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.
In depth research report on Decorative Coatings Market
Further key findings from the report 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.
Grand View Research has
segmented the global decorative coatings market on the basis of product,
technology, application, and region:
Global Decorative Coatings Product Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2022)
•
Primer
•
Enamel
•
Emulsions
•
Others
Global Decorative Coatings Technology Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2012 - 2022)
•
Waterborne Coatings
•
Solventborne Coatings
Global Decorative Coatings Application Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2012 - 2022)
•
Residential
•
Commercial
Global Decorative Coatings Regional Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2022)
•
North America
•
U.S.
•
Europe
•
Germany
•
Asia Pacific
•
China
•
India
•
Latin America
•
Brazil
•
MEA
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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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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