Global decorative coatings market is expected
to reach USD 106.97 billion by 2022, according to a new report by Grand View
Research, Inc. Rising construction spending in light of urbanization,
population growth and government infrastructural plan will augment industry
growth. Emerging economies in Southeast Asia including Malaysia, Thailand and
Singapore are projected to witness a surge owing to increasing commercial
establishments including shopping malls and business parks.
Waterborne
coatings accounted for over 70% of global revenue and are expected to gain
share over solventborne owing to its non-requirement of additives, hardeners or
thinners resulting in cost advantage. In addition, the U.S. EPA and REACH
promotes use of waterborne technology which is expected to stimulate market expansion
over the next seven years.
Ongoing
product development by various companies to manufacture cost-efficient and high
performance coatings is further expected to drive demand over the next seven
years. However, fluctuating raw material prices along with adverse environment
impact of solventborne coatings is expected to restrict market growth over the
next seven years. Introduction of nanocoatings along with green coatings is
expected to open new opportunities for growth over the forecast period.
To request a
sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Global decorative coatings market demand was 21,473.1 kilo tons in 2014 and is expected to reach 34,483.7 kilo tons by 2022, growing at a CAGR of 6.1% from 2015 to 2022
- Primer is expected to witness rapid gains at an estimated CAGR of 6.3% from 2015 to 2022 as it acts as a leveler and protector for other products
- Commercial applications are expected to witness significant rise, in terms of volume, at a CAGR of 6.0% from 2015 to 2022 on account of rapid industrialization, increasing government infrastructure spending along with increasing FDI in India and China. In addition, 2016 Olympic Games in Rio de Janeiro will augment demand in commercial sector.
- North America accounted for over 15% of the global market share and is expected to witness significant gains in light of rapid infrastructure development and re-development in the U.S. and Mexico. Government efforts on reducing carbon footprints by deploying eco-friendly products will augment waterborne coatings industry over the forecast period.
- Key industry players include PPG Industries, BASF, Sherwin-Williams, AkzoNobel, Kansai Paint and Nippon Paint. Various companies are involved in continuous R&D and technological development to enhance coatings properties including stability and low VOCs. For instance, Axalta Coating Systems provides waterborne coatings which significantly reduce energy consumption, VOCs emissions and overall investment. In June 2015, Dow Coatings Materials developed a low-VOC-capable hybrid resin for two-component (2K) coating systems which offers durability and interior UV protection.
See More
Reports of This Category:
About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
No comments:
Post a Comment