LONDON – According to research firm MarketLine,the global paints and coatings market grew to a value of $141.5 billion , with Asia-Pacific (APAC) emerging as the largest regional market and accounting for more than 55% of global market value.
The company’s report shows that China and the United States form the two largest paints and coatings markets, valued at $53.3 billion and $21.3 billion, respectively. China, however, is expected to continue growing at a fast pace, while growth in the United States is forecast to be moderate.
Mohammad Hamza Iqbal, Analyst for MarketLine, commented, “The global market has been growing at a healthy pace in recent years, with the compound annual growth rate (CAGR) standing at a strong 5.5% between 2011 and 2015. But this figure does not necessarily represent all regional markets, since Europe in the same period has witnessed a CAGR of only 1.8%, with France notably standing out for very weak growth. By contrast, the APAC region has grown with a CAGR of 8.3% in the aforementioned period.”
APAC should nevertheless be the strongest performing region over the forecast period and is expected to rise at a CAGR of 6.3%.Forecasts to 2020 suggest that trends within the global paints and coatings market should remain largely the same, with growth decelerating slightly in the APAC region as, among other factors, the Chinese economy slows down. Growth in the European regional market, meanwhile, is expected to accelerate slightly to 2% over the same timeframe.
Regional variations exist as far as segmentation is concerned, with the industrial paints and coatings segment, for example, forming the largest one in the Middle Eastern and Japanese markets. MarketLine’s report shows that the architectural and decorative segment was the largest in the global paints and coatings market, accounting for 51.1% of its total value. The architectural and decorative segment, however, formed 51% of the U.S. market.