TAGS: Architectural Coatings
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.
Expansion of Architecture Industry Boosts the Demand
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.
Expansion of the architecture and construction industry coupled with various infrastructure initiatives taken up by governments is fueling 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.
Key Takeaways from Faux Finish Coatings Market Study
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Demand for wall glazing faux finish coatings to fuel sales, accounting for 40% of global demand
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Rise in application in building & construction sector to drive growth of stakeholders in the faux finish coatings industry
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U.S to be a highly lucrative market, poised to expand at a CAGR of over 6%
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Germany to remain at the forefront of the European market, garnering 45% revenue share
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China to emerge as the East Asian hegemon, generating US$ 2 Bn in revenue by 2031
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Indian faux finish coatings market poised to expand at over 5% CAGR through 2031
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U.K, Italy, Canada and France to take the spotlight for manufacturers of faux finish coatings
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.
Source: Fact.MR