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Coatings Market Split in Europe

Thursday, April 11, 2013

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Driven by a growing construction sector in Eastern Europe, the market for decorative paints and coatings in Europe is poised to reach revenues of €11,6 billion ($15.1 billion USD) in 2019, a new market study concludes.

That’s a jump from €9,4 billion ($12.2 billion USD) in 2012, Frost & Sullivan reports in “Strategic Analysis of the European Market for Decorative Paints and Coatings.”

commercial construction
Radisson Blu Royal Hotel

Hotel, shopping mall and hospital projects throughout Eastern Europe will help the decorative paints and coatings market reach $15.1 billion by 2019, the report says.

The growth in Eastern Europe will also be fueled by other factors such as volatile organic compound (VOC) emission regulations, consumer interest in interior design, and continued interest in environmentally friendly products, the market researchers note.

The same cannot be said for Western Europe, however.

The Western market “has reached saturation, and slow infrastructure growth will limit market revenues in the short and medium terms,” the report said.

New Construction Fuels Growth

The growing construction industry in Eastern Europe boosts the prospects of the decorative paints and coatings market, the report said.

Norway is anticipated to register with the highest growth in Europe, owing to an increase in residential, commercial and infrastructural building construction.

New shopping mall, hotel and hospital projects will open up growth opportunities in Turkey and Sweden as well, according to the market report.

Interior Décor, DIY Interests

"Growing consumer interest in home decoration and aesthetics, and the improving standards of living in Eastern Europe have accelerated market growth," said Frost & Sullivan Chemicals, Materials and Food Research Analyst Soundarya Shankar.

paint cans
Frost & Sullivan

The demand for waterborne coatings in the region has accelerated, researchers say.

"Moreover, the economic slowdown has compelled consumers to save costs by painting their own houses instead of hiring professionals, widening the scope of the do-it-yourself (DIY) segment."

Health, Environmental Drivers

In addition, end-user awareness on the benefits of reduced VOC emissions has fast-tracked demand for waterborne decorative paints and coatings in the region, according the report.

The researchers say waterborne coatings “will soon replace solvent-borne products in interior applications.”

Stringent laws, especially in The Netherlands that aim to prevent health complications, have also forced manufacturers to focus on sustainable products with low- or zero-VOC content, the report adds.

Western Europe: Saturated

The paint and coatings market in Western Europe will likely not see the growth of its Eastern neighbors, however, as brick, tile, glass, decorative concrete, marble and wallpaper serve as better and cost-effective alternatives, according to the report.

“Escalating product prices and raw material scarcity add to the challenge, and paint and coating manufacturers need to strengthen their relationship with raw material suppliers to avoid being affected," said Gabriela John Swamy, Frost & Sullivan research analyst. “They need to achieve sustainability across the value chain, and raise awareness on the advantages of environment-friendly solutions over conventional products.”

Market consolidation is a likely trend, as larger entities look to enhance brand visibility and expand market share, Frost & Sullivan adds.

Frost & Sullivan, headquartered in Mountain View, CA, is a global business consulting firm that offers market analysis, research and reports.

 

   

Tagged categories: Coatings manufacturers; Decorative painting; Economy; Interior design; Market; Market forecasts; Research; VOC emissions; Zero-VOC

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