Coating Industry Forecasts for 2024
About Coatings
The coating industry is a key industrial sector and its products are widely used in the construction, automotive, furniture and appliance industries. With the growing global economy and rising environmental standards, the coatings industry is undergoing an unprecedented transformation.
The composition of coatings is quite complex, mainly including film-forming substances, secondary film-forming substances and auxiliary film-forming substances. Among them, film-forming substances as the main component of coatings, including all kinds of resins, oils, natural resins and synthetic resins, etc. Secondary film-forming substances include pigments and dyes, etc., which give the coatings a rich color and texture. And auxiliary film-forming substances cover solvents, diluent, moisture-proofing agents, and a variety of auxiliaries, etc., which play an important role in regulating the performance and application of the coatings.
Market Analysis of Coating Industry
With the gradual recovery of the global economy, the demand for coatings in construction, automotive, and other fields is showing a growing trend. According to market research organizations, the global coatings market size reached USD 175,392 million in 2023 and is showing a steady growth trend.
The global coatings market is mainly distributed in North America, Europe and Asia-Pacific. However, the Asia-Pacific region, especially emerging markets such as China and India, is emerging as an important growth point for the global coatings market due to its rapid economic development and large population base.
After preliminary statistics, the total output of China's coating industry in 2023 is about 36.1 million tons. In 2022, enterprises in China's coatings industry realized main business income of RMB 452.5 billion and in 2023 is about RMB 466.1 billion.
Coating Industry Development Trends
In the future, due to the real estate industry gradually into the supply exceeds demand in the stock era, the market share of architectural coatings to reduce while the market share of industrial coatings to increase will become the development trend.
It is worth noting that the waste gas and waste water generated during the production of coatings have a certain impact on the environment. Therefore, governments are becoming increasingly stringent in their environmental policies for the coatings industry. This trend prompts coating enterprises to increase environmental protection investment and actively research and develop environmentally friendly coatings to meet market demand and satisfy environmental regulations.
With consumers' increasing demand for high-quality, healthy and environmentally friendly products, coating industry should gradually develop in the direction of high-end and customization. In order to meet the market's personalized demand, enterprises need to continuously increase technical research efforts to promote the development and application of new coatings. At the same time, paint industry should also strive to expand the high-end market to meet consumers' pursuit of high quality of life.
In general, environmentally friendly, low VOC volatile coatings are the main development direction of the industry in the future.