The Global Market for Coatings is Projected to Cross 14.9 Billion Gallons by 2020

Innovative Coating Solutions & Improving Construction Activity to Drive Demand for Coatings, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Coatings. The global market for Coatings is projected to cross 14.9 billion gallons by 2020, driven by improving construction activity, and innovative development of eco-friendly coatings.

Defined as a material that helps protect surfaces in addition to providing aesthetic appeal, coatings today find widespread use in industries ranging from construction, furniture, steel, automotive to paper, paperboard and electronics. Demand for coatings is heavily reliant on the health of the end-use industries, where the investment climate is in turn a function of several macro-economic factors. The recovery in the world construction sector is expected to drive demand for architectural coatings. The growing focus on energy efficiency and eco-friendliness, as indicated by the growing popularity of ‘green construction’, is expected to spur demand for environmentally friendly powder coatings, high solid coatings, UV/EB coatings, and waterborne coatings.  Coating production processes are being engineered to reduce wastages and improve product quality and efficiency. Future growth in the market is expected to come from smart coatings. Key technology attributes driving their adoption include UV and weather resistance, insulation, resistance against corrosion and lower friction. In the construction sector, smart coatings are increasingly being used for restoration of buildings of historical significance as they offer protection without altering the aesthetics of the structure. Eco-friendliness, low VOC levels and resistance to bacterial growth, fungi and mould, are the other characteristics spurring use of smart coatings in healthcare facilities, aerospace, oil and gas, packaging, military, and automotive.

Demand for automotive coatings is expected to grow strongly, supported by the stable automobile production trends in developing countries such as China, Indonesia, Vietnam, Malaysia, and India. Against this backdrop, demand for primer surfacers, basecoats, charcoals, and colorcoats, is expected to increase. Automotive coatings help protect vehicle surfaces from environmental degradation. Resistance to scratches and eco-friendliness are some of the attributes that have spurred demand for automotive coatings. Nanocoatings, UV light cured finishes and water borne coatings are growing in popularity, with water based coatings holding the highest potential for growth, given their ease of use and low solvent content. Also poised to gain are other coatings with low VOC content, supported by increasing concerns over the growing environmental footprint of the automobile industry. In addition to the automotive industry, eco-friendly water based and non-solvent based coatings are also finding widespread applications in other end-use markets. Bio-based sources such as starches, proteins, plant oils and sugars are currently being researched to develop bio-degradable and organic coatings.

As stated by the new market research report on Coatings, Asia-Pacific represents the largest market worldwide, supported by growing population, rapid urbanization, infrastructure development and robust pace of industrialization. The region is also forecast to emerge as the fastest growing market with a projected CAGR of 7.7% in volume terms over the analysis period. 

Major players covered in the report include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings GmbH, Hempel A/S, Nippon Paint Co. Ltd., Kansai Paint Co., PPG Industries Inc., Sherwin-Williams Company and Valspar Corporation, among others.

The research report titled "Coatings: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, Taiwan, Thailand and Rest of Asia-Pacific), Middle East & Africa (Israel, Saudi Arabia, UAE, Kuwait and Rest of Middle East & Africa), and Latin America (Argentina, Brazil, Mexico and Rest of Latin America). The report analyzes the global market for coatings by product segments including Architectural Coatings (Exterior Architectural Coatings, Interior Architectural Coatings, and Other Architectural Coatings), Transportation OEM Coatings, Transportation Refinishes, Wood Finishes, Powder Coatings, Packaging Coatings, Protective Coatings and Others Markets.

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