The growth of construction industry mainly in the emerging economies of BRICS (Brazil, Russia, India, China and South Africa) has been one of the major factors driving the demand for construction coatings in the world. The growth global market for construction coatings is directly proportional to the growth of global construction industry.
The construction industry saw a downturn in 2008-2009 on account of global recession which in turn impacted the demand for coatings used in construction industry. However, the market condition improved during the post recession era and is expected to remain steady growth over the forecast period owing to growing constructional activities in emerging economies. Growth in developed regions such as the U.S. and Western Europe is expected to remain stagnant over the forecast period.
Growing number of residential and commercial building coupled with growing population and growing urbanization mainly in China and India is expected to drive the market over the forecast period. On the other hand series of world class events such as FIFA World Cup in 2014 and Olympics in 2016 being hosted by Brazil is also expected to have a positive impact on the overall market for construction coatings. Government initiatives to provide a business friendly environment in these countries have also increased the foreign investment in the construction industry which in turn has been driving the demand for construction coatings.
However, the growing environmental concerns linked with the production and application of these petroleum derived coatings has been hindering the market growth in the past and this trend is expected to continue over the forecast period. In order to reduce the reliance on petroleum derived coatings, the industry has been focusing on developing bio-based coatings which provides an environment friendly solution and help companies to achieve sustainability.
Water based coatings is expected to remain a preferred choice over solvent based coatings over the forecast period. Water based construction coatings are relatively eco friendly when compared with solvent based construction coatings. Owing to which water based construction coatings are expected to register healthy growth rate over the forecast period.
Grand View’s market research study takes a closer look at the construction coatings industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key products including water based coatings and solvent based coatings. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global construction coatings market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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