The global exterior architectural coating market is forecast to reach a value of $39.04 billion by 2024, according to a new report from Grand View Research.

The global demand for exterior architectural coatings was 7.12 million tons in 2015 and is expected to show major gains in light of rapid infrastructural development in India, Saudi Arabia, Thailand, Indonesia and the U.S.

Alkyd resin will see high volume growth at a compound annual growth rate of 5.3 percent from 2016 to 2024, according to the report. Alkyd resins are growing in use because of their high durability and superior gloss, low cost and high resistance to temperatures.

North America accounted for 22.6 percent of the global volume share in 2015 and is expected to witness significant gains amid rising reconstruction activities in the U.S., coupled with infrastructure development in Canada and Mexico. Latin America is projected to witness substantial revenue growth at a rate of 6.4 percent from 2016 to 2024. Increasing government efforts to offset Brazil’s housing deficit will stimulate product demand over the forecast period, the report says.