HAMPTON, UK – According to a new study by PRA, the global industrial coatings market was estimated to be worth over EUR 40 billion in 2009. The global economic downturn caused a decline of 8 percent (in terms of tonnage), which resulted in estimated coatings demand falling back to 2006 levels. As a result, industrial coatings exhibited a 0.1 percent compound annual growth rate (CAGR) for the period 2006 to 2009.
The most important region of industrial coatings demand is the Asia Pacific, which accounted for around 48.5 percent of global coatings consumption. The region is also expected to be the main driver of future coatings demand to 2020, with a CAGR of between 8 percent and 9.5 percent expected for the period 2010 to 2015. Within this region, China and India are expected to be the largest contributors to future coatings demand.
Solventborne coatings are still the most common technology, although they are losing share and are expected to lose share to other coatings types in many markets. Waterborne is expected to be the fastest-growing coatings technology.
Construction and infrastructure markets accounted for over 37 percent of the world market for industrial coatings in volume terms. A number of fiscal stimulus measures introduced by national governments to offset the impact of the global economic downturn were focused on infrastructure projects. These were particularly effective in China, where funds were distributed directly to nationally held concerns. As a result, this group of markets was the best performing, exhibiting a 1.1 percent CAGR for the period 2006 to 2009.
Construction and infrastructure markets combined for approximately EUR 13.3 billion, representing around 32 percent of global market value.
Transport was the market most negatively impactedby the downturn, exhibiting a 1.1 percent negative CAGR over the 2006 to 2009 period. However, transport also represents the highest value market, accounting for over 36 percent of the global market with almost EUR 15 billion.
The study, Global Industrial Coatings Markets 2010–2020, was recently completed by the Irfab® team of the PRA. The study took almost two years to complete and is PRA’s most ambitious and comprehensive industry review to date. For additional information, visit www.pra-world.com/irfab.