The international and coatings market was estimated to be US$131.8 billion in 2015 and is expected to grow at a rate of 5.75% per year to a projected value of US$178.8 billion by 2021. Asia-Pacific is the largest market for paints and coatings and is now growing fastest at about 12% per year.
Growth is also rapid in Europe and North America while in developing countries of Asia-Pacific, Latin America, Eastern Europe and the Middle East, construction of new residential and commercial buildings is booming and is expected to further increase in future.
The global increase in research and development in the paints and coatings industry is now mainly propelled by the emergence of “green” buildings and Nano coatings that strive to make the world a healthier place to live in. Nano coatings are very fine, thin layers of polymeric chemical substances used to impart specific corrosion resistance, as well as other chemical and physical properties to a substrate surface.
The construction paints and coatings market is driven by factors such as advances in civil construction and high demand for efficient paints that can act as protective layers for buildings and prevent the building from corrosion, dampness and damages due to extreme weather conditions. (Source: reuters.com).