Global Paint & Coatings Industry
Freedonia estimates world paint and coatings demand will witness yearly growth of more than 5%, reaching almost 46 metric tons in 2015 by which time the industry is expected to be worth $142 billion. Market expansion will be fuelled by increased activity in the global building construction sector, with residential construction in particular witnessing strong recovery in Western Europe and North America. Increased manufacturing activity will equally lead to greater demand for coatings necessary for the production of motor vehicles and other industrial maintenance applications.
The architectural coating segment dominates the world paint and coatings market, reports Koncept Analytics. Apart from the construction and automotive sectors, other end-use industries relying on the paints and coatings sector include marine, wooden furniture, and steel. Sales of solvent-based paint and coatings are expected to continue falling in developed and emerging regions due to efforts to limit the emission of volatile organic compounds and use alternative formulations instead. Demand for green-based chemicals continues to rise, for example zero volatile organic component (VOC) coatings have become very popular as solvent-based products become increasingly replaced with water-based products.