The coatings raw materials market is expected to grow by 9,198.83 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Coatings Raw Materials Market 2020-2024 (Graphic: Business Wire)
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Alkyd resins are among the key raw materials used to produce synthetic paints and coatings that are compatible with a wide range of coating polymers. They significantly enhance the weathering properties of protective coatings. Also, these resins are widely used in the manufacture of industrial coatings, concrete floors, and road paints. In 2017, the global paints and coatings market stood at USD 149.59 billion and is expected to post a CAGR of 5.63% through 2023. The sustained and high consumption of paints and coatings during the forecast period will fuel the growth of the global coatings raw materials market.
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As per Technavio, the growing demand for coatings raw materials in the construction industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Coatings Raw Materials Market: Growing Demand for Coatings Raw Materials in the Construction Industry
The growth in the global construction industry is expected to increase the demand for coatings raw materials during the forecast period. The construction industry, especially in emerging economies is witnessing high growth due to the increasing population and rising demand for residential projects. Projects such as the Turkey Urban Renewal Project, the South-North Water Transfer Project in China, and the Lagos-Calabar coastal railway in Nigeria are likely to be completed by the end of the forecast period. A surge in the number of such construction activities will have a positive impact on the growth of the global coatings raw materials market.
"Increasing demand for coatings raw materials in APAC and growing industrialization will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Coatings Raw Materials Market: Segmentation Analysis
This market research report segments the coatings raw materials market by Type (Resins, Pigments and fillers, Solvents, and Additives) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the coatings raw materials market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the automotive industry in China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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