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Global Market for Coatings is Projected to Cross 14.9 billion gallons by 2020: GIA

Published on 2015-03-13. Author : SpecialChem

 GIA announces the release of 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, paper-board and electronics. Demand for coatings is heavily reliant on the health of the end-use industries where the investment is in turn a function of several macro-economic factors. The recovery in the world recovery 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 environment-friendly powder coatings, high solid coatings, UV/EB coatings and waterborne coatings. Coatings 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 & 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 mold, are the other characteristics spurring use of smart coatings in health sector facilities, aerospace, oil & gas, packaging, military and automotive.

Demand for automotive 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 back drop, demand for primer surfacers, basecoats, charcoals and color-coats, is expected to increase. Nano coatings, UV light, cured finishes and waterborne 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 automotive industry, 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 AkzoNobel N.V., Axalta Coating System, BASF CoatingsGmBH, HempelA/S, Kansai Paint Co., 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 US, Canada, Japan, Europe, Asia-pacific, Middle East & Africa and Latin America.

About GIA 

Global Industry Analysts, Inc. (GIA) is a reputed publisher of off-the-shelf market research. Recognized as one of the most consistently accurate forecasting company in the world, GIA currently serves more than 9,500 companies from 36 countries worldwide. The company was founded in 1987, initially recognized globally as a research boutique specializing in the medical industry. Over the past 27 years, the company expanded its coverage and now publishes extensively upon more than 180 major industries.

Source: GIA

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