The Top 10 High Growth Paints & Coatings Market was valued at USD 141.58 Billion in 2015 and is projected to reach USD 190.51 Billion by 2021, at a CAGR of 5.07% from 2016 to 2021.
Browse 106 market data tables and 53 figures spread through 198 pages and in-depth TOC on “Top 10 High Growth Paints & Coatings Market”.
The growth of building & construction and automotive & transportation industries is driving the demand for paints & coatings globally. The paints & coatings market comprises several types of liquid and powder-based varnishes and paints. Paints & coatings serve two primary functions, namely, protection and decoration. Most of them are consumed in buildings & construction to protect and decorate various surfaces. They increase surface resistance from weathering and rust, thereby, increasing the durability of structures. Stringent government regulations for low toxicity are expected to be the winning imperatives for the players in the water-based elastomeric coating market.
Strong presence of manufacturers of paints & coatings for cool roofing is driving the top ten paints & coatings market in North America
Cool roofing is a major concern across the country. The U.S. Department of Energy (DOE) has mandated cool roofing for all its buildings and facilities. The North American government is setting similar goals, offering tax incentives and utility rebates to the manufacturers. A growing number of non-governmental organizations (NGOs) from the International Green Construction Code (IGCC) to Cool Roof Rating Council (CRRC) and the U.S. Green Building Council’s LEED program are also promoting and encouraging green building practices, including cool roofing, thereby driving the elastomeric coating market.
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The market will also be driven by a strong rebound in building construction across the world, particularly in North America, Europe, and Japan, which will fuel increased demand for architectural paints. Under elastomeric coatings, various resin types are considered such as acrylic, polyurethane, silicone, butyl, and others. The acrylic elastomeric coatings segment dominated the global elastomeric coating market with a market size of USD 3.36 billion in 2015, which is projected to reach USD 8.21 billion by 2021, at a CAGR of 16.32% during the forecast period.
The global market size for polyurea coatings is estimated to be USD 5.34 billion in 2016 and is projected to witness a CAGR of 10.57% to reach USD 8.93 billion by 2021. The ongoing developments in coatings technology have enhanced the application performance of polyurea coatings with improved properties such as fast curing (even at low temperature), chemical resistance, insensitivity to moistness, and other improved physical & mechanical properties.
Escalating requirement for improving performance, durability, and ease-of-use of products are the key factors contributing to the growth of polyurea coatings market. This is attributed to the increased consumption of consumer goods and technological & infrastructural developments.
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