International. According to a new market report published by Persistence Market Research "Global Paints and Coatings Market Study: Industrial Paints and Coatings will witness the highest growth in 2020", the global Paints and Coatings market was worth US$121.9 billion in 2013 and is expected to grow at a CAGR of 5.5% during 2014 through 2020, to reach an estimated value of US$176.5 billion by 2020.
The report notes that with urbanization, the world is becoming a more sophisticated place with the growing need for greater comfort. The paints and coatings market has benefited due to these developments in personal and non-personal spaces. The growing world population and the growing number of nuclear families increase the demand for new homes every year, which in turn creates the demand for paints and coatings.
The growing consumer goods and automobile market is also driving the growth of the paints and coatings industry. According to the Bureau of Economic Analysis (U.S. Department of Commerce), the durable goods industry increased from $958.7 billion in 2010 to $1.096 billion in 2013. The construction industry in the country went from US$539.1 billion in 2010 to US$611.4 billion in 2013. The metal products industry accounted for $120.6 billion in 2010, rising to $134.1 billion in 2012. The wood products industry reached $23.8 billion in 2012 from $22.1 billion in 2010. The growth of these industries is fueling the growth of the paints and coatings market.
