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Led by powder coating and emerging technologies, the global paint and coatings market should grow at a modest clip over the next several years, totaling $116.4 billion by the end of 2015, a new forecast reports.
Paints and Coatings: Global Markets & Advanced Technologies, by Massachusetts-based BCC Research, foresees higher-than-average growth for non-liquid coatings, waterbornes and other new technology, amid an industry that will hold its own for the near future.
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Powder Coating Services Inc. |
| The global market for powder and emerging technology coatings is expected to grow at nearly 6 percent annually through 2015. |
Powder and new-technology coatings—an $18 billion sector worldwide in 2010—should see a Compound Annual Growth Rate of 5.9 percent, topping $23 billion by 2015, the report says. That compares with a CAGR of 3.2 percent estimated for the industry overall for the period of 2010 to 2015.
“Waterborne technology coatings are by far the largest type of environmentally friendly coatings,” the report says. That sector, valued at $24.8 billion in 2010, should grow by 5 percent annually, reaching $31.6 billion in 2015, BCC reports.
‘Huge Expectations’
The rapidly changing technologies are being driven by coatings users “with huge expectations in diverse areas such as performance, ease of application, sustainability, quality, functionality, and environmental properties,” the report says.
“All of the above expectations require special attention from manufacturers in order to ensure that products meet expected standards and the market remains buoyant.”
The report analyzes the role of paints and coatings in providing protection and color. Included are protective and marine coating, specialty coatings, high-performance maintenance coatings, factory-applied industrial coatings, automotive refinish, architectural and decorative paints.
A Future for Functionality
The analysis explains the technology and innovation behind coatings development and production, and analyzes major market trends by region, products, technologies and application sectors.
The report also details steady improvement in the industry’s environmental performance.
The study gives special emphasis to new coatings products, research and development, new applications emerging from new technologies, and the relevant market implications.
The analysis “pinpoints the need for the industry’s commitment to continuous improvement in environmental performance and takes a glimpse at a future in which the functionality of coatings will be enhanced and transformed from the conventional areas of protection and aesthetics to meet additional and more specific demands.”
U.S. Powder Coating Forecast
The U.S. powder coatings industry is also forecasting a bright future in Project Expand, a new study that identifies 21 “opportunity segments” for powder coatings.
The 142-page analysis foresees a $4+ billion U.S. powder coatings market that includes 12 new market segments totaling more than $2.8 billion, five current segments valued at $425 million, and four segments adjacent to the current market estimated at nearly $700 million.
The report analyzes the issues, impediments and needs of the powder coating market, with recommended approaches for addressing each.
Project Expand was commissioned by the Texas-based Powder Coating Institute and authored by The Chemark Consulting Group Inc., of Southern Pines, NC. Copies are available for purchase to PCI members only.
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