Market research agency Grand View Research released a research report that the global building exterior coatings market size is expected to reach 39.04 billion US dollars by 2024.
The report said that in 2015, building exterior coatings used in non-residential applications generated approximately $ 8.2 billion in revenue and are expected to witness growth in FMCG, IT, telecommunications, and MEA and retail in the Asia Pacific region. In addition, rapid industrialization, increased foreign direct investment and government infrastructure spending will drive market growth.
The growth in demand for water-based coatings will outpace traditional coatings because it is cheaper and environmentally friendly and will drive market growth. Green coatings, including nano coatings, will have huge growth opportunities in the next eight years.
Major players in the exterior architectural coatings industry include PPG, Nippon, BASF, AkzoNobel and Xuanwei.