There is an increasing demand for construction paints and coatings owing to the rising activities of construction globally. Paints and coatings enhance the chemical resistance, durability, and visual appearance of structures. Hence, they form an important part in all activities of construction. The industry of construction has experienced a rise owing to the growing spending on infrastructure by numerous nations. In addition, the growing demand for water-borne solvents will further stimulate the demand for construction paints and coatings in architectural and others. The top opportunity seen in the market is the introduction of green coatings, which will increase the demand for construction paints and coatings by leaps and bounds.
Some of the commercial applications of construction paints and coatings are architectural coatings and others including purpose coatings, etc. A number of countries in Latin America and Asia Pacific are being involved in numerous infrastructure projects, which are further predicted to raise the demand for construction paints and coatings. The global paints and coatings market in architectural and others stood at US$51,620.2 mn in 2012 and is predicted to touch US$76,089.2 mn by 2019, on the basis of revenue. It is poised to rise at a 5.80% CAGR between 2013 and 2019.
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Capacity Expansion of Top Manufacturers will Mushroom Growth of Asia Pacific Construction Paints and Coatings
Geographically, the report segments the global construction paints and coatings market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2012, Europe and Asia Pacific emerged as top markets for construction paints and coatings. Amongst these, the Asia Pacific construction paints and coatings market constituted a share of approximately 69% in the market in terms of consumption in 2012. This is due to the fact that a number of prominent manufacturers of paints and coatings are concentrating on capacity expansion within the region of Asia Pacific in order to raise their production capacities. In addition, the evolving economy of Asia Pacific will also raise the demand for residential and housing projects globally. Hence, this rise in the industry of construction is predicted to further provide impetus to the construction paints and coatings’ demand in the coming years.
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Increased Popularity of Water borne Paints and Coatings owing to Growing Applications for Decorative Purposes.
In terms of product, this report by TMR segments the market into powder coatings, high solid/radiation cured, solvent borne coatings, water borne coatings, and others including specialty coatings, etc. Of these, the segment of water borne paints and coatings has emerged as the market leader in terms of both revenue and volume. In 2012, this segment represented a share of more than 31.01% in terms of volume consumed.
Water borne paints and coatings are the key product types utilized in architectural applications for decorative purposes. This segment is also predicted to experience a robust development in the coming years owing to low VOC content within these products which help in complying them with numerous environmental regulations. On the other hand, solvent borne paints and coatings trailed the segment of water borne paints and coatings and took the second position in the market in the same year. This segment was further trailed by powder coatings, high solids/radiation cured coatings, and others.
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The key players operating in the global construction paints and coatings market are inclined toward capacity expansion for increasing their respective facilities’ production capacities. The top players dominant in the market are The Sherwin-Williams Company, PPG Industries, The Valspar Corporation, Asian Paints, and Dow Corning, among others.