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Global demand for paint and coatings is forecast to rise 5.4%/yr to 45.6Mt in 2015, according to a report by Cleveland, USA-based industrial market research firm, The Freedonia Group.
Advances will be driven by a strong acceleration in world building construction spending, particularly residential construction, which is expected to rebound in North America and Western Europe. Healthy growth in global manufacturing activity will also fuel increased demand for coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. Solvent-based paint and coatings will continue to see their share of the market decline in both developed and developing markets, as ongoing efforts to reduce the emission of volatile organic compounds (VOCs) are spurring the rise of alternative formulations. Asia Pacific will remain the leading consumer and above-average advances are also forecast for North America.