AkzoNobel Inaugurates Largest Technology Center in Shanghai

AkzoNobel, a Netherlands based manufacturer and distributor of decorative paints, performance coatings and specialty chemicals, has inaugurated its largest technology center in Shanghai, China. The facility is dedicated to innovation & development of modern paints, coatings and specialty chemicals. The technology center is well equipped with material analysis and performance testing facilities and would focus on development of waterborne and powdered based products to provide eco-premium solutions to its customers. AkzoNobel has invested USD7.28 million to set up this technology center. The newly established center would play a significant role in supporting manufacturing specialty chemicals and lay the foundation for future markets.

TechSci Researchdepicts that this set up would help the company in meeting the varied needs of the customers. Strong focus on research & development would result in innovative and ecofriendly decorative paints & coatings. Additionally, this technology center on being operational would help in increasing revenue generation particularly, from Asia-Pacific market.

According to the recent report published by TechSci Research, “Global Pigments Market By Type, By Application, Competition Forecast and Opportunities, 2011 – 2021”, the global pigments market size is estimated to cross $ 34 billion by 2021. Growth in the market is anticipated on account of continuously increasing demand from major end use industries, such as paints & coatings, printing inks, construction, automotive, etc. Global paints & coating industry stood at around USD122.5 billion in 2011, and is anticipated to reach to USD168.5 billion by 2017, thereby portraying a positive outlook for the global pigments market.