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The global coatings market has been forecast to increase at a compound annual growth rate (CAGR) of 5.46% through to 2015, with the industry set to hit 8.7bn gals and US$107bn by 2017, reports Companiesandmarkets.com.
Key factors contributing to growth include the recovery of global economies from the recent economic turmoil, rapid industrialisation, increasing demand from end-use sectors, such as automotive and construction, the increasing stringency in regulations, rising competition, growth in unique formulations and technological and product developments.
The recent downturn in the global economic market has mauled the coatings industry, as was the case with several other sectors. The global coatings market, as a whole, along with all major segments witnessed a substantial decline in volume and value sales during the downturn. However, the impact of the recession varied among each segment.
Production within the global coatings market is witnessing a major shift away from the developed regions of Europe and the USA, to the developing economies, such as Asia, comprising Korea, India and China. Sustained demand from the developed countries, in addition to the burgeoning demand from these regions, is contributing to the overall expansion of the coatings market worldwide.