted for $146.25 billion in 2017.
The global coatings market accounted for $146.25 billion in 2017 and is expected to reach $272.35 billion by 2026, growing at a CAGR of 7.2% from 2017 to 2026, according to a recent report from Research and Markets.
Rising demand for the rapid pace of industrial development, green environmental regulations, growing number of end-use industries and increasing interest of the global population in architecture are driving the global market. However, factors such as stringent and regulatory policies and environmental challenges are restraining market growth.
By geography, Asia-Pacific is the largest market for the global market during the forecast period. There is an increase in demand from construction in Asia-Pacific, which is mostly backed by the expansion of the region's increasing household activities. This increased demand, in turn, drives the market in Asia-Pacific. Presence of some of the fastest-growing economies, such as South Korea, China and India, and increasing demand from construction and automotive industries play a crucial role in driving the market in this region.
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