- The worldwide construction paints and coatings market is estimated to undergo considerable growth from 2015 to 2022. This is due to increasing infrastructural developments in the world. The market is totally dependent on the construction industry. Construction is one of the rapidly expanding industries currently.
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Rising construction operations in residential and non-residential sectors are hugely contributing to the construction paints and coatings market. Also, increasing consumer disposable incomes, coupled with rapid urbanization, are likely to boost the market over the forecast period.
The usage of paints in interior decorations has led to escalated market growth. Recent innovations induced by architectural buildings have also assisted the market. An additional advantage of paints includes protection of equipment and walls from incessant heat and rains. Paints provide durable finish and enhance stability to extreme weather conditions.
They also add gloss and color to the surfaces of walls, equipment, and buildings. Based on formulations, waterborne paints and coatings lead the construction paints and coatings market and occupy majority shares. They are estimated to capture over 35 percent of the total volume in the years ahead.
This is in view of their outstanding leveling features and observance to environmental policies. Solvent-based and specialty coatings have experienced moderate growth. Due to their VOC (Volatile Organic Compounds) emissions and negative impact on the environment, these coatings are facing decreased demand.
Rising inclination towards less toxic paints and coatings with superior performance is projected to boost R & D initiatives. Advancements in paint technology will drive demand for superior waterborne paints and coatings in the future. Technological innovations would control the manufacturing costs.
Infrastructural spending in developing regions like U.A.E., India, Indonesia, China, and Brazil has led to better economies. Rising consumer disposable incomes would steer investments in residential establishments. Consumer awareness about architectural paintings is estimated to boost the usage of non-toxic paints and coatings in commercial and residential applications.
Some of the players in the construction paints and coatings market include Sherwin-Williams Company, BASF SE, Asian Paints, PPG Industries, and AkzoNobel N.V. All these jointly led the market and contributed more than 60 percent revenue in the past.
Information Source: Grand View Research
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