The latest market report published by Credence Research, Inc. “Faux Finish Coatings Market, By Type and Region – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global faux finish coatings market was valued at US$ 5,869.6 Mn in 2015, and is expected to each US$ 10,345.6 Mn by 2024, expanding at a CAGR of 6.5% from 2016 to 2024.
Browse the full Faux Finish Coatings Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/faux-finish-coatings-market
Faux coatings growth has been driven by new construction, particularly in emerging markets where commercial developments and housing ownership are showing strong growth. Furthermore, increased preference for home decorating boosted sales in number of markets, attributed by rising consumer awareness and expansion of retail networks. Thus, growth in housing developments, government initiatives to build new homes and commercial construction, is fueling the market growth. Furthermore, New and innovative formulation and greater efficacy is helping the manufacturers to gain customer loyalty. Introduction of innovative solutions is expected to create true loyal customers. In order to fulfill the growing demand for efficient faux coatings, manufacturers are focusing on intensive research and development. This in turn has resulted in significant number of new product launches. The number of product launches in Europe has gone down, whereas the same has increased in North America and Asia.
The cost constraint has been a major restraint holding back the growth of the faux coatings market. Key factors affecting prices of faux finishes include cost intensive production process, high and volatile prices of key raw materials, and labor intensive production process.
Commercialization of novel and innovative product designs is the major strategy adopted by the market players. For instance, in July 2015, Adicolor Inc. a Canada based company launched SPLENDIDA, a new elegant premium quality decorative paint enriched with attractive ultra-fine glitter that reflects light. Anvil Paints & Coatings, Inc. launched product variants to enhance its product portfolio with the focus to differentiate its products in the market to attain competitive advantage over its competitors. In July 2016, Benjamin Moore partnered with Microdesk to create a color suite application for Autodesk’s Revit.
- Rising demand from business construction and housing developments
- New product launches
- Asia Pacific will drive demand