From acrylic resins to protective coatings, the global paint and coatings market is rebounding, but manufacturers will have to scramble to satisfy the market’s ever-growing eco-friendly product demands, new market forecasts indicate.
The challenge will be especially great in protective coatings, where solvent-based products still dominate the market, reports An Overview of the Global Protective Coatings Market, 2nd Edition.
The report foresees 5% to 7% annual growth by protective coatings in the emerging markets but warns of a major shortfall in the greener protective coatings that are in growing global demand.
‘Lower VOC Will Be the Future’
“The overwhelming opinion by the industry is that lower-VOC coatings will be the future,” says the report by Information Research Ltd. “However, globally, only 6% of protective coatings are water-based whilst traditional solvent-based coatings are consistently indicated as the major technology.”
“This is related to two main reasons: cost and ease of application,” the report adds.
London-based IRL, a division of Business Research Group, offers marketing research and analysis services to the global paints and coatings industries.
Economic Ups and Downs
“The global economic downturn has affected virtually every industry, including protective coatings,” IRL reports. “Regional growth in the sector mirrored regional economic development, with the roaring economies of China, India and Brazil showing positive growth but at a lower rate than five years ago.”
The report analyzes the protective coatings sector in 25 key economies worldwide. It includes intumescent coatings, anti-corrosive coatings and protective coatings; mergers and acquisitions; and investments. It includes paint supply summaries, supplier reports, and technologies for countries in Europe, the Middle East and Africa, Asia Pacific and the Americas, as well as a “Wish List” for the future needs of the protective coatings industry.
Growth Seen for Acrylic Resins
Elsewhere in the industry, the global market for acrylic resins should exceed 16.4 billion pounds by the year 2015, driven by increased demand for superior-performing and cost-effective products, as well as higher demand in Asia Pacific and other developing markets.
So forecasts Acrylic Resins: A Global Strategic Business Report, by Global Industry Analysts Inc. (GIA), a California-based market intelligence firm.
New product introductions and rising demand for eco-friendly products will also ignite market growth in the paint and coatings sector, which is the largest end-user of acrylic resins.
Acrylic-based paints and coatings deliver improved color stability, flexibility, weatherability, and enhanced solid content and finishes, GIA notes.
Consumption of acrylic resins by end-use markets is projected to exceed 4.4 billion pounds by 2012. The United States will continue to represent a major market, although Europe represents the largest regional market for acrylic resins worldwide, while Asia Pacific is expected to register the fastest growth—a CAGR of more than 3% from 2007 to 2015.