Soaring Construction Activities Boost Demand for Construction Paints and Coatings, TMR
Asia Pacific Emerges as Key Geographical Segment
According to the research report, the opportunity in the global construction paints and coatings market is expected to be worth US$76,089.2 mn by 2019 as the market surges at a CAGR of 5.8% between 2013 and 2019.
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The demand for waterborne coatings is expected to show remarkable progress as consumers are opting for these coatings due their environment-friendly features. By the end of the forecast period, this product segment is expected to garner a share of 31.6% in the overall market. Geographically, Asia Pacific is anticipated to represent a share of 46.1% in the global construction paints and coatings market as the construction activities in the region are gaining momentum.
Urbanization becomes the Undercurrent for Growing Demand for Construction Paints and Coatings
The primary growth driver for the global construction paints and coatings market is the sudden rise in the construction activities across the world. This is a predominant trend in Asia Pacific, which is proving to be a lucrative region for growth to the overall market. Strengthening economies and growing urbanization are the two key factors supporting the uptake of construction paints and coatings. The rising disposable incomes and improving purchasing powers is also encouraging various builders to investment in high-quality construction materials, which has made a generous contribution to the revenues of construction paints and coatings.
The growth of the overall market is also attributable to the increasing demand for waterborne coatings. Consumers and builders are opting for these over solvent-based coatings as they are eco-friendly and less hazardous to human life. The stringent regulatory framework that emphasizes less usage of VOC has forced manufacturers to develop environment-friendly alternatives. In recent times, the demand for waterborne paints and coatings has drastically shot up due to increasing construction activity in Japan after the recent earthquakes.
The rapid pace of infrastructural development in APAC countries is driving the overall construction paints and coatings market. Efforts to modernize the existing infrastructure is also likely to make a generous contribution towards the escalating revenues of the overall market.
Harmful Effects of VOC Deter Global Market
The strict regulations pertaining to the use of harmful chemicals to make construction paints and coatings is acting as a prominent deterrent in the global market. The problem lies with high usage of VOCs that are known to be harmful to human health and the environment. Thus, governments across the globe have raised concerns about the usage of VOC in manufacturing construction paints and coatings.
The volatile nature of raw material prices has also had a negative impact on the trajectory of the global construction paints and coatings market. Oftentimes, it compels manufacturers to increase the prices of the final product, which in turn hampers the profitability of the overall market.
The aforementioned review is based on Transparency Market Research’s research report, titled “Construction Paints and Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast – 2019.”
Segmentation of the Global Construction Paints and Coatings Market:
High Solids/Radiation Cured
Others (such as special purpose paints)
Rest of the World
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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