LONDON--(BUSINESS WIRE)--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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