International. The global coatings market is projected to increase at a compound annual growth rate (CAGR) of 5.46% through 2015, an industry that will reach 8.7 billion gallons and $107 billion by 2017.
The study delivered by Companies & Markets says that the main factors that contributed to the growth in the paint market include the recovery of world economies from the recent economic crisis, rapid industrialization, growing demand from end-user sectors such as automotive and construction, increasing rigor in regulations, high competition, growth in exclusive formulations and technological and product developments.
Production in the global coatings market is witnessing a major shift in the developed regions of Europe and the US, and in developing economies such as Asia, comprising Korea, India, and China. Sustained demand from developed countries, in addition to growing demand from these regions, is contributing to the global expansion of the coatings market from across the globe.
Recently there have been mergers and acquisitions that have made big players bigger and smaller players find things very difficult. Mature markets tend to form an anti-inflationary environment and this forces companies to reduce costs, and at the same time, increase productivity.
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