The industrial coatings market has been showing exponential growth, which is expected to continue in the upcoming years. Experts see the spurt of the global building and construction activities as driving forces, especially in developing countries across Asia Pacific, Latin America, Eastern Europe and the Middle East. As one of the key supplying markets, the United States has shown rising exports, with Canada and Mexico as their largest export markets in the industry, accounting for two-thirds of all United States’ coatings industry exports in 2013, followed by China, the United Kingdom and Japan.
Recent internationalization activities and approaches within the industrial coatings industry are strongly associated with developing countries. Studies suggest that large players operating in the market are increasingly interested in establishing alliances with regional organizations of developing countries located in Asia Pacific, Latin America, Eastern Europe and the Middle East. To boost market entrance and benefit from recent opportunities, more market leaders are venturing into businesses across those economies. As a result, the market for industrial coatings is especially thriving in countries such as India and China, which are witnessing a major increase in civil construction activities. Industries such as automotive, shipbuilding or wood manufacturing are also attractive target segments within those regions.