The fastest growth is forecast for India, where paint use will be fueled by rapidly expanding investment to build or update homes, commercial businesses, and industrial facilities. In China, which alone accounts for over one-third of the global market, a growing middle class will continue to boost demand for architectural paint, while healthy gains in manufacturing output are expected to bolster industrial coatings sales. Among developed nations, the US will post the best performance as building construction activity and fixed investment spending advance at solid rates. Western Europe is expected to see a turnaround in paint sales, spurred by improved economic output and a recovering construction sector.
Coatings suppliers worldwide will continue to reduce the volatile organic compound (VOC) content of their products due to intensifying regulatory pressure. As a result, water-based paints and powder coatings are expected to gain market share at the expense of solvent-based products, especially in countries such as China, where environmental legislation is becoming increasingly strict. Nonetheless, solventborne formulations will continue to dominate a number of specialty applications, including marine coatings, automotive refinishes, and corrosion protection coatings.