Last year was difficult, and the coatings industry was not unaffected by the economic slowdown. Many key markets were down or flat, indicating that new business in the industrial sector was scaled back or postponed.
Despite this, The Electrocoat Association is looking forward to 2003 with cautious optimism. Recently, there have been upticks in some of the leading economic indicators, suggesting that recovery is around the corner. Many coatings-related companies took steps over the past year to tighten business practices, and have actually grown their businesses in these uncertain times. Automotive sales and production had better results than originally anticipated and, due to incentive offerings, are now close to record levels.