ELMWOOD PARK, NJ - Market research firm Kusumgar, Nerlfi & Growney has commenced its third Global Paint & Coatings study. According to the firm, global consumption of coatings in 2016 is a projected 88 billion pounds (40 MM tons), worth some $130 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 coatings prices.
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 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.
The above information is based upon Kusumgar, Nerlfi & Growney’s upcoming multiclient study, Global Paint & Coatings, 2016-2021, which is available through subscription. Interested parties are invited to contact the company by calling 973/439.0030 or by e-mail at nerlfikng@cs.com.