The Global Paints and Coatings Market was valued at US$ 137.25 Billion in 2016. The increasing use of waterborne paints in various end-use industries such as automotive, furniture, and architecture, will enhance growth of the market during the forecast period. The solvent free content of these coatings results in negligible or low volatile organic compounds (VOC) emissions, which in turn makes these products environment friendly and hence, fuel demand for these coatings globally. The global paints and coatings market has gained significant traction over the last five years. This is mainly attributed to surging demand for waterborne paints due to stringent government regulation for VOC emissions. Moreover, the decorative paints demand is expected to witness significant increase due to growing urbanization in the emerging and developed economies.
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Decorative paints application is the largest segment accounting for over 41.61% market share in the global paints and coatings market. Rapid urbanization and increasing demand for modern infrastructure is projected to fuel demand for decorative paints during the forecast period. Stringent environment regulations and inclination of population towards developing new ecofriendly products, with low VOC emissions is propelling demand for waterborne paints. Furthermore, powder coatings is projected to witness fastest growth during the forecast period, owing to rampant growth of end-use industries such as automotive and aerospace in emerging economies such as India and China.
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