Global Industry Analysts, Inc. announced the release of a comprehensive global report on the coatings market, forecasting it to reach 8.7 billion gallons in volume and $107 billion in value by the year 2017.
Major factors driving growth in the market include the recovery of global economies from the recent economic turmoil, rapid industrialization, and increasing demand from end-use sectors, such as automotive and construction. Additionally, growth in the global market would be spurred by the increasing stringency in regulations, rising competition, growth in unique formulations, and technological and product developments.
The global paints and coatings production is witnessing a major shift away from the developed regions, such as Europe and the US, to the developing economies, such as Asia, comprising Korea, India, and China. Sustained demand from the developed countries, in addition to the burgeoning demand from the developing countries, is contributing to the overall expansion of the coatings market worldwide. However, industrial growth in developing economies is a major growth driver for the coatings industry. The coatings industry can be termed as mature in most regions of the world, and its growth is dependant on a number of factors, such as the level of economic activity, and the state of construction industry, which represents a major consumer of paints and coatings.
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