Wood have always been a staple from which some of our most treasured possessions are crafted such as homes, furniture, cabinetry, flooring and even musical instruments. The passion for wood ave remained steadfast for hundreds of years.But today, wood products are much more sophisticated.
The global coating industry have shifted to the Asia Pacific region where China is the largest consumer of coating additives. The country accounted for more than half of ASIA'S market share in 2010. Recovery of the industrial coatings market from the recent economics slowdown, coupled with technological advances in laminates,particle board and other wood composites, have made wood products more durable and affordable than ever before. The strengthening global economy has also led to an increase in new buildings and maintenance in both the private and public sector.
SIGNIFICANCE OF BRIC COUNTRIES
The BRIC( Brazil,Russia, India and China) countries have played a major role in the growth og the paints and coatings market during the review period, as population growth, rapid urbanisation, increasing disposable income and focus on nuclear or smaller families have all combined to considerably raise demand for residential construction.
Water-basd paints and varnishes accounte for the largest share of the BRIC paints and varnishes market in 2011 which a market share of 46.4% . The second largest category in the market was solvent-based paints and varnishes, which recorded a market share of 26.6%.
China was the largest paints and varnishes market amoung the BRIC countries during the review period.The Chinese paints and varnishes market grew rapidly and recorded a CAGR of 16.9% during the review period.
The Indian government announced an investment of US$514bn in its 11th five years plan.covering the 2007-2012 period. In addition, the government have increased infrastructure construction activities that could require paints and varnishes. The paint and coatings industry is dominated by the architectural coatings segment, the industrial coatings segment also has signigicant share in the market. This industry depends heavily on its end-use market. The key industrial sector catered to are construction, steel, marine,automotive and wooden furniture. Emerging markets are showing immense potential for the growth of both architectural coatings and industrial coatings. The growing demand for green-based chemicals, suchas zero volatile organic compound(VOC) coatings, is driving the replacement of solvent-based products with water-based products.