WELLESLEY, MA -- The global market for paints and coatings is expected to grow to $155.6 billion by 2020, according to BCC Research’s new report, Global Markets and Advanced Technologies for Paints and Coatings.

During that time frame powder coating is expected to show the fastest growth, with an increase to $45.2 billion primarily driven by the move from using wood in exterior accessories such as facade elements, windows, doors, and sidings.

During the same time frame the waterborne coatings technologies segment will continue to dominate the overall market and is expected to reach $45.2 billion, the report said.

The growth is expected to be spurred largely due to increased construction across the globe, particularly in North America and Europe. Growth in global manufacturing, particularly in Asia, is also increasing demand for coatings used in the production of motor vehicles, durable goods, and industrial maintenance applications.

In its report BCC said increasing governmental and industry regulations will shift production of paints and coatings to “developing countries, particularly China and India, where environmental regulations are less stringent.” Global Markets and Advanced Technologies for Paints and Coatings provides an overview of the global market for paints and coatings and related technologies.