February 23, 2012 05:08 ET

Market Research Projects Paint & Coating Market at $142 Billion by 2015

ROCKVILLE, MD--(Marketwire - Feb 23, 2012) - has announced the addition of the new report "World Paints & Coatings," to their collection of Chemicals market reports. For more information, visit

Global demand for paint and coatings is forecast to rise 5.4 percent per year to 45.6 million metric tons in 2015, valued at $142 billion. Advances will be driven by a strong acceleration in world building construction spending, particularly residential construction, which is expected to rebound in North America and Western Europe. Healthy growth in global manufacturing activity will also fuel increased demand for coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. Solvent-based paint and coatings will continue to see their share of the market decline in both developed and developing markets, as ongoing efforts to reduce the emission of volatile organic compounds (VOCs) are favoring alternative formulations.

The Asia/Pacific region will remain the leading consumer of paints and coatings through 2015, and will also see the most rapid gains. Regional demand will be fueled by China and India, the two largest markets in Asia and two of the fastest growing coatings markets in the world. Above-average gains are also forecast for North America, rebounding strongly from the declining demand of the 2005-2010 period. Coatings demand in the region will benefit from a greatly improved outlook for building construction and manufacturing activity in the US. While paint and coatings demand in Western Europe will see a similar recovery from recent declines, the region will remain the world's slowest-growing market. Among the other areas of the world, best opportunities are expected in the Africa/Mideast region, where paint demand per capita is the lowest in the world.

Regulatory and environmental issues are driving continued reformulation efforts in the paint and coatings industry. As paint makers increasingly seek to reduce the VOC content of their products, water based coatings, powder coatings and other high-solids formulations will gain market share at the expense of solvent based coatings. However, developing countries with little or no VOC regulation will see a slower trend toward water based coatings than elsewhere in the world. Additionally, many markets will continue to be dominated by solvent based formulations for the foreseeable future, including marine coatings, automotive refinishes and corrosion protection coatings.

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