Analysis of the global paint & coatings market
Kusumgar, Nerlfi & Growney announce the commencement of its third global paint & coatings study, which will cover the years 2016-2021.
According to Kusumgar, Nerlfi & Growney, global consumption of coatings in 2016 is a projected 88 billion pounds (40 MM tons) worth some $130 billion (EUR116 billion). Growth has slowed in recent years following the modest bounce back from the recession year of 2009. The Asia-Pacific region continues to lead the way in growth. However, growth in Asia-Pacific has also slowed owing to global and local economic uncertainties. The recent decline in raw material prices has contributed to downward pressure on coating prices.
Asia-Pacific Region remains largest consumer
The Asia-Pacific Region remains the largest consumer of coatings with an estimated 47% of the volume in 2016. China accounts for over one-half of the region’s consumption with growth moderating the last 2-3 years following the rocket rise in prior years. India is now about 15% of the regional volume and continues to increase its share.
Europe is the second largest market
Europe is the second largest market for coatings taking a projected 23% of the global volume in 2016. Growth remains low in most EU countries with the decline in the Russian economy a drag on consumption. The prospect of waning growth in Turkey is a headwind for the near future. North America was an outlet for 17% of the global coating volume in 2016 and has mature growth prospects. The South and Central America region represents 7% of the global demand in 2016. Growth in the region has slowed significantly with the recession in Brazil the leading cause.
