The vinyl surface coatings market has experienced strong growth in recent years. It will grow from $5.45 billion in 2023 to $5.77 billion in 2024, reflecting a CAGR of 6.0%. This growth is attributed to the growing use of vinyl coatings in vehicle interiors and exteriors, rapid urban development, advancements in polymer technology, increasing consumer demand for durable coatings, and rising renovation and remodeling activities.
The vinyl surface coatings market is expected to grow steadily, reaching $7.39 billion by 2028 at a CAGR of 6.4%. This growth is driven by demand for eco-friendly, low-VOC coatings, rising construction and automotive industries, packaging demand, and the emergence of lightweight materials. Trends include increased customization, smart coatings, UV-resistant advancements, use in green building materials, and digitalized manufacturing processes.
Major Driver In The Vinyl Surface Coatings Market
The expansion of the construction sector is anticipated to boost the vinyl surface coatings market. This growth is driven by urbanization, infrastructure development, and increased investments in residential and commercial projects. Vinyl surface coatings are preferred in construction due to their durability and moisture resistance, making them ideal for various surfaces. The Australian Bureau of Statistics reported that building work in Australia reached $33,815.0 million in 2023, an increase from $32,443.2 million in June 2022. Thus, the growth in construction sectors is propelling the vinyl surface coatings market.
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Vinyl Surface Coatings Market Competitive Landscape
BASF SE, 3M Company, Sherwin-Williams, DuPont de Nemours Inc., Arkema S.A, Sika AG, Nippon Paint Holdings Co. Ltd., Celanese Corporation, Wacker Chemie AG, Masco Corporation, RPM International Inc., KCC Corporation, Axalta Coating Systems, Asian Paints Ltd., Kansai Paint Co. Ltd., Avient Corporation, Jotun Group, Benjamin Moore, Akzo Nobel N.V., Hempel Holding A/S, Axalta Coating Systems LLC, APV Engineered Coatings, labsurface, Gellner Industrial LLC
Key Vinyl Surface Coatings Market Trend
Companies in the vinyl surface coatings market are working on innovative products like styrene acrylic emulsion to provide excellent washability and scrub resistance, allowing for easy touch-ups without affecting the finished application. Styrene-acrylic emulsions are commonly used due to their strong adhesion, flexibility, and environmental resistance. When applied to vinyl surfaces, these emulsions protect and enhance durability and aesthetic appeal. For instance, in June 2024, Trinseo, a US-based manufacturing company, launched LIGOS C 9031, a styrene acrylic emulsion offering greater flexibility, superior adhesion to various substrates, and enhanced durability against environmental stressors. Its formulation ensures high-performance results in coatings, adhesives, and sealants.
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Global Vinyl Surface Coatings Market Segmentation
The vinyl surface coatings market covered in this report is segmented –
1) By Type: Solvent-based, Waterborne (Latex), Powder
2) By Substrate: Metal, Wood, Concrete, Plastic, Glass
3) By Technology: Single-Component, Two-Component
4) By Process: Spray, Roll, Brush
5) By Application: Industrial, Construction, Printing Inks, Automotive, Other Application
By Geography:The regions covered in the vinyl surface coatings market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the vinyl surface coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Vinyl Surface Coatings Global Market Report 2024 furnishes information about the global vinyl surface coatings market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
