Global latex paint market is expected to witness a massive growth in the forecast period. Latex paint is a general term which covers all paints that use synthetic polymers such as acrylic, vinyl acrylic (PVA), styrene acrylic, etc. as binders. People in some of the countries like the U.K., use the general term emulsion instead of latex but it is the same type of the paint termed as latex paint.
Looking at the market’s current growth scenario, there is a huge upsurge in the middle-class population that is coupled with the increase in the disposable income that has been facilitating the enlargement in the mediocre housing segment, and this will increase the use of residential construction. The governments in many countries are also supporting the requirement of the supply-demand gap, for housing. These are some of the substantial factors that are helping the latex paint market to grow rapidly in the current scenario.
Considering this enormous hype, existing, as well as new investors, have started investing tremendously in the R&D activities of this market and this will also encourage the manufacturers to come up with some intense innovations. Thus, the latex paint market will foresee a vast development in the near future.
The market is segmented based on product (interior latex paint, universal latex paint, anti-fouling latex paint, antibacterial latex paint); by application (construction, transportation, industrial, others) and by region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Among all the above-mentioned regions, Asia Pacific is the largest consumer of latex paint market as they are being widely used in architectural applications, where consumers are ready to pay higher prices for less toxic paint. Apart from this, the automotive sector is highly demanding for traditional key use of latex-based paints in this region. This is helping the region to experience growth and is likely to dominate the market widely over the forecast period. Followed by this region, North America is also expected to witness massive growth due to its involvement in the new construction activities and will also develop in the forthcoming years. In the near future, market will continue to come up with some extraordinary product innovations to attract new consumers and investors, for them to continue the domination.
Some of the significant key players of the latex paint market are PPG Industries, AkzoNobel N.V, Arkema SA, Asian Paints Limited, BASF SE, The Sherwin-Williams, Benjamin Moore & Co, RPM International, Berger Paints India Limited, DuPont Inc., Masco Corporation, Nippon Paint and Tikkurila. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.
Research Support Specialist, USA