Kusumgar, Nerlfi & Growney has announced its third Global Paint & Coatings study, which covers 2016 – 2021.
According to the firm, global consumption of coatings in 2016 is a projected 88-billion lb (40 MM tons) worth some $130-billion. Growth has slowed in recent years, the report says, 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. This region remains the largest consumer of coatings with an estimated 47 percent of the volume in 2016.
China accounts for over one-half of the consumption with growth moderating in the last two to three years following the rocket rise in prior years. India now accounts for about 15 percent of the regional volume and continues to increase its share.
Europe is the second largest market for coatings taking a projected 23 percent of the global volume in 2016. Growth remains low in most EU countries, with the decline in the Russian economy causing a drag on consumption. The prospect of waning growth in Turkey is, the report says, a headwind for the near future.
North America was an outlet for 17 percent of the global coating volume in 2016 and has mature growth prospects. The South and Central America region represents seven percent of the global demand in 2016. Growth in the region has slowed significantly with the recession in Brazil being the leading cause.