Global demand for paints and varnishes is forecast to expand 4.7% p.a. between 2014 and 2018. Argentina, China, India, Morocco, and the United States are considered the highest potential markets in the coming years.
According to recently published research conducted by a leading international market research company, Global Research & Data Services, the expansion of the global paint and varnish industry is forecast to reach 4.7% p.a. in the coming years. Between 2007 and 2013 the market increased with an average annual growth of 4.2%. Currently, non-aqueous polymer (other than polyester, vinyl and acrylic polymer) based paints and varnishes account for 36.6% of the global demand while the remaining market share is divided between non-aqueous vinyl and acrylic polymer based paints and varnishes (17.8%), non-aqueous polyester based paints and varnishes (15.5%), aqueous polymer (other than vinyl and acrylic polymer) based paints and varnishes (13.4%), aqueous vinyl and acrylic polymer based paints and varnishes (11.7%), and other paints and varnishes (5%).
Argentina, China, Germany, Japan, and the United States represent the largest paint and varnish markets while the strongest annual growth is forecast to occur in Morocco (18.4%), Macedonia (12.3%), Ireland (12.3%), Azerbaijan (11%), and Ghana (10.1%).
