Paint, varnish and other coating is one of the fastest growing industry globally, mainly due to the huge demand in the construction industry. Europe is the second largest paint, varnish and other coatings consumer taking 24% of the world volume and 29% of the world value in 2013. Faster growth rates are forecasted for Turkey and other Eastern European countries.
In 2014, South Caucasus countries imported USD 107 Million of paint, varnish and other coatings. Global sales of paint, varnish and other coating increased by 3.9% in 2014, comprising about USD 132.3 billion (43.38 million tons). The forecasted average annual growth for paint and varnish industry is 5% rate up to 2018.