Evolution in urbanization has transmuted the world into a highly sophisticated place owing to increasing comfort needs. The developments the non-personal and personal spaces has benefitted the global paints and coatings market. Increasing prevalence of nuclear families and global population has fuelled the demand for significant number of new houses each year. Also, there is substantial growth in the market for consumer goods and automobiles. These factors are driving the global market for paints and coatings. In 2013, the value of global paints and coatings market was recorded to be worth US $121.9 billion and it is estimated to grow at 5.5% CAGR during the forecast period (2014 to 2020) to reach a value worth US $176.5 billion by 2020 end, according to the report by Persistence Market Research (PMR).

Emulsions Segment Accounting for Higher Market Share in Paints and Coatings Market

On the basis of end-use, the market is categorized into industrial (UV-based, water-based, powder and solvent-based), architectural & decorative (water-based and solvent-based), and marine paints & coatings. The application of architectural & decorative paints and coatings is mainly into interior and exterior walls of corporate buildings and houses. Based on type, this segment is further divided into emulsions and distempers. Emulsions are affordable than distempers and account for higher market share as compared to distempers. Industrial paints and coatings find their application into various industries viz. consumer goods, automotive and machinery manufacturing.

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Europe to Gain Traction in Global Paints and Coatings Market

Region-wise, the market is divided into Europe, Asia Pacific (APAC), North America and rest of the world (RoW). The Euro-Zone crisis resulted in negative GDPs of various European economies. The biggest victims were Spain and Italy. However, there is an improvement in European economies and confidence of consumers is boosting once again. The paints and coatings market of Europe was also impacted by the negative effect of economic crisis. In contrast, the industry is overcoming the backdrops and it is estimated to gain traction during the forecast period.

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Rapid Industrialization, End-Use Industries Growth and Increasing Prevalence of Architecture are Driving the Global Paints and Coatings Market

There is a provision of huge opportunities, increasing every year, for construction industries in developing economies owing to ever increasing population across the world. This is fuelling the demand for paints and coatings. Industrialization is experiencing a boost due to increasing demand for automotive and consumer goods owing to rapid population growth and per capita income growth. In industries, paints and coatings are primarily used for protection of equipment and machines from rusting & corrosion. When it comes to consumer goods, paints & coatings serve the purpose of corrosion resistance and product aesthetics. Due to these factors, there is significant demand for paints and coatings. Also, increasing architecture prevalence among global population, growing end-use industries and rapid industrial development are driving the global market for paints and coatings.

Owing to growing mergers and acquisitions among leading companies, the global paints and coatings industry is approaching towards consolidation and has a moderate degree of competition. Key market players in paints and coatings industry include AkzoNobel N.V., The Sherwin-Williams Company, Valspar Corporation, PPG Industries, RPM International and Kansai Paint Company.

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