A prediction report for the Eastern European coatings industry has been published, which provides a detailed overview of the coatings market and predicts the top ten paint and coating markets across the continent, from Eastern Europe to the Black Sea: Armenia, Belarus, Estonia, Georgia , Latvia, Lithuania, Moldova, Russia, Turkey and Ukraine. It focuses on providing market insights into the mainstream coatings industry. According to statistics, the demand for coatings in these countries has exceeded 2.7 million tons. According to the average annual growth rate of 5.8%, it is expected to reach more than 360 million tons by the end of 2016. Economic growth has boosted demand for coatings in the region, including: growth in the construction market, growth in infrastructure investment, rising wages and greater disposable income, and growing industrial output.
The regional market is now dominated by two economies, Russia and Turkey, which together account for 23,000 tons of paint and paint consumption per month. Turkey is enjoying the highest market growth rate. The main reason is Turkey’s nationwide construction, maintenance and refurbishment projects, as well as the strong position of the local powder coatings industry. Russia also maintained the average growth rate of the architectural coatings market during this period. Customers are increasingly looking at health, safety and environmental issues. However, the low quality and economic architectural coatings business still holds the largest market share. The average growth of industrial coatings is also in line with previous forecasts, with the highest growth in the use of bridges and tunnels in the paint and coatings industry. In addition, another key reason for the growth of the Russian coatings market is the 2014 Winter Olympics in Sochi.
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