The Global Exterior Architectural Coatings Market Size is anticipated to reach USD 29 billion by the end of 2025 from USD 20.92 billion in 2017, thriving on a CAGR of 4.4% during the forecast period of 2018-2025.
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All over the globe, consumers are looking for coatings, stains and paints which can offer high quality, easy application, durability, convenience and pleasing aesthetics without high volatile organic compounds (VOC) and strong odors. Trend of using low non-VOC and VOC coatings and paints in global exterior architectural coatings industryis projected to drive the usage of recycled paints & coatings, derived from bio-renewable resources. Higher demand for greater variety of colors, better color consistency and better durability has forced manufacturers to pursue best-in-class quality coatings which can offer them added throughput advantage to grow in the market.
On geographical front, the global exterior architectural coatings market is segmented into key regions which includes Latin America, North America, Western and Eastern Europe, Asia Pacific, Japan and the Middle East and Africa (MEA). Asia-Pacific is anticipated to dominate the global market as key industry players are moving their production bases from Western Europe and North America to Asia-Pacific region due to easily available cheap raw material and low production cost which is anticipated to further propel market growth in the next couple of years. Western Europe is expected to witness moderate growth owing to sluggish growth of the construction industry of this region. The significant development of infrastructural facilities in MEA and Latin America region is foretell to drive the global market. The growth in the construction of commercial and residential spaces to meet the growing demand for offices and houses is anticipated to garner the market growth.
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North America is expected to witness substantial gains in light of higher rate of reconstruction activities in the U.S. coupled with infrastructure development in Mexico and Canada. Furthermore, the National Infrastructure Program 2014 – 2018 (NIP) in Mexico is anticipated to encourage the product growth in the next couple of years.
Asia-Pacific possess the highest global exterior architectural coatings market sharein terms of consumption. Owing to soaring government budget allocation for infrastructure development, particularly in China and India. Availability of raw material and cheap labor results in low production cost which compels key players to shift their production to Asia-Pacific regions has helped market development of Asia Pacific.
On the basis of Resin Type, the segmentation of global exterior architectural coatings markethave different categories which includes Acrylic, Polyurethane, Alkyd, Epoxy, Urethane, Polyester and Others (PTFE & PVDF). Based on technology, the market is bifurcated into Solvent Borne and Water Borne. In terms of End-Use Industry, the market is divided into Residential and Non-Residential. On the basis of exterior architectural coatings functions, the categories include Ceramics, Inks, Powder Coatings, Lacquers, Paints, Sealers, Stains, Primers and Varnishes.
The key players of the global exterior architectural coatings industry are Basf, Ppg Industries, The Dow Chemical Company, Kansai Paint, Nippon Paint, Valspar Corporation, Akzonobel, Axalta Coating Systems, Sherwin-Williams, Arkema, Berger Paints, Eastman Chemical Company, Cabot Corporation, Jotun, Benjamin Moore, Noroo Paint And Coatings, Daw Se, Cromology and Diamond Vogel.
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