Award winning market research company Fact.MR has recently published an extensive research report on the global faux finish coatings market. As per its analysis, resumption of major construction and housing projects in the aftermath of the COVID-19 pandemic is likely to restore positive growth through 2021. Furthermore, the market is slated to register a value CAGR of over 6% across the 2021-2031 forecast period.
Fact.MR also forecasts that the market experienced substantial gains across the historical forecast, experiencing a compounded growth of over 5% until 2020. Demand is largely underpinned by key developments in the architecture industry. The International Trade Association (ITA) estimates that the United States witnessed prolific expansion since the start of the decade, with a surplus of over US$ 7 billion across the Architecture, Engineering and Construction (AEC) services in 2019. Majority of these services were rendered in the Asia-Pacific region (59%).
Likewise, the U.K. architecture industry contributed nearly £4 billion of gross value added in 2019. Similar expansion trends exist across China and India. Attributed to these promising trends, key faux finish coatings manufacturers are finding fertile revenue fields, prompting them to introduce a flurry of technologically enhanced product lines aimed at enhancing the longevity of building structures.
“Burgeoning trends of opting for designer houses amongst premium homeowners is heightening incorporation of vanity construction material, including marble, wood and special stones. This is augmenting the need for effective coating and protection solutions, prompting an increase in faux finish coatings sales across prominent geographies,” says a Fact.MR analyst.
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Key Takeaways from Fact.MR’s Faux Finish Coatings Market Study
- By coating type, high demand for wall glazing faux finish coatings to fuel sales through 2031
- U.S. to remain the epicenter of faux finish coatings growth in North America, driven by rising commercial and residential renovation projects
- Germany to acquire credible gains across Europe, attributed to the presence of key construction and infrastructure development companies
- Proliferating construction projects to bolster faux finish coating sales across China; India to receive major tailwinds
- U.K. to witness strong growth amid anticipated demand surge for modular homes
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Faux Finish Coatings Market- Prominent Drivers
- Burgeoning urban housing demand to accommodate an exponentially rising global population is likely to stimulate faux finish coatings demand
- Multi-layer protection from corrosion, moisture accumulation and structural weakening from environmental conditions to bolster usage
- Applications across commercial spaces is likely to aggrandize, owing to increasing demand for office premises
Faux Finish Coatings Market- Key Restraints
- Faux finish coatings are expensive, leading to limited uptake amongst high-income home owners
- Regular maintenance in terms of periodic re-coating and re-painting heightens overhead costs
Key players operating in the faux finish coatings market include Anvil Paints & Coatings Inc., Benjamin Moore & Co., Faux Effects International Inc., PPG Industries Inc. and The Sherwin Williams Company among others. Product portfolio diversification is the primary expansion strategy adopted by these players.
In 2018, Anvil Paints & Coatings Inc. introduced its Mobile Home Restore coating which is specifically designed to protect mobile home exteriors from wear and tear. It is a fast drying paint conditioner which retains color luster to vertical mobile home surfaces.
In October 2020, Benjamin Moore & Co. revealed its Color of the Year 2021, which was Aegean Teal 2136-40, which is a shade of green to be applied across internal home settings. The shade is primarily meant to be applied across kitchen walls. This new release has augmented the company’s faux finish coatings product offering portfolio.
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More Insights on the Faux Finish Coatings Market
In its latest report, Fact.MR offers unbiased analysis of the global faux finish coatings market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of coating type (plaster, metallic, wall glazing, marbleizing, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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