Architectural Coatings Market Insights:
Architectural Coatings Market is worth USD 77 Billion in 2021, registering a CAGR of 4.5% during the forecast period (2022-2030), and the market is projected to reach around USD 114.43 Billion by 2030.
Architectural coating is a type of coating such as powder and other solvent or water-borne substances that are used for coating buildings and multiple infrastructures. Maximum architectural coatings are particularly manufactured for specific usages like interior, roof coating, floor coating, and exterior wall painting. This coating provides many durable, decorative, and protective functions to infrastructure. Furthermore, according to different film-forming materials, the architectural coatings are divided into as organic-inorganic, organic, and inorganic composite coatings. The market is expected to grow due to the enhanced social and financial position of the populace, notably in developing nations. An increase in environmental consciousness has headed to the introduction of innovative and quality products in the market. The manufacturers are concentrating on developing valued and high-quality architectural coatings with new formulations for improving their sales.
Asia Pacific is now the prominent region in the architectural coatings market due to enormous restoration and construction projects by government organizations and key construction firms in Japan, China, and India. North America and Europe are comparatively mature markets and are estimated to have median growth over the forecast period. The market in these regions is largely distinguished by technological innovations and rising demand for bio-based materials for coating.
Market Dynamics:
Driver
- The rise in the demand for the construction industry globally is one of the major factors driving the market. Rapid urbanization in several regions is leading to a huge demand for the construction of commercial and residential buildings which require architectural coatings.
- The upsurge in the demand for eco-friendly and extra durable coatings, preferable by the customer are leading the market towards growth.
- The durability and waterproofing features of architectural coatings are high compared to the paintings. Owing to its features the market is receiving high demand and growth in the forecast period.
Restraint
- The strict government guidelines against the harmful Volatile Organic Compounds (VOCs) released by some architectural coatings are projected to hinder the market as their exposure will cause lung infection, eye irritation, and other problems in humans.
- The fluctuating costs of raw materials of architectural coatings and less awareness about coatings in consumers is also key factor restraining the market in the forecast period.
COVID-19 Analysis
COVID-19 had a negative the Architectural Coatings Market in many different regions of the world. There was an unavailability of raw materials and transportation for the industry. This has affected businesses to get down. Construction activities halted throughout the world due to the outbreak of the pandemic which resulted in the decline of architectural coatings. However, post-pandemic activities have resumed and there is a good impact on the market.
Architectural Coatings Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016 – 2030 |
| Market Size in 2030 (USD Billion) | 114.43 Billion |
| CAGR (2022-2030) | 4.5% |
| By Resin Type | Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types |
| By Technology | Water-borne and Solvent-borne |
| By Application | Commercial and Residential |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | AkzoNobel, Sherwin Williams Company, BASF SE, PPG Architectural Coatings, Valspar, ACI Inc., Asian Paints Limited, Nippon Paint Holdings Co., Ltd., Kansai Paints Co., Ltd., Masco Corporation
|
Market Segment Analysis:
By Resin Type
On the basis of resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, and polyester. The acrylic segment holds the largest share of the market in the year 2021 owing to its key utilization in architectural coatings. The characteristics of the acrylic resin type such as oxidation resistance and weathering are better than other resin types. The components of acrylic allow a very little amount of UV light which is very advantageous. This also has excellent gloss retention and good color. These are also known for their durability as they safeguard the underlying infrastructure from damages caused by exposure to snow, wind, rain, and UV light. Followed by the acrylic segment the alkyd segment holds the second-largest share of the global architectural coatings market.
By Technology
The technology segment of the architectural market is bifurcated into water-borne and solvent-borne. The global market is dominated by the water-borne segment accounting largest share of the market in 2021. Water-based coatings are extensively utilized in confined and poorly ventilated spaces. The water-based coatings dry more rapidly compared to solvent-based coatings owing to the quick evaporation of water substance from the layer of coating. Moreover, solvent-borne coatings are projected to register a slower growth rate compared to water-borne due to strict government regulations for goods containing highly Volatile Organic Compounds (VOC) substances. However, Solvent-based are employed due to their low cost, ease of application, and film-forming features.
By Application
The application segment of the market comprises commercial and residential segments. The residential segment has dominated the market by generating high demand for architectural coatings. Owing to the increasing populace’s residential needs, the construction of residential purpose infrastructure has increased in the present day. Also, the high living standards of the present population due to the increase in disposable income and awareness among consumers about high-grade coatings providing self-cleaning and anti-corrosive properties is paving an increasing demand for architectural coatings globally.
By Geography
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. Asia Pacific market is projected to observe well growth due to increasing disposable income and rising demand for beautification and interior decoration in both commercials as well as residential segments. Furthermore, the market growth in this region is driven by expanding expenditure on infrastructure by government organizations and increasing the construction of green buildings in countries like India and Australia. The second largest share of the Architectural Coatings Market is held by North America. This is because of the community’s interest in knowing the awareness about the industries and the requirement for biobased coatings. The European region is anticipated to achieve growth in the forecast period. This region has confronted multiple losses in the past due to a lack of raw materials in the European region.
Architectural Coatings Market Competitive Landscape:
The competitive evaluation of the market has been assessed in the report, in addition to the comprehensive profiles of the major players in the industry. Major players in the global market of architectural coatings are investing in research and development to develop and improve their product portfolios. Furthermore, they are aiming at collaborations, mergers, and acquisitions to retain a competitive edge in the market. Key players in the market include-
- AkzoNobel
- Sherwin-Williams Company
- BASF SE
- PPG Architectural Coatings
- Valspar
- ACI Inc.
- Asian Paints Limited
- Nippon Paint Holdings Co., Ltd.
- Kansai Paints Co., Ltd.
- Masco Corporation
Recent developments
- On June 10, 2021, TIKKURILA was acquired by PPG Industries, TIKKURILA is a leading coating and Nordic paint company in Finland. This extension will increase sales of PPG Industries in Finland, Russia, Poland, Sweden, and the Baltic states.
- On March 11, 2022, AkzoNobel started an international R&D center in the United Kingdom (UK). This will benefit the company to further advancement in the segment of decorative paints.
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