CLEVELAND, Oct. 29, 2019 /PRNewswire/ — According to the study Global Construction Chemicals, demand for protective coatings and sealers is projected to increase 5.1% per year to $25.2 billion in 2023. Growth will be boosted by ongoing gains in construction activity globally, as well as increasing demand for higher value, better performing products with improved functionality.
- manufactured with more environmentally friendly solvents and low or no VOCs in order to improve indoor air quality
- improved sustainability and low waste
- ease of application and speed of drying
- self-cleaning or biocidal
- increased durability
The Asia/Pacific region is the largest market for protective coatings and sealers due to the presence of massive construction markets in China and India. Despite market size, opportunities for growth exist in both countries, which have low, but increasing, usage rates of protective coatings and sealers. An acceleration in construction activity in India will further boost gains.
The top three suppliers of construction chemicals globally – RPM International, PPG, and Sherwin-Williams – accounted for 30% of the market in 2018. Both RPM International and Sherwin-Williams have recently strengthened their positions in the global protective coatings and sealants market through the acquisition of other manufacturers.
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