NEW YORK, Oct. 25, 2016 /PRNewswire/ -- The global exterior
architectural coating market is expected to reach USD 39.04 billion by 2024, according to a new
report by Grand View Research, Inc. Functional superiorities
including weather and moisture resistance, better aesthetics and
long lasting adhesion is expected to fuel market growth over the
next eight years. Furthermore, rising government spending in Asian
countries on infrastructure development will augment industry
expansion.
Growing demand for waterborne technology over traditional
coatings, as it is cheaper and eco-friendly, will drive market
growth. The introduction of green coatings coupled with the
increasing usage of nanocoatings will create immense opportunities
for growth over the next eight years.
Primer is expected to witness high revenue gains at a CAGR of 6.4%
from 2016 to 2024 as it acts as a protector and leveler for other
products including enamel and emulsions. The revenue generated by
the use of exterior architectural coatings in the non-residential
sector was valued at USD 8.20 billion
in 2015 and is expected to witness rise on account of growing FMCG,
IT, telecom and retail sector in MEA and Asia Pacific. Moreover, rapid
industrialization, increasing FDI and government infrastructure
spending will promote market growth.
Further key findings from the report suggest:
The global demand for exterior architectural coatings was 7.12
million tons in 2015 and is expected to show high gains in light of
rapid infrastructural development in India, Saudi
Arabia, Thailand,
Indonesia and the U.S.
Alkyd resin will witness high volume growth at a CAGR of 5.3% from
2016 to 2024. Growing usage of alkyd resins in light of their high
durability and superior gloss is expected to stimulate industry
growth. Furthermore, rising consumption in outdoor applications
owing to its low cost along with high-temperature resistance will
fuel its demand over the forecast period.
North America accounted for 22.6%
of the global volume share in 2015 and is expected to witness
significant gains in light of rising reconstruction activities in
the U.S. coupled with infrastructure development in Canada and Mexico. Furthermore, the implementation of the
National Infrastructure Program 2014 - 2018 (NIP) in Mexico is expected to promote the product
growth over the forecast period.
Latin America is projected to
witness substantial revenue growth at a CAGR of 6.4% from 2016 to
2024 owing to the presence of various participants including BASF,
Sherwin-Williams, and AkzoNobel. Increasing government efforts to
offset Brazil's housing deficit,
and provide low-interest rates for housing will stimulate product
demand over the forecast period.
Exterior architectural coatings industry is dominated by major
participants including PPG Industries, Nippon Paint, BASF,
AkzoNobel, and Sherwin-Williams. Ongoing product innovation to
produce high-performance and cost-efficient waterborne coatings is
expected to industry expansion over the next eight years. For
instance, in March 2015, BASF
expanded their color range and production capacity for Paliocrom
products to cater to the increasing demand for high-end effect
pigments in coatings. BASF is expected to widen the capacity by
more than 20% by 2017 for Paliocrom effect pigments.
Read the full report:
http://www.reportlinker.com/p04230349-summary/view-report.html
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