The decorative coating market had over 21,470 kilo tons in 2014 and is estimated to grow considerable over the forecast period due to rising application in construction. These products are highly in demand in buildings because of its enhanced external appearance and durability along with protection from external conditions like extreme temperature, UV radiation, foreign particles, and acid rain.
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Besides, the better qualities along with moisture, bacteria, corrosion resistance, heat resistance, and UV radiation are anticipated to boost the growth of the market over the future period. Waterborne coating which is eco-friendly is highly in demand in the developing nations like India and China are anticipated to drive development of the market.
Rising figure of combined project amongst different major coating participants and neighbouring manufacturers in Asia Pacific is expected to expand the market over the forecast period. Besides, development of infrastructure in Asia Pacific as well as the government’s increasing expenditure in current economy is the major responsible factors for the rising demand.
Nevertheless, variant in raw material cost including acrylic, alkyd, titanium dioxide, and epoxy is anticipated to hold back the growth. Additionally, dangerous effects on environment by solvent-borne coatings are anticipated to provide as a major challenge for the market over the forecast period. Market will be stimulated by the rising R&D and development of product in the future. Speedy growth is expected from the water-borne coating at 6.5% CAGR from 2015 to 2022 due to superb abrasion properties, excellent adhesion, and heat resistance.
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Products, applications, and regions are the areas covered. Emulsion, being environment friendly had the biggest market in product sector volume wise, more than 35% share in 2014 and is anticipated to show major rise due to its VAC content and low VOC. Additionally, storage & handling ease is going to propel the demand over the forecast period.
The biggest application sector was residential with more than $ 40 billion and is anticipated to gain over the forecast period. The decorative coating market was dominated by Asia Pacific with more than $ 20 billion in 2014. MEA is anticipated to gain considerable growth with 6% CAGR from 2015 to 2022.
The major players are Nippon Paint, PPG Industries, Sherwin Williams, Valspar Corporation, and AkzoNobel. Nippon paints have developed technology in 2014 known as CyGLAZ which increases the duration of lamination of paint.
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