The Latex Coating Market is estimated to be valued at US$ 50.77 Bn or Billon 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 widely used in construction, industrial and decorative applications like paints. They have advantages like easy application, drying, flexibility and provides strong adhesion to various surfaces. Growing construction activities and demand for low VOC emitting paints are driving the latex coating market.
Market key trends:
Rising demand for water based coatings over solvent based coatings owing to strict environmental regulations regarding VOC emissions is a major trend driving the latex coating market growth. Water based latex coatings contains 40-60% of water which makes them environment friendly with low odor. They are ideal for use in confined spaces like hospitals, schools etc. where strong solvent smells can cause issues. Thus, growing environmental consciousness and sustainable construction practices are increasing the preference for latex coatings.
Porter’s Analysis
Threat of new entrants: The latex coating market requires high initial investment and technology to enter. Established players have strong brand loyalty which poses barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, strict regulations favor quality products of major players.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and presence of many suppliers.
Threat of new substitutes: Threat is moderate due to new eco-friendly alternatives like powder and water based coatings emerging.
Competitive rivalry: Intense due to strong brand loyalty and differentiation by major global players.
SWOT Analysis
Strength: High durability, water resistance and breathability of latex coatings. Established brands with global reach and manufacturing capabilities.
Weakness: Volatility in raw material prices increases production costs. Strict environmental regulations increase compliance costs.
Opportunity: Increasing infrastructure and construction activities especially in Asia Pacific drive demand. Growth in eco-friendly products market due to sustainability trends.
Threats: Growth of substitutes like powder coatings and water based coatings. Economic slowdowns impact construction and automotive sectors.
Key Takeaways
The Global Latex Coating Market Size is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing demand from construction and paints & coatings industries. The market size for latex coating is expected to reach US$ 50.77 Bn by 2023.
The Asia Pacific region dominates the global latex coatings market owing to rising population, increasing urbanization, and growth in end-use industries like construction in China, India. The Asia Pacific latex coating market is projected to grow at the highest CAGR during the forecast period.
Regional analysis: North America and Europe are also significant markets for latex coatings accounting for over 35% share of the global market in 2023 due to stringent environmental regulations regarding VOC emissions. Recovering construction sector will further drive the demand.
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.
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