San Jose, California (PRWEB) March 3, 2008
World Paints volume market is forecast to maintain a steady CAGR of 4.8% over the 2001-2010 period and exceed 8.1 billion gallons by 2010, while the value market, with a CAGR of 5.04% over the aforementioned period, is expected to reach US$118.8 billion by 2012. Asia-Pacific dominates the global Paints market, with a volume share estimated at 26.8% in 2007 and a value share estimated at 27.82% in that year. Asia-Pacific is also projected to emerge as the fastest growing Paints market in terms of volume sales, with a CAGR of 7% over 2003-2012.
With a volume share estimated at 37.50% in 2007, Architectural Paints dominate the global Paints market, while Industrial Paints are forecast to emerge as the fastest growing product category in terms of volume sales, with a CAGR of 6.97% over 2003-2012.
The demand for paints is directly proportional to economic activity in a particular region. Latin America is touted to be the next automobile production hub of European auto manufacturers as no new manufacturing facility is scheduled to be set up in Europe for the next 6-8 years. This has forced European automakers to look for alternative regions and they are targeting Latin America as their base due the availability of cheap labor and adequate resources. The auto industry is a huge consumer of paints and to meet the growing demand either more paint facilities will have to be set up or existing capacities will have to be enhanced. This augurs well for the region's paints industry.
Asia-Pacific, particularly South and Southeast Asia, is another region rapidly progressing towards industrialization. China is opening its doors to companies and industries that were once debarred from entry. The economic activity in China is expected to spur the demand for paints. India is another country that is growing at a rapid pace. The construction industry in India is also growing and this will be a major driver for paint demand. Mature markets such as the US, Canada, Japan and Europe are expected to maintain relatively stable growth rates in the coming years.
About 10 years ago, there were only a handful of companies in the paints industry that could be truly called global. Currently, all players can be called global because of their ability to serve a wide customer base, leveraging technology and manufacturing expertise on a worldwide basis.
Major companies covered include Akzo Nobel N.V., Asian Paints (India) Ltd., BASF Aktiengesellschaft, Benjamin Moore & Co., Imperial Chemical Industries Plc, Kansai Paint Co. Ltd., Nippon Paint Co. Ltd., PPG Industries, Inc., Polifarb Cieszyn - Wroclaw SA, The Sherwin-Williams Company and Valspar Corporation.
Segments analyzed in the study include Architectural Paints (Interior Architectural Paints and Exterior Architectural Paints), Aerosol Paints, Automotive Paints, Industrial Paints, Marine Paints, Traffic Marking Paints and Other Paints.
For more details about this research report, please visit http://www.strategyr.com/Paints_Market_Report.asp.
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