by The global Latex Coating Market is estimated to be valued at US$ 50.77 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market Overview:
Latex coating offers features like stain resistance, water resistance, and crack resistance along with high durability and coverage. These paints are widely used for residential and commercial construction purposes.
Market key trends:
One of the key trends in the latex coating market is the rising demand for water-based coatings. Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) are encouraging manufacturers to shift towards water-based latex coatings. These coatings emit lower amounts of VOCs and other air pollutants compared to solvent-based coatings. Furthermore, water-based latex paints dry faster and allow for easy cleaning of tools. They also remain flexible after curing, preventing peeling and cracking. Rapid urbanization and infrastructure development activities across emerging economies are expected to drive the growth of the architectural coating segment, thereby fueling the demand for latex coatings over the forecast period.
Market key trends:
One of the key trends in the latex coating market is the increasing usage of green and sustainable coating solutions. Major coating manufacturers are focusing on developing environment-friendly coatings with low volatile organic compound (VOC) content to reduce VOC emissions. Water-based latex coatings have very low VOC content and emit less fumes compared to solvent-based coatings. Hence, they are becoming increasingly popular. Another trend is the rising popularity of anti-bacterial and self-cleaning coatings. Coatings that inhibit bacterial growth help improve hygiene. Self-cleaning coatings offer convenience by reducing dirt adhesion and facilitating easy cleaning.
SWOT Analysis
Strengths: Latex coatings offer various benefits like flexibility, durability, peel and crack resistance, and moisture resistance. They are cost-effective and environment-friendly due to low VOC content.
Weaknesses: Latex coatings have limited chemical resistance and require overcoating for UV protection in exterior applications.
Opportunities: Growing construction industry in developing countries and increasing infrastructure investment create demand. Rapid urbanization also drives the need for more residential and commercial buildings.
Threats: Stringent regulations regarding VOC emissions pose challenges. Development of alternative sustainable coating technologies can also threaten the market.
Key Takeaways
The Global Latex Coating Market Size is expected to reach US$ 50.77 Bn by 2023, exhibiting a CAGR of 5.4% during the forecast period. Growth is driven by increasing infrastructure development and construction activities in emerging economies.
Regional analysis: Asia Pacific dominates the global latex coatings market and is expected to maintain its lead through 2030. China, India, Indonesia, and Vietnam experience strong economic growth and witness a surge in construction and infrastructure development projects, boosting coatings demand.
Key players: Some of the leading players operating in the latex coating market include PPG Industries, Akzo Nobel N.V., Sherwin-Williams Company, BASF SE, The Dow Chemical Company, Arkema Group, RPM International Inc., Nippon Paint Holdings Co., Ltd., Axalta Coating Systems Ltd., Asian Paints Limited, Kansai Paint Co., Ltd., Jotun Group, Sika AG, Hempel A/S, Benjamin Moore & Co.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
