Research Firm Finds Shift in Global Production of Coatings
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.