Architectural coatings are applied on buildings and houses to protect them against adhesion, wettability, corrosion and extreme weather conditions. They aid in raising the aesthetic quotient in buildings while reducing maintenance cost considerably. The global Architectural Coatings Market is expected to exhibit rapid growth and scale a significant valuation over the forecast period of 2023-2030, asserts Market Research Future (MRFR) in a detailed study.
The burgeoning construction industry along with growing demand for protective and waterproofing materials in areas having extreme weather conditions are driving the growth of the global architectural coatings market.
Regulations pertaining to VOC (Volatile Organic Compound) emissions in numerous countries is likely to push the demand for water borne architecture coatings over the forecast period which is a key factor enhancing the growth of the market.
The governments in various countries have endeavored towards the extension of urban territories to cater to the lodging needs of the booming population. Besides, rising affluence of consumers has led to an increase in renovation and refurbishment activities which is supporting the growth of the market.
Other notable factors fostering market growth include surging interest in interior decoration, increasing per capita income in emerging economies and fast-track urbanization.
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Segmentation
The global Architectural Coatings Market has been segmented based on type, application, and technology.
By type, the global architectural coatings market has been segmented into acrylic, epoxy, polyurethane, polyester, and others. The acrylic coatings segment is expected to witness rapid growth over the forecast period. Owing to superior properties such as adhesion to non-porous surfaces, durability, good storage, and improved solubility, acrylic coatings find major application in building and construction, automotive, marine, aerospace, and other end-user industries. The epoxy coatings segment is expected to witness tremendous growth over the forecast period. Epoxy coatings have lower VOC content and low volatility which makes them highly desirable in the backdrop of growing concern regarding the use of environmentally friendly compounds.
By application, the global architectural coatings market has been segmented into residential, non-residential, and others.
By technology, the global architectural coatings market has been segmented into water borne and solvent borne technology.
Regional Analysis
By region, the global Architectural Coatings Market has been segmented into North America, Latin America, Europe, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
APAC is currently dominating the global architectural coatings market on account of considerable rise in a number of reclamation and developmental activities in the region. The high influx of investment and growing interest in beautification in both residential and non-residential sector is driving the market growth majorly.
North America market is driven by constructional activities picking up the pace in the region. Government investment in building and construction and presence of high-income group consumers in the region. Regulations laid down by the US E.P.A. on manufacturing of coatings to curb air pollution is expected to result in increased demand for epoxy coatings in the region.
Europe market is expected to witness a decline in the sales of architectural coatings. Elevating price of raw materials paired with a thriving market for alternative coatings in the region can undermine the market growth. However, the outlook can be positive due to government investments at regional levels.
Unstable economic conditions in Latin America have affected the growth of the paints and coatings market adversely.
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Competitive Landscape
Nippon Paint Co Ltd (Japan), AkzoNobel N.V. (the Netherlands), PPG Industries Inc. (the U.S.), Asian Paints Ltd (India), The Valspar Corporation (the U.S.), BASF Coatings GmbH (Germany), RPM International Inc. (the U.S.), The Sherwin-William Company (the U.S.), Kansai Paint Co., Ltd (Japan), and Kelly-Moore Paint Company, Inc. (the U.S.) are notable players in the global architectural coatings market.