Global Demand for Paint & Coatings to Reach 51.6 Million Metric Tons
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March 28, 2014 (www.investorideas.com newswire) Global demand for paint and coatings is forecast to rise 5.2 percent per year to 51.6 million metric tons in 2017, valued at $186 billion. According to analyst Kent Furst, “Advances will be driven by a strong rebound in global building construction, particularly in North America, Europe, and Japan, which will fuel increased demand for architectural paint.” Manufacturing and specialty coatings demand will also grow at a more rapid pace compared to recent historical trends, benefiting from an improved outlook for motor vehicle production and overall industrial output. However, gains will be limited by the increased use of higher quality coatings in both the developed and developing world, reducing the volumes necessary to complete a given paint job. Water-based coatings and other high solids formulations will gain share over solventborne products in virtually all world markets, as paintmakers continue to reduce emissions of volatile organic compounds (VOCs) in coatings to comply with government regulations and consumer preferences. These and other trends are presented in World Paint & Coatings, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The Asia/Pacific region will continue to be the largest and fastest growing coatings market through 2017, rising to account for half of global demand. Gains will be led by robust growth in China, the world’s largest national coatings market, although advances will slow somewhat from the double-digit annual pace of the 2002-2012 period. Even faster growth is forecast for the large Indian market, while other countries in Asia such as Indonesia, Thailand, and Vietnam will see strong gains as well. In North America, a marked turnaround in building construction activity will fuel healthy growth in coatings demand, while Western Europe and Japan will see similar (though slower) rebounds in the coatings market.
Architectural markets will continue to account for the majority of paint and coatings demand in 2017. Demand for architectural paint will be fueled by an improved outlook for residential building activity in high income countries, as well as rising urbanization and housing construction spending in the developing world. Coatings demand in manufacturing applications will benefit from an uptick in world motor vehicle production, while an improvement in building construction activity will boost demand for furniture coatings. Maintenance and specialty markets will be driven by rising demand for protective coatings in industrial and oil and gas applications, while increasing rates of motor vehicle ownership in moderate income countries will benefit demand for auto refinish paints and road and bridge coatings.
World Paint & Coatings (published 03/2014, 431 pages) is available for $6200 from The Freedonia Group, Inc. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or e-mail email@example.com. Information may also be obtained through www.freedoniagroup.com.
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