CONSTANCE, Germany - According to a new study by the market research institute Ceresana, worldwide demand for paints and varnishes accounted for almost 40 million tonnes in 2014. The report gives an analysis up to the year 2022.
According to the report, half of all paints and varnishes are consumed by the construction industry. In many countries, major projects in commercial construction and infrastructure provide for increasing revenues. Besides traditional interior and exterior house paints, which are mainly used for constructions of residential units, more and more innovative products with multiple uses, such as paints with lotus effect, are increasingly processed. Market researchers at Ceresana expect demand for paints and varnishes used for industrial products to increase by 2.1 percent per year. Currently, 40 percent of global revenues are generated in the Asia-Pacific region. Ceresana expects this region to further increase its leading position in the upcoming years.
Another important application area is transportation, which includes coatings for passenger cars, trucks, buses, aircraft, rail vehicles and ships. Analysts at Ceresana expect this segment to exhibit the highest increase and account for a demand for paints and varnishes of more than 5 million tonnes until 2022. The report predicts that demand for refinishing coatings as well as protective coatings for ships will develop less dynamically.
Water- and solvent-based paints and varnishes still dominate the market quantitatively, with shares of 55 percent and 37 percent respectively; however, they get more and more competition. Until 2022, powder coatings will presumably gain market shares. Important application areas for powder coatings are household appliances, computer casings, metal products and facade elements.
For additional information about the report, visit http://www.ceresana.com/en/market-studies/industry/paints-varnishes-world/.