The acrylic surface coating market will register a CAGR of over 6% by 2023
LONDON, April 2, 2019 /PRNewswire/ -- About this market
The burgeoning global real estate and construction industry has spawned an increase in office spaces, commercial complexes, and residential buildings. This has led to a surge in demand for acrylic surface coatings, which are architectural coatings widely preferred and used in construction and structural applications. Rapid urbanization and significant investments in infrastructure development are helping the construction industry's growth in developing countries. Acrylic surface coatings are extensively used in interior as well as exterior finishing applications. The surging global population is fueling demand for housing and other infrastructure. The highly reflective and seamless characteristic of acrylic coating enhances its preference in construction applications. The high durability and reflectivity of acrylic surface coatings make them cost-effective and high-value investments. The strong reflectivity of acrylic coatings helps in lowering temperatures inside buildings and in reducing energy consumption of air-conditioners. The rapid growth and infrastructure development, and this is giving a fillip to the global acrylic surface coating market. Analysts have predicted that the acrylic surface coating market will register a CAGR of over 6% by 2023.
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Market Overview
Automotive industry driving demand for acrylic surface coating
Acrylic surface coatings have several applications in automotive manufacturing. The easy applicability of acrylic paint makes it highly preferred in the automotive industry. Therefore, as acrylic surface coatings are widely used in the automotive industry, the growth of the automotive industry during the forecast period implies a healthy expansion of the global acrylic surface coating market.
Volatility in raw material prices
The prices of raw materials used to manufacture acrylic surface coating are highly unpredictable. This is mainly due to their high dependence on crude oil prices and natural forest products. Price volatility of petroleum-based raw materials and the increasing demand for acrylic surface coating products in emerging economies are challenging the growth of the global acrylic surface coating market.
For the detailed list of factors that will drive and challenge the growth of the acrylic surface coating market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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