Latex coatings are widely used paints and coatings made by dispersing polymer latex in an aqueous solution. They have advantages such as excellent adhesion, uniform finish, washability, and humidity resistance. They are extensively used in applications such as architectural and industrial coatings due to their eco-friendly nature.
The global Latex Coating Market is estimated to be valued at US$ 50.77 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for latex coatings from the construction industry has been increasing at a rapid pace over the years. Construction activities have picked up significantly across both commercial and residential sectors post pandemic. Latex coatings are predominantly used in applications such as house exteriors, walls, ceilings, floors, etc. They provide key advantages such as moisture resistance and durability which makes them ideal for construction applications. Growth in the construction sector especially in emerging economies is expected to drive the consumption of latex coatings during the forecast period.
Segment Analysis
The global latex coating market is dominated by water-based latex coatings segment. Water-based latex coatings are widely popular due to their environmental friendliness as they emit lower VOC emissions as compared to solvent-borne coatings. These coatings provide properties like durability, flexibility and water resistance in interior and exterior applications such as walls, ceilings, doors and others. Their increasing demand from various end-use industries like construction and automotive is driving the growth of this segment.
Key Takeaways
The global Latex Coating Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global Latex Coating Market is estimated to be valued at US$ 50.77 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead position during the forecast period. Factors such as growing construction activities, expansion of automotive industry and rapid industrialization are driving the latex coating demand in Asia Pacific countries including China, India and Japan. Additionally, supportive government policies to boost foreign investments is further propelling the market growth in this region.
Key players
Key players operating in the latex coating market are BMW Group, Daimler, Ford Motor, General Motors, Honda Motor, Hyundai Motor, SAIC Motor, Stellantis, Toyota Motor and Volkswagen Group. These players are focusing on new product launches and expansions to strengthen their market position. For instance, in 2023 Honda Motor launched its new latex based automotive coating technology to cater to the growing preferences for environment friendly paints and coatings in the automotive industry.
For more insights, read- https://www.ukwebwire.com/latex-coating-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/immunology-market-value-demand-analysis-and-forecast/
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