New York City, New York, Dec 21 , 2015: Persistence Market Research (PMR) has announced the addition of a new report, titled “Global Market Study on Paints and Coatings: Industrial Paints and Coatings to Witness Highest Growth by 2020”. According to this report, the global paints and coatings market will be driven significantly by the increasing demand from Asia Pacific. The global paints and coatings market is projected to expand at a CAGR of 5.5% during the forecast period of 2014 to 2020. In 2012, the global paints and coatings market was estimated at US$121.9 billion and in 2020 the market is expected to be worth US$176.5 billion.
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By geography, the global paints and coatings market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific is currently leading the global paints and coatings market, trailed by Europe and North America. Developing markets of Asia Pacific, Eastern Europe, Latin America, and the Middle East are experiencing a boom in their construction sector. The number of projects for constructing new residential and commercial buildings is increasing drastically every year in these regions. This is the primary factor fueling the growth of the Asia Pacific paints and coatings market.
Increasing urbanization and rising disposable incomes are also contributing to the growth of this regional segment of the global paints and coatings industry. Furthermore, the expanding consumer goods and automotive industries in Asia Pacific will also fuel the growth of this regional market. In 2010, China emerged as the largest market for passenger cars, surpassing the U.S. In addition to this, the government in China has been inviting public-private partnership programs in the past few years for various commercial construction projects in the nation. This will also help growth prospects of the market for paints and coatings in China.
Besides China, India is also contributing a great deal to the growth of the Asia Pacific paints and coatings market. The real estate sector in India has grown in the past decade due to the rising per capita income in this nation. Rapidly rising urbanization, along with the entry of several MNCs in this country, has elevated the number of corporate construction activities in this nation. Moreover, the change in the government of India after the 2014 elections has attracted a large number of neighboring nations to develop trade relations, which is projected to boost commerce in the nation and propel the paints and coatings sector in this country.
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The global paints and coatings market will also benefit from the increasing number of construction activities in Malaysia. The implementation of the 10-year economic plan (2011 to 2020) in Malaysia, called the Economic Transformation Program (ETP), has fueled construction activities. Due to this plan, private market sectors and foreign investors in the construction sector are backed by the government. Furthermore, the government in the Philippines announced in 2010 their public-private partnership that facilitates development projects at local and national levels. These trends will fuel the overall Asia Pacific paints and coatings market.
At present, the global paints and coatings market is experiencing moderate competition. However, the industry is experiencing consolidation as several large companies are adopting M&As as their strategy. The key companies operating in the global paints and coatings market are Sherwin-Williams Company, PPG Industries, AkzoNobel, Valspar Corporation, RPM International, and Kansai Paint Company.
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