Annual Growth Rate of 5% Projected for Coatings Industry
ELMWOOD PARK, NJ - According to a new study by the consulting firm Kusumgar, Nerlfi & Growney, the global consumption of coatings was 80 billion pounds in 2013 and valued at $120 billion. The study reports that the industry has recovered from the 2008-2009 global recession, and a 5% average annual rate of growth is forecast through 2018. This modest rate of advance is being propelled largely by the strong growth in the emerging economies of the Asia-Pacific region. Consumption in Asia-Pacific, particularly China and India, has surged and is up by about 50% in pounds from 2008.
The Asia-Pacific region is the leading coating consumer with 45% of the volume and 40% of the value in 2013. Growth is placed at 8% per year, and its share is projected to rise to 51% of the pounds and 46% of the dollars in 2018. China accounts for 58% of the region’s volume, and India accounts for 13%.