Rise in Construction Activity is Driving the Global Coatings Market | Technavio
LONDON–(BUSINESS WIRE)–#Chemicals—Technavio
market research analysts forecast the global
coatings market to grow at a CAGR of above 5% during the
period 2018-2022, according to their latest report.
In this report, Technavio highlights the rise in demand for smart
coatings as one of the key emerging trends driving the global coatings
market. Smart coatings are films that have predefined properties that
help them in sensing and responding to environmental and other external
stimuli. These coatings are suitable for material protection, corrosion
protection, and other surface improvement applications owing to its
properties such as self-repair and self-healing. For example, in
corrosion protection, the smart coatings' functionalities include a
warning, sensing, repair, and corrosion inhibition. This is attained by
incorporating pH-triggered release of multifunctional microcapsules and
self-healing into the smart coating. These coatings are designed in such
a way that they remain passive unless they are compelled to perform a
function based on the stimuli
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In this report, Technavio analysts highlight the rise in construction
activity as a key factor contributing to the growth of the global
coatings market:
Rise in construction activity
Globally, the construction activity is growing due to the increasing
focus on infrastructure, which is enabling economic growth and improving
the living standards of people. Developed countries such as the US,
Canada, and countries in the European Union (EU) are looking to improve
their existing infrastructure. In these developed economies, bridges,
dams, buildings, and roads require repairs, which is expected to drive
growth in the global
coatings market.
According to a senior analyst at Technavio for paints,
coatings, and pigments, “In the construction industry, even
though the commercial construction sector is expected to increase, the
residential construction will be the major driving force behind the
growth of the industry during the forecast period due to the rise in
housing activities. Some of the products that use coating material for
construction and provide artistic appeal to residential and commercial
buildings are roofs, wood panels, and metal sheets. Commercial
buildings, offices, and complex buildings are triggering the demand for
coating industry due to the use of coating for the coil to sustain harsh
weather conditions.”
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Global coatings market segmentation
This market research report segments the global
coatings market into the following end-user, including
industrial and architectural and key regions, including the Americas,
APAC, and EMEA.
Of the two major end-users, the industrial segment held the largest
market share in 2017, accounting for nearly 42% of the market. The
market share for this end-user is expected to decrease by 2022. The
fastest growing end-user is architectural, which will account for nearly
39% of the total market share by 2022.
APAC was the leading region for the global coatings market in 2017,
accounting for a market share of nearly 45%. By 2022, APAC is expected
to continue dominating the market and register the highest growth rate.
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