Water-based Latex Coating is fastest growing segment fueling the growth of Latex Coating Market11/16/2023 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 coating are primarily used for indoor and outdoor architectural applications like wall, floor and roof coating. These coatings provide properties like water resistance, flexibility and durability. They also emit lower volatile organic compounds (VOCs) making them environment friendly. Market key trends: One of the key trends driving the growth of the latex coating market is the shifting preference towards water-based latex coatings from solvent-based coatings. Water-based latex coatings emit lower VOC levels and are less hazardous during application as compared to solvent-based coatings. They dry faster along with easy clean-up and produce a smooth finish. Their low odor and quick drying characteristics make them suitable for applications in occupied spaces. Rising awareness about reducing VOC emissions and shifting environmental regulations are further fueling the demand for water-based latex coatings. Segment Analysis The global latex coating market is segmented based on Type, Application, and End-use industry. Based on Type, the acrylic segment dominates the market and accounted for the largest share in 2023. Acrylic latex coatings exhibit excellent hardness, adhesion, flexibility, and durability properties. They are water-based and environment-friendly in nature. Based on their versatility and easy application properties, acrylic latex coatings find widespread use in construction and paints & coatings industries. 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 demand from construction and paints & coatings industries. Regional analysis Asia Pacific region dominated the global latex coating market in 2023 and is expected to continue its dominance during the forecast period. Rapid urbanization and infrastructure development activities in countries such as China and India are driving the growth of the construction industry in the region. This in turn is fueling the demand for latex coatings in the Asia Pacific region. Key players Key players operating in the latex coating market are 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. Read more: https://www.ukwebwire.com/latex-coating-market-insights-trends/
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