International. The paints and coatings market was valued at $172.28 billion in 2017 and is projected to reach $223.89 billion by 2023, exhibiting a CAGR of 4.46% during the forecast period of 2018-2023, according to the most recent marketAndMarktes report.
Growing demand from the construction and construction industry, increasing car ownership in developed countries, rapid urbanization, and increasing consumption are some of the key factors driving the global growth of the paints and coatings market.
Increasing use in the end-user industry has driven the demand for environmentally friendly, non-hazardous, low-VOC paints and coatings. Other factors include high demand stemming from residential, non-residential, automotive, and other industrial applications.
The low cost of raw material and crude oil prices also provide an environment conducive to the growth of this market. Few of the major challenges to market growth include lack of product differentiation and environmental concern regarding VOC content in paints and coatings. The high rate of economic growth and improvement in industrial activity have enabled the Asia-Pacific region to reach the highest CAGR during the forecast period.
