Annual Growth Projected at 4% for Industrial Coatings Market Beginning Next Year
Due to the economic effects of the coronavirus, little to no growth is currently expected for this year; some end uses are declining significantly.
According to a recent study by Kusumgar, Nerlfi & Growney, global consumption of paint and coatings was 44.4 million tons (98 billion pounds) in 2019, worth $132 billion. Volume is up 66% since the 2009 global recession, with 62% of the increase coming from the Asia-Pacific region. Coating volume has grown modestly in recent years but slowed in 2019. Due to the economic effects of the coronavirus, little to no growth is currently expected for this year; some end uses are declining significantly. A recovery is anticipated for next year, with long-term growth placed at 4% per year.
Architectural paint consumption was 26 MM tons (worth $53 billion) in 2019; industrial coatings consumption was 18.4 MM tons valued at $79 billion. Architectural paint volume is up 72% since 2009, and industrial coating volume has increased 59%. A 4% annual rate of growth is forecast for both segments through 2024.
Water-based technology comprised 56% of the global coating volume in 2019, with architectural paints representing 85% of the total and industrial coatings the remainder. Ten years ago, water-based technology was one-half of the volume, with the architectural segment 88% of the total. Solvent-based technology was 37% of the coating volume in 2019, with 71% used in industrial applications and the rest architectural.
Powder coating volume has almost doubled since 2009 and comprised 7% of the industrial coating volume in 2019. Radcure coating volume grew by 80% the last 10 years.
Additional details are available at www.kusumgar-nerlfi-growney.com.
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