Global market for decorative coatings is anticipated to witness high growth over the forecast period owing to increase in the usage of the material in construction sector across countries such as India, China, Mexico, the U.S., UAE, Vietnam, Qatar and Singapore. The market is expected to grow mainly due to the increasing demand in buildings because of its property of being durable and its ability to protect a surface from harsh weather & external circumstances like UV radiation, acid rain, extreme temperature, foreign particles, bacteria and excessive heat. These reasons are expected to drive its usage and the market towards its growth during the forecast period.
Waterborne coatings with eco-friendly properties are expected to drive the market in the emerging economies such as India and China on account of their increasing demand in these areas and as a result are expected to boost the growth of the overall industry. The market in the near future is expected to be driven by the increase in the number of the joint ventures coming up among the leading market players and manufacturers. Along with this the rise in the spending in the latest fiscal budget announced by the govt.’s of China and India are also expected to fuel the growth of the Asia Pacific market in the near future.
Strict environmental regulations in Europe and North America for VOC emissions are predicted to drive the waterborne technology global market in the near future. However, varying prices of raw materials such as titanium dioxide, alkyd, acrylic and epoxy is predicted to restrain the growth. The key market challenge in the near future is expected to be the harmful effects caused to the environment by the coatings that are of the solvent-borne type.
The market is expected to witness technological advancement in photo catalysts, newer methods in improving the drying time and green coatings which are expected to fuel the growth of the market in the forecast period. Coatings of the water borne type are predicted to witness a rapid growth, during 2015 to 2022 due to its property of being a good adhesive agent, heat resistant and abrasive. It also has an advantage over the solvent borne coating in being less toxic, less flammable and emitting less polluted air which is expected to drive the market in the near future. The market for solvent borne coatings is expected to decline on account of its high price and the emissions that are hazardous being released owing to this material. The global market for decorative coatings is expected to grow in the product segment of emulsions on account of its low VAC and VOC emission content which makes it highly environmentally friendly. Also, easy handling, non-flammability, and easy storage will drive the market in the near future.
Primer is anticipated to witness productive growth in the near future on account of its use as a leveler and then protector which helps in making the surface smooth. The application of decorative coatings in the residential segment is expected to drive the market in the near future. This is on account of continuous increase in demand levels, fast-growing population and increases in the government spending related to the infrastructure projects. The market for decorative coatings is expected to be driven by the Asia Pacific region by value and volume. This region is expected to drive the market on account of increase in the spending on construction assisted by the significant economic development undergoing in Thailand, India, China, Indonesia and South Korea. The regional market demand is expected to rise in China on account of the increasing number of domestic producers in that region owing to the high infrastructural growth in the region.
The market in MEA region is expected to grow substantially due to the rise in the construction activities in Qatar and UAE on account of increase in the infrastructure project, advancement in the regulatory framework of real estate and economic recovery.Rising construction sector in light of urbanization, population growth, and government infrastructural plan will augment expansion. Moreover, rapid growth in transport, water, energy, social infrastructure, hospitals, schools, government accommodation, defense infrastructure, and natural resources will promote growth. In addition, infrastructural development including summer Olympics 2016 is expected to promote industry expansion. Rising commercial building activities, particularly in Asia Pacific, Europe, and Africa are anticipated to propel demand over the forecast period.
Key market players include Valspar Corporation, Nippon Paint, AkzoNobel, Sherwin-Williams and PPG industries. Other market players include Axalta Coating, Benjamin Moore, Masco Corporation, Jotun A/S, DAW SE, Cabot Corporation, Berger paints and Asian paints.
Research Support Specialist, USA