International. Global coatings consumption was $121 billion in 2016 and had an annual growth rate of 4% through 2021, analyst firm Kusumgar, Nerlfi & Growney reported in its third global paint and coatings study.
Volume has increased by 54% since the low of the 2009 global recession and by 44% from the pre-recession level.
The Asia-Pacific region is the main consumer of coatings with 47% of the volume and 45% of the value in 2016 and the growth stands at 6% per year. The region's emerging economies have been the engine of industry growth. Rocket growth in the recent past is slowing as increases in China, 59% of the volume, have fallen to a more modest mid-single-digit rate. India is now among the growth leaders in the region at just over 10% per year.
The global coatings industry continues its move towards water-based and more environmentally friendly technologies, particularly in emerging economies. Many developed economies now employ a significant percentage of these technologies. Figure 1 shows the recent consumption of coatings by technology. Water-based technology has increased its share from half the volume in 2008 to 55% in 2016 and is projected to accumulate a 57% share in 2021.
