Efforts by construction firms to complete projects in a timely manner will result in an increased usage of industrial paint and coatings in the coming years.
New analysis from Frost & Sullivan (chemicals.frost.com), South African Industrial Paints and Coatings Market, finds that the market earned revenues of over $137.3 million in 2007 and estimates this to reach $195.1 million in 2014.
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"The booming infrastructure and construction industry is fuelling demand for industrial paint and coatings," notes Frost & Sullivan Programme Manager Mani James. "More spending by the government on public infrastructure projects will result in extensive usage of industrial paint and coatings during the pre and post construction phases."
Spiralling raw material costs will however increase the cost of industrial paints and coatings, dampening uptake. Reduced demand for automotive original equipment manufacturer (OEM) paints, decline in consumer spending on white goods, and the rise in energy prices are making it more difficult for suppliers to sell their products.
"Demand for industrial paints and coatings from the traditionally stronger automotive and refinish segments has declined in the face of the global economic slowdown," explains James.
Suppliers are now conducting awareness campaigns, accrediting their products and are working on procuring long-term supplier service agreements to help increase their market share and opportunities. Low-cost, performance-driven products have become crucial to improve uptake.
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South African Industrial Paints and Coatings Market / M383