Further key findings from the report suggest:
The global demand for exterior architectural coatings was 7.12 million tons in 2015 and is expected to show high gains in light of rapid infrastructural development in India, Saudi Arabia, Thailand, Indonesia and the U.S.
Alkyd resin will witness high volume growth at a CAGR of 5.3% from 2016 to 2024. Growing usage of alkyd resins in light of their high durability and superior gloss is expected to stimulate industry growth. Furthermore, rising consumption in outdoor applications owing to its low cost along with high-temperature resistance will fuel its demand over the forecast period.
North America accounted for 22.6% of the global volume share in 2015 and is expected to witness significant gains in light of rising reconstruction activities in the U.S. coupled with infrastructure development in Canada and Mexico. Furthermore, the implementation of the National Infrastructure Program 2014 - 2018 (NIP) in Mexico is expected to promote the product growth over the forecast period.
Latin America is projected to witness substantial revenue growth at a CAGR of 6.4% from 2016 to 2024 owing to the presence of various participants including BASF, Sherwin-Williams, and AkzoNobel. Increasing government efforts to offset Brazil's housing deficit, and provide low-interest rates for housing will stimulate product demand over the forecast period.
Exterior architectural coatings industry is dominated by major participants including PPG Industries, Nippon Paint, BASF, AkzoNobel, and Sherwin-Williams. Ongoing product innovation to produce high-performance and cost-efficient waterborne coatings is expected to industry expansion over the next eight years. For instance, in March 2015, BASF expanded their color range and production capacity for Paliocrom products to cater to the increasing demand for high-end effect pigments in coatings. BASF is expected to widen the capacity by more than 20% by 2017 for Paliocrom effect pigments.
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