Global Coatings Consumption on the Rise
The global consumption of coatings in 2012 is projected to come in at 67 billion lbs, worth $120 billion, according to “Global Paint & Coatings, 2013-2018,” an upcoming study by Kusumgar, Nerlfi & Growney. Volume has reportedly bounced back from the recession year of 2009 with the Asia-Pacific region leading the way. However, growth in 2012 slowed due to global and local economic uncertainties. Coating volume in 2012 is up 15% since the 2009 global recession, but value is up by about one-third largely due to the escalation in raw material prices.
The Asia-Pacific region is the largest consumer of coatings, taking 42% of the volume in 2012. China accounts for over one-half of the region’s consumption, with growth now moderating from the rapid expansion of the past. India is now about 15% of the regional volume and continues to increase its share.
Europe is the second largest market for coatings, taking 27% of the global volume in 2012. Consumption in 2012 was hurt by the region’s economic crisis. North America was an outlet for one-fifth of the global coating volume and has mature growth prospects. The South and Central America region was 8% of the global demand in 2012. Growth in the region slowed in 2012 but is forecast to grow modestly in the future.
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