KONSTANZ, Germany - According to a new report by Ceresana, Konstanz, Germany, global demand for coatings is likely to reach 48 million metric tons in 2019, due to a rise in demand and increasing application possibilities for functional coatings. Growth is expected to accelerate compared to the previous eight years.
Researchers expect that Asia-Pacific will continue to expand its leading position on the world market within the next eight years. Currently, about a third of global revenues are generated in this region.
Solvent-free products are on the rise globally. In 2011, more than half of paints and varnishes processed worldwide were water-based. Consumption volume is likely to increase during the next eight years, as more and more solvent-based paints and varnishes are replaced by other technologies. Many manufacturers develop solvent-free and environmentally friendly paints and varnishes that are, for example, suitable for steel containers or internal coatings. This reduces environmental pollution by VOC emissions. Development is further fueled by legal requirements and a heightened environmental consciousness on the part of consumers.
New technologies and innovative properties are also spurring growth in the global market. The system solutions offered in production processes make equivalent utilization of water-based products possible. Powder coatings and radiation-cured coatings are resource- and energy-saving alternative product types that contribute to the sustainable development of this industrial branch.
In addition to more environmentally friendly products, many companies are also developing other product solutions. Apart from their decorative and protective properties, coatings are expected to provide other benefits. So-called smart coatings are contributing to heat insulation, are self-cleaning, antibacterial or able to repair smaller defects in paint work. Research and development are making increased used of material relying on nanotechnology.
For additional information about the report, Market Study: Paints and Varnishes – World, visit http://www.ceresana.com/en/market-studies/industry/paints-varnishes-world/.