The penetration of IoT technology has already reached the chemicals industry, and certain industry leaders are deploying the same to achieve better connectivity between smart devices and equipment. IoT also enables chemical and material manufacturers to monitor real-time gaps in performance.
As sustainability trends, the industry, companies operating in the green or bio-based chemicals sectors hold promising growth prospects. Moreover, rapid consumer shift to green and smart chemicals, materials, and derived products is compelling industry stakeholders to prioritize green or sustainable attributes in new products, solutions, and applications.
Fact.MR’s report predicts that the global faux finish coatings are expected to reach nearly a market value of US$ 12 Bn, surpassing a CAGR of 6% in the 2021-2031 forecast period. Manufacturers are focusing on developing products that increase the aesthetic appeal of residential and commercial spaces.
Historically, from 2016-2020, the faux finish coating industry expanded at around 5% CAGR, garnering a market revenue of nearly US$ 7 Bn. COVID-19 restrictions halted various industries across the globe, faux finish coatings being one of them. However, the decelerating impact of the virus has prompted lifting restrictions in various parts of the world, restoring said projections.
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Expansion of the architecture and construction industry coupled with various infrastructure initiatives taken up by governments is fuelling sales across regions. For instance, The Architects’ Council of Europe launched the European Framework for Sustainable Buildings on 27th January 2021, after several years of development of testing. This framework is a new European approach to assess and report on the sustainability performance of buildings, throughout their life cycle.
“Rising demand for imitating various materials such as wood, marble, and others, in wall and furniture surfaces, is catalysing sales of faux finish coatings,” says a Fact.MR analyst.
Key Points Covered in Faux Finish Coatings Industry Analysis:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Faux Finish Coatings Market and How to Navigate
- Recommendation on Key Winning Strategies
Key Takeaways from Faux Finish Coatings Market Study
- Demand for wall glazing faux finish coatings to fuel sales, accounting for 40% of global demand
- Rise in application in building & construction sector to drive growth of stakeholders in the faux finish coatings industry
- U.S to be a highly lucrative market, poised to expand at a CAGR of over 6%.
- Germany to remain at the forefront of the European market, garnering 45% revenue share
- China to emerge as the East Asian hegemon, generating US$ 2 Bn in revenue by 2031
- Indian faux finish coatings market poised to expand at over 5% CAGR through 2031
- U.K, Italy, Canada and France to take the spotlight for manufacturers of faux finish coatings
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Fact.MR’s research study assesses the global faux finish coatings market in terms of coating type and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the market.
|Middle East & Africa (MEA)|
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Key Questions Answered in Report
- Which are the most lucrative markets for faux finish coatings?
- Which factors will impact the growth of the faux finish coatings market?
- How will changing trends impact the strategy of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the faux finish coatings market?
- What are the winning strategies of stakeholders in the faux finish coatings market?
The global faux finish coatings market is fragmented in nature, and thriving on key players. In order to remain in their high positions, these key players are emphasizing on developing more advanced and broader range of products.
- The Coil Coatings division of Sherwin-Williams Company launched a new platform for its polyester technologies- PolyPREMIER™ in December 2020.
- The Sherwin-Williams Co., Nippon Paint Holdings Co., Axalta Coating Systems, Kansai Paint Co. Ltd., Jotun, PPG, AkzoNobel, RPM International Inc., BASF Coatings, Asian Paints Ltd among others.
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In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the faux finish coatings market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the faux finish coatings market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
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