DUBLIN — According to a report released by Research and Markets, there is a major shift in the production of global paints and coatings, which is moving away from developed regions, such as Europe and the U.S., to developing economies, such as China and India. Continued increasing demand from developed countries, in addition to the demand from developing countries, is contributing to the overall expansion of the worldwide coating market. Industrial growth in developing economies is a major driver for growth in the coating industry, according to the study. In most regions of the world, the coating industry is mature, and the growth of the coating industry is dependent on a number of factors, including the level of economic activity and the state of the construction industry, which remains a major consumer of paints and coatings.
The study reports that the market for paints and coatings has been on the increase in various applications, and this has boosted the total market in many regions. Additionally, the market for solventborne paints and coatings is not going down as anticipated, and this has added to the increase in the total market value of the coatings market.
Research and Markets reports that growth is the highest in the powder coatings and emerging technology segment, as new technologies are being developed by major manufacturers, with ever-increasing pressure from regulatory authorities in regard to pollution control and other environmental factors. Powder coating technology is being adapted in a big way in all fields of application. The market for coatings manufactured with solventborne technologies is slowly diminishing and being taken over by coatings based on waterborne technologies, due to their environmentally friendly properties. The report finds that this transition away from solventborne coatings is occurring in the North American and European markets, whereas solventborne coatings are still being widely used in developing countries because of cost factors. High-solids and radiation-cured technologies are experiencing reasonably good growth, as these technologies are considered to be less polluting than solventborne technology. The publisher's market forecasts for solventborne coatings have been reduced somewhat from those in the prior version of this report, based on these ongoing changes in the market.
For additional information about the report, Global Markets and Advanced Technologies for Paints and Coatings, click here.