Rebounding Manufacturing Activity and Increasing Construction Spends Drive Demand for Coatings, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Coatings markets. Global market for Coatings is projected to cross 13.2 billion gallons by 2018, driven by increasing industrial output, improving construction activity, and growing popularity of eco-friendly coatings.
San Jose, California (PRWEB) December 03, 2013
Follow us on LinkedIn – Defined as a material that helps protect surfaces in addition to providing aesthetic appeal, coatings today find applications in myriad industries ranging from construction, furniture, steel, automotive to paper and paperboard and electronics, among others. Demand for coatings therefore correlates with the health of various end-use industries, where the investment climate is in turn a function of several macro-economic factors. Growth in the market is currently steady with the US economy registering encouraging recovery as reflected in the automotive OEM and residential construction markets. In Europe, despite the continuing weakness in regional economies, the outlook for the immediate term remains hopeful of a rebound.
The global coatings market suffered a major setback during the 2008-2009 period as a result of the world economic recession. With demand for coatings acutely sensitive to economic climate, the market was impacted by the significant pressure exerted during the period on most end-use industry sectors. The industrial OEM coatings sector was affected by the downturn particularly in the heavy agricultural, construction, electrical and electronic, machinery and equipment, and automotive production segments. The market, however, recovered in the year 2010, in sync with the resurgence in growth fundamentals including revival in manufacturing activity and re-commencement of various construction projects.
A modest recovery in the construction industry in the United States, coupled with steady gains in construction spending in developing countries including BRICs, is currently benefitting demand for architectural coatings. Construction activity in BRIC countries is forecast to grow steadily driven by healthy gains in GDP growth, increasing levels of urbanization, growing population and rising disposable incomes, among other factors. The architectural coatings market is witnessing a steady shift to eco-friendly coatings owing to growing environmental concerns and stricter regulations relating to toxicity levels of coatings. Coatings which rank low on VOCs are gaining strong market acceptance, with powder coatings particularly witnessing robust demand in various applications due to its VOC-free benefits. Growing trend towards prefabrication is benefiting market demand, as coatings are widely used to treat metal systems to help them withstand exposure to harsh environments.
Encouraging gains in global manufacturing is signalling an optimistic outlook for Industrial/OEM coatings, given its use in several manufacturing industries including furniture, automotive & transportation, packaging, metal, paper & paper board, and electrical insulation. Rebounding automobile production particularly augurs well for automotive coatings. Nanocoatings, UV light cured finishes and water borne coatings are increasingly making their presence felt in the market, with water based coatings holding the highest potential for growth in the coming years, given their ease of use and low solvent content.
As next-generation coating systems, smart coatings hold immense potential for growth. While a unique set of attributes such as UV and weather resistance, insulation, protection against corrosion and reduced friction sets them apart from standard coatings, their ability to perform multiple functions through a single coating solution highlights their uniqueness, encouraging usage among a larger number of end-users. UV-cure coating technology is increasingly being seen as the future technology in the area of industrial coatings. The technology represents one of the rapidly growing segments in the coatings market and is emerging as the answer to increasing environmental concerns and stringent regulations.
As stated by the new market research report on Coatings, Asia-Pacific represents the largest market worldwide, supported by growing population, increased urbanization, infrastructure development and robust pace of industrialization. The region is also forecast to emerge as the fastest growing market with a projected CAGR of 10.6% in value terms over the analysis period.
Major players covered in the report include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings GmbH, Hempel A/S, Nippon Paint Co. Ltd., Kansai Paint Co., PPG Industries Inc., Sherwin-Williams Company and Valspar Corporation, among others.
The research report titled "Coatings: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, Taiwan, Thailand and Rest of Asia-Pacific), Middle East & Africa (Israel, Saudi Arabia, UAE, Kuwait and Rest of Middle East & Africa), and Latin America (Argentina, Brazil, Mexico and Rest of Latin America). The report analyzes the global market for coatings by product segments including Architectural Coatings (Exterior Architectural Coatings, Interior Architectural Coatings, Architectural Lacquers and Other Architectural Coatings); Industrial/OEM Product Coatings (Automotive & Other Transportation Finishes, Appliances Finishes, Wood Finishes, Metal Finishes, Container Finishes, Machinery & Equipment Finishes, Non-Wood Finishes, Paper & Paperboard Finishes, Electrical Insulation Coatings, Powder Coatings and Others); Special Purpose Coatings (Industrial Maintenance Coatings, Automotive Refinishes, Other Special Purpose Coatings).
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Coatings_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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