LONDON - Latest figures from the British Coatings Federation (BCF) show that for the second consecutive year, paint sales have outperformed GDP, with an increase of 5% in volume during 2014, against economic growth of 3%.
“We’ve seen excellent growth in the trade paint sector, which experienced near double-digit growth, due to the combined effect of general economic recovery and the growth in new house building,” said Tom Bowtell, Chief Executive of the BCF.
Wood care products also had a very good year with double-digit growth, helped in part by the much better weather last year compared to 2013.
Industrial coatings sales have been disappointing with more or less flat sales, with a decline in commercial and infrastructure projects. Similarly, wallcoverings and printing inks have also struggled, although towards the end of 2014 volumes saw some improvement, stimulated by growth in packaging inks and wallcoverings exports.
Looking to 2015, nine out of 10 British Coatings Federation members are optimistic about sales and growth, forecasting an increase in number of employees, capital investment, sales value and gross margin.
“The industry is in a really buoyant mood after the generally excellent year for paint sales in 2014, and it is encouraging to see such high levels of optimism as we head into a new year,” concluded Bowtell.