Paint and coating has developed very rapidly in recent years, and its consuming capacity also increase. The global paint and coatings market has reached around US$167.6 billion. With the continuous increase in paint and coating market, the average annual growth rate of organic pigments will be around 5.6% in the prediction of paint and coating market from 2020 to 2026.
In the rapid growth of paint and coating market, architectural paint and industrial paint accounts for 53% and 29%, which are the main paint segments. The strong development of architectural paint is due to the technology innovation innovative. For example, the application of nano-coatings and low VOC coatings has met the market demand and speed up the consumption. Another increase is from industrial area, the anti-crrossive demand on industrial infrastructure has contributes to the growth. Besides architectural paint and industrial paint, automotive paint and special-purpose coating is the new growth segment, with a fast increase of 20-30% every year. And with the environment protection purpose, water based paint are more preferred than solvent based paint and powder coatings. The market share of water based paint accounts for around 40%.
According to the consumption of paint in different regions, the Asia pacific region is the largest market for paints, Europe and North America is the second largest market, the Middle east and Africa is the third largest market, and South America is the fourth largest market. With the continuous investment in manufacturing industry in Asia pacific area, the big population and real estate development, the total demand for paint is the highest. The sales of paint in Asia pacific accounts for 57% of the total global consumption. And China’s consumption is two thirds of the total in Asia pacific area.
With the strong back ground of growth in paint and coating industry, the raw material demand is also increasing, such as organic pigments, titanium dioxide and optical brighteners etc. The annual growth rate of organic pigment is around 5% and its the production capacity is around 220,000MT in China(global total demand is 310,000MT). Meanwhile the growth rate of titanium dioxide is around 9%, and the total capacity has reached 3,500,000MT.
Along with the further investment in real estate, infrastructure construction, automotive industry development and population growth, it is still predicted that the paint and coating industry and it’s raw material will grow at a satisfactory speed.