Market Trends of Silicate Coatings Industry
This section covers the major market trends shaping the Silicate Coatings Market according to our research experts:
Increasing Demand from Residential Construction
- The increasing middle-class population, coupled with their increasing disposable income, has facilitated the expansion in the middle-class housing segment, thereby, driving theresidential construction across the world.
- Asia-Pacific region is expected to witness the highest growth in terms of new residential construction projects, due to the expanding housing construction market in developing countries like China, India and ASEAN Countries.
- In India, the government-initiated project named ‘Housing for All by 2022’, is expected to immensely drive the residential construction segment in the country, throughout the forecast period.
- The governments in several European countries have also supported to fulfill the supply-demand gap, for housing. For instance, to reduce the United Kingdom’s housing supply crisis, the Manchester city council has collaborated with other developers to build 500 sites, through individual development programs across Greater Manchester and Liverpool.
- All the above factors are expected to propel the growth in the residential sector, which in return, is expected to grow the silicate coatings market, as they are highly stable and durable coatings, with particularly convincing long-lasting color and natural effect.
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Asia-Pacific to Dominate the Market Growth
- The Asia-Pacific region dominated the global market share. Factors, such asgrowing construction activities and preference for low maintenance building products, are favoring the marketgrowth.
- India is the fastest growing construction markets in the Asia-Pacific region. The construction sector in India has been growing rapidly, with an increased investment by the government.
- The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70%, by 2024, in India.
- The increasing investments in the residential and commercial sectors, along with strategic initiatives by the Indian government, are expected to boost the construction sector in the country, which, in turn, is anticipated to drive the silicate coatings market in India.
- Moreover, the growing interest of the companies, in exploring the rural markets in the region, has further aided the growth of the sector. The Government of India encourages foreign investment in the automobile sector and allows 100% FDI under the automatic route.
- Hence, with the rapid growth expected in the construction and automotive industries, demand for silicate coatings in the region is expected to rapidly increase over the forecast period.
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