The global Tempered Coatings Market Propelled by Rising Demand from Construction Industry
Tempered coatings are advanced protective coatings applied on glass substrates and other materials to enhance their mechanical strength and durability. They provide high scratch and impact resistance along with UV protection and transparency. The growing construction of commercial buildings and infrastructures has fueled the demand for tempered glass panels and products requiring robust protective coatings. The global Tempered Coatings Market is estimated to be valued at US$ 53.8 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand from construction industry. The rapid growth of the construction industry worldwide especially in developing regions of Asia Pacific and Latin America has driven the demand for tempered coatings. Tempered coated glass finds widespread application in windows, facades, partitions and other glass substrates used in commercial buildings. With increased construction of warehouses, office spaces, hospitals and other structures, the market for tempered coatings is expected to grow substantially over the forecast period.
SWOT Analysis
Strength: Tempered coatings provide a cost-effective and durable solution for various industrial applications. Their high resistance to chemicals, abrasion, and weathering makes them suitable for different end-use industries.
Weakness: Strict environmental regulations regarding the use of hazardous chemicals like BPA and formaldehyde in coatings production pose challenges. High capital investment requirements for advanced coating facilities also act as a restraint.
Opportunity: Growing infrastructure development and construction activities worldwide generate increased demand for tempered coatings in the building & construction industry. Expansion of end-use industries like automotive, electronics, and appliances also presents opportunities.
Threats: Volatility in raw material prices can impact coating costs. The presence of substitutes like UV-cured and powder coatings also poses a threat. Stringent health and safety norms by regulatory bodies increase production costs.
Key Takeaways
The Global Tempered Coatings Market Demand is expected to witness high growth. Regional analysis comprises:
The Asia Pacific region currently dominates the market and is expected to witness the fastest growth over the forecast period due to thriving construction, automotive, and industrial manufacturing industries in major economies like China, India, Japan, and South Korea. Strong infrastructure development activities coupled with government investments provide opportunities in the region.
Key players:
Key players operating in the tempered coatings market are INEOS Group, Croda International Plc., Vantage Specialty Chemicals, RITA Corporation, The Innovation Company, Presperse Corporation, LANXESS Corporation, Trulux Pty Ltd., Dowpol Chemical International Corp, DeWolf Chemical, and SAMKWANG Co. Ltd. These players are focusing on new product launches, expansions, mergers & acquisitions, and collaborations to gain a competitive edge in the market.
For more details on the report, Read- http://marketerefforts.weebly.com/home/the-global-growth-in-construction-industry-fuels-demand-for-tempered-coatings
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