International. Transparency Market Research's most recent report concluded that the global construction paints and coatings market, which was worth $51.62 billion in 2012, is likely to grow at a CAGR of 5.8%, reaching a total value of $76.089 billion by the end of 2019.
The construction industry is one of the fastest expanding industries in current times, thanks to its strong recovery from the economic depression of 2008-09. Residential construction as well as non-residential construction are on the rise worldwide, thus contributing directly to the global paints and coatings market.
Asia-Pacific is the largest regional segment in this sector and, together with Europe, accounted for almost 70% of the global market in 2012. Construction activity is booming in Asia Pacific and is translating into the strong growth prospects for this market on a global level. The market in the Middle East is also attracting the attention of industry big players, due to the various government projects coming in countries such as the United Arab Emirates, Saudi Arabia and Qatar. The Middle East and North Africa are expected to be an important regional segment in the growth of this market in the coming years.
The main constraints acting on this market include the volatility of the prices of petroleum-derived raw materials and the increased rigor of the laws by minimizing the amount of volatile organic compounds that can be included in paint and coating formulations.
