Image: by Yuichiro, Flickr
Global consumption of coatings was 90.4 billion lbs in 2016, valued at $121 billion, according to “Global Paint and Coatings,” a recent report from Kusumgar, Nerlfi & Growney. A 4% annual rate of growth is forecast through 2021. Volume is reportedly up 54% from the low of the 2009 global recession and 44% from the pre-recession level.
The Asia-Pacific region is the leading coating consumer, with 47% of the volume and 45% of the value in 2016; growth there is placed at 6% per year. While the emerging economies of the region have been the engine of growth for the industry, the high growth of the recent past is now slowing as increases in China (59% of the volume) have fallen to a more modest mid-single-digit rate. India is now among the leaders in growth in the region, representing just over 10% per year.
The global coatings industry continues its move to water-based and other more environmentally friendly technologies, particularly in emerging economies. Many developed economies now reportedly use a significant percentage of these technologies. Figure 1 shows recent consumption of coatings by technology. Water-based technology has increased its share from one-half of the volume in 2008 to 55% in 2016, and it is projected to garner a 57% share in 2021.