International. Market firm GIA announced the release of its global coatings report, which indicates that this market is projected to exceed 14.9 billion gallons by 2020, driven by improved construction activity and innovative development of green coatings.
Asia Pacific represents the largest market worldwide, supported by growing population, rapid urbanization, infrastructure development and the strong pace of industrialization. It is also forecast to emerge as the fastest growing market with an expected CAGR of 7.7% in terms of volume during the region's analysis period.
The recovery in the sector is expected to drive demand for architectural coatings. The increasing focus on energy efficiency and environmental friendliness, as indicated by the growing popularity of green construction, is expected to stimulate the demand for eco-friendly powder coatings, high solid coatings, UV/EB coatings and water-based coatings.
Coating production processes are designed to reduce waste and improve product quality and efficiency. Future growth in the market is expected to come from smart coatings. Key technologies such as UV, weather resistance, insulation, corrosion resistance and lower friction are highlighted.
