International. According to the report published by Persistence Market Research, 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 2014-2020, reaching an estimated value of US$176.5 billion in 2020.
The study indicates 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 families increase the demand for new housing every year, which in turn generates a demand for paints and coatings. The growing consumer goods and automobile market is also driving the growth of the paints and coatings market.
According to the Bureau of Economic Analysis (U.S. Department of Commerce), the durable goods industry increased from $958.7 billion in 2010 to $1096.4 billion in 2013. The construction industry in the country increased from US$539.1 billion in 2010 to US$611.4 billion in 2013.
The metal products manufacturing industry accounted for $120.6 billion in 2010, which increased to reach $134.1 billion in 2012. The wood products industry reached US$23.8 billion in 2012 from US$22.1 billion in 2010. The growth of these industries is fueling the rise of the paints and coatings market.
