The industrial coatings market is beginning to recover from the recent economic downturn. The strengthening global economy has led to an increase in new buildings and maintenance in both the private and public sector. The global paint and coatings market has reached the pre-recession level in 2010.
The paint and coatings industry is dominated by the architectural coatings segment; the industrial coatings segment also has significant share in the market. The global coating industry has shifted to the Asia Pacific region where China is the largest consumer of coating additives. The country accounted for more than half of the Asia’s market share in 2010.
The paints and coatings industry depends heavily on its end-use markets. The key industrial sectors catered are construction, steel, marine, automotive and wooden furniture. Emerging markets are showing immense potential for the growth of both architectural coatings and industrial coatings. The growing demand for green-based chemicals, such as zero volatile organic component (VOC) coatings, is driving the replacement of solvent-based products with water-based products.
Paint makers are focusing on cutting edge technological innovation to satisfy both consumers and regulatory demands. The industry is dealing with several issues, a major one of them is the unprecedented escalation in the price of oil, natural gas and raw materials, which is having a significant impact on the marine coating industry.