International. MarketsandMarkets reports that the paints and coatings market will grow from $160.54 billion in 2017 to $209.36 billion in 2022, at a CAGR of 5.45% during the forecast period.
The increasing demand of the construction industry is driving the growth of the paints and coatings market. Increasing demand for automotive, general industrial, marine, coil, wood, aerospace, railway, and packaging coatings is expected to stimulate market growth during the forecast period.
By technology, the water-based segment accounted for the largest market share in 2016. Much of this segment can be attributed to the various properties of water-based paints and coatings, such as less flammability, low VOC emissions, and friendship with the environment, among others.
Architectural paints and coatings, on the other hand, maintain the largest share of the market. The Asia-Pacific paints and coatings market is anticipated to grow at the highest CAGR during the forecast period.
