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Asia-Pacific's Urban Development to Propel Global Construction Coatings Market by 2027, Finds Frost & Sullivan


News provided by

Frost & Sullivan

09 Dec, 2020, 13:38 GMT

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Durable waterborne coatings for greater sustainability are creating key growth opportunities

SANTA CLARA, Calif., Dec. 9, 2020 /PRNewswire/ -- Frost & Sullivan's recent research, Changing Construction Practices Transforming the Global Construction Coatings Market, 2020, finds that the competitive environment in the sector is divided between regional companies and large market participants that are increasingly engaging in mergers and acquisitions and joint ventures among themselves. Larger coating companies have long-term relationships established with their key customers. However, many coatings manufacturers in this industry currently rely on third-party distributors. These companies realize the need for more direct customer interactions and are expected to improve their customer and supply networks in the next three to five years. The market is forecast to increase from $13.37 billion in 2020 to $18.15 billion by 2027 at a compound annual growth rate of 4.5%. 

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For further information on this analysis, please visit: http://frost.ly/4zi 

"The demand from the new construction sector was considerably affected by the outbreak of the COVID-19 pandemic. The country-wide lockdowns and international travel bans imposed around the world resulted in the disruption of the global supply chains of construction raw materials," said Christeena Thomas, Senior Industry Analyst, Chemicals, Materials, and Nutrition Practice, Frost & Sullivan. "Asia-Pacific is the largest market for construction coatings, with high growth anticipated in China for all types of products. With increasing economic development and more people migrating to urban areas, the need for infrastructure improvement is escalating at a rapid rate. The region is witnessing a surge in building construction activity for residential, commercial, and industrial sectors, driving market expansion."

However, according to Thomas, overall construction spending in the US is not expected to return to pre-pandemic levels before 2022. The construction of retail shops, hotels, amusement parks, and recreation centers is likely to be the most affected. Healthcare, public safety, transportation, and data centers are anticipated to boost the demand for new construction.

"The growth of the market is greatly dependent on the execution of new construction projects and the demand for the repainting of existing buildings," Thomas said. "In addition, construction coatings face regulatory pressures from organizations such as the American Architectural Manufacturers Association (AAMA), US Environmental Protection Agency (US EPA), and REACH, which mandate the use of products with lower volatile organic compound (VOC) emissions and eliminate the use of heavy metals. Therefore, there is an increasing trend of customers moving to higher solids solvent-borne coatings, powder coatings, and waterborne coatings for lower VOC emissions, better specifications, and durability."

For further revenue opportunities, coating manufacturers should explore these strategic recommendations:

  • Focus on Tailored Products for Prefabricated Construction: Coating manufacturers can benefit by directing their production and new product development to cater to structures fabricated in factories. This trend is likely to drive the demand for high-solids solvent and powder coatings applied on all types of substrate materials.
  • Strengthen Capabilities to Address Local Needs: Businesses will continue to face challenges in sourcing raw materials and components from China. Companies should invest in research and development to substitute some or all of their feedstock with locally available materials. Strategic partnerships with local manufacturers and distributors will extend an international manufacturer's reach in their market.
  • Invest in Durable Waterborne Coatings for Greater Environmental Sustainability: Environmental restrictions related to VOC emissions are anticipated to become more stringent in the coming years. Manufacturers will benefit from introducing advanced waterborne formulations that are comparable or superior in performance to conventional solvent-borne and powder coatings.

Changing Construction Practices Transforming the Global Construction Coatings Market, 2020 is part of Frost & Sullivan's global Chemicals, Materials, and Nutrition Growth Partnership Service program.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Changing Construction Practices Transforming the Global Construction Coatings Market, 2020
MF30-39

Media Contact:
Priya George,
Corporate Communications
M: +91 98403 55432; P: +91 44 6681 4414
E: priyag@frost.com 

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