by Latex coating refers to a water-based solution of polymer latex and pigments used as paints, sealants and primers in construction activities. Latex coatings offer advantages like washability, vapor permeability, flexibility and durability over conventional oil-based coatings. Increasing number of residential and commercial construction projects across the world has driven the demand for latex coatings.
The Global Latex Coating Market is estimated to be valued at US$ 58.49 Billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the Latex Coating are BMW Group, Daimler, Ford Motor, General Motors, Honda Motor, Hyundai Motor, SAIC Motor, Stellantis, Toyota Motor, Volkswagen Group, and others. These players account for a significant share of the market.
Growing construction of residential and commercial buildings across both developed and developing economies is fueling the demand for latex coatings. Rapid urbanization and increase in disposable income are key factors driving higher construction activities.
Globally, the coatings industry has been witnessing an expansion into new regions. Manufacturers are investing in production facilities in Asia Pacific and Middle Eastern countries to take advantage of growing demand. Consolidation activities through mergers and acquisitions allow players to strengthen their geographic presence.
Market Key Trends
One of the key trends gaining traction in the Global Latex Coatings Market Size is the growing popularity of eco-friendly, low-VOC coatings. Strict environmental regulations regarding VOC emissions during coating application have boosted research and development of green coatings. Major players are focusing on green chemistry routes to develop sustainable latex products using bio-based resources. This trend is expected to continue and drive the future growth of the market over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital and production requirements poses threat of new entrants. Bargaining power of buyers: Large buyers bargaining for lower prices and better quality exert pressure on suppliers. Bargaining power of suppliers: Limited suppliers and differentiation in raw materials gives them bargaining power over buyers. Threat of new substitutes: Substitutes like polyurethane and epoxy coatings pose threat based on price and performance. Competitive rivalry: Intense competition exists among established players to gain market share through product differentiation and supply chain efficiencies.
Geographical Regions
North America accounts for the largest share in latex coating market in terms of value driven by construction activities and infrastructure development projects. The United States contributes majorly to the regional market owing to presence of key players and developers.
Asia Pacific region is expected to witness fastest growth during the forecast period supported by growing construction industry in emerging economies like China and India. Rising population, urbanization and government investments in infrastructure are factors propelling the regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
