International. Global demand for coatings would reach 45.6 million metric tons in 2015, and would grow about 5.4% each year, according to a new study delivered by research firm The Freedonia Group.
These gains will be driven by a sharp acceleration in global construction spending, particularly in the residential sector, which is expected to rebound in North America and Western Europe. Manufacturing activity also grew healthily, which will drive demand for coatings used in the production of engines for vehicles and other durable goods, as well as in industrial applications.
The study also forecasts that solvent-based coatings will continue to decline within developed and developing markets, due to industry efforts to reduce VOC emissions and look for other alternative formulations.
The Asia-Pacific region will maintain its leadership in coatings in 2015 and see gains more quickly. Regional demand will be supported by China and India. In North America, progress is also forecast, which will exceed the decline in demand between 2005 and 2010.
Leave your comment