July 24, 2024
Latex Coating Market

Developing sustainable construction practices projected to boost the growth of the Latex Coating Market

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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights

Market Overview:

Latex coatings are water-based coatings used for insulation. They provide resistance against moisture and bacterial growth on interior and exterior surfaces of infrastructure. Latex coatings offer benefits such as low VOCs emissions, high opacity, weather resistance, washability, and stain resistance. The growing construction industry and focus on green buildings has been increasing the demand for latex coatings.

Market key trends:

Stringent environmental regulations regarding the use of volatile organic compound (VOC) emissions from paints and coatings is a major factor driving the growth of the market. VOCs are organic chemicals that have high vapor pressures and easily evaporate into the air. Their emissions cause air pollution. Latex coatings emit negligible amounts of VOCs and help constructors comply with environmental standards. Thus, the enactment of stringent eco-labelling regulations promoting low-VOC products is expected to boost the latex coatings market. Focus on green construction coupled with rising environmental consciousness among consumers has been increasing the demand for sustainable latex coatings.

Porter’s Analysis

Threat of new entrants: The latex coating market requires high initial investments and strict regulations which pose barriers for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like emulsion paints. However, latex coatings are not as easily replaceable.

Bargaining power of suppliers: A few global players dominate the raw material supply which gives them moderate bargaining power over latex coating manufacturers.

Threat of new substitutes: Emulsion and solvent-borne paints pose a threat but cannot easily replace the benefits of latex coatings like washability and longevity.

Competitive rivalry: The global latex coating market is moderately competitive due to the presence of large multinational companies.

Key Takeaways

The Global Latex Coating Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing infrastructure development and renovation activities. The market size for 2023 is estimated to be US$ 50.77 Bn.

Regional analysis: Asia Pacific holds the largest share in the global latex coating market and is expected to continue its dominance, owing to rapid urbanization and construction activities in China and India. North America is another major region fueled by re-painting and renovation of existing buildings.

Key players operating in the latex coating market incorporate 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. Key players are focusing on new product launches to strengthen their foothold.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it