Global Construction Coatings Market is valued to grow at a healthy CAGR over the forecast period 2020-2026. Rapid industrialization and urbanisation, growing construction activities and number of residential and commercial buildings coupled with rising demand for prevention of surfaces from weather and rusting are key factors driving the market growth.
The Construction Coatings Market report by DataIntelo.com provides a detailed analysis of the area marketplace expanding; competitive landscape; global, regional, and country-level market size; impact market players; market growth analysis; market share; opportunities analysis; product launches; recent developments; sales analysis; segmentation growth; technological innovations; and value chain optimization. This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report.
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Market Trends, Drivers, Restraints, and Opportunities:
- Concerns regarding damage and corrosion caused by dampness of the surface due to frequent changes in the weather are driving the growth of the global market.
- Volatility in the prices of raw materials and rising stringency of regulations for minimizing emissions of volatile organic compounds (VOCs) are majorly hindering the growth of the market. VOCs are chemical compounds present in the coatings and paints.
- Untapped markets in developing countries are projected to create growth opportunities in the market.
- Shifting focus toward the production of bio-based construction coatings is a key factor creating opportunities in the market.
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Construction Coatings Market Segment Insights-
Growing demand for water-based coatings owing to its eco-friendly nature drives the segment growth:
Based on types, the construction coatings market has been segmented into water-based, solvent-based, and powder. The water-based segment accounted for a larger share in the market and is anticipated to be highly lucrative during the forecast period owing to its high usage in aviation, automotive, and many commercial sectors. Moreover, water-based construction coatings are more eco-friendly as compared to solvent-based and powder coatings, as they contain lesser VOCs.
Increasing usage of construction coatings in various infrastructure applications fuels the growth of the segment:
In terms of applications, the market has been divided into residential, non-residential, and infrastructure. The infrastructure segment is estimated to generate significant revenue and is projected to grow at a considerable pace in the coming years owing to the rise in investments in infrastructure development in developing and developed economies. Construction coatings are applied on surfaces such as floors, walls, roofs, building panels, commercial windows, and curtain walls. The non-residential segment is also projected to be high lucrative owing to rising applications of construction coatings in the aviation and automotive sectors.
Some of the key participants in the construction coatings market are BASF SE, Akzo Nobel N.V., DuPont de Nemours, Inc., Sherwin-Williams Co., PPG Industries, Inc., and Asian Paints. Key growth strategies adopted by these players include mergers & acquisitions collaborations, agreements, and partnerships. They also engage in product launches to strengthen their geographical presence and to garner large market share.
Segments Covered in the Report-
The global construction coatings market has been segregated on the basis of types, applications, and regions.
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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