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LONDON , July 11, 2022 /PRNewswire/ -- Global Architectural Coatings Market is valued at USD 68.90 Billion in 2021 and is expected to reach USD 99.56 Billion by 2028 with a CAGR of 5.4% over the forecast.
Architectural Coatings Market Size, Share & Trends Analysis Report By Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Urethane), By Function (Ceramics, Inks, Lacquers, Paints, Powder Coatings, Primers, Sealers, Stains, Varnishes), By Technology (Solvent Borne, Water Borne), By End-Use Industry(Residential, Non-Residential), Based On Region, And Segment Forecasts, 2022 – 2028. Increasing inclination towards the renovation of existing construction is one of the major factors driving growth of Global Architectural Coatings Market.
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The global architectural coating market is growing in the last few years and it is going to further increase in the coming years in value with the growth in construction activities. The architectural coatings can also be called the decorative coatings and these are the coating formulations which are used for coat buildings and homes. The term covers the entire range of coating formulations which are used in the form of paints, primers, varnishes, sealers, ceramics, inks and others. As these are applied on the interior and exterior walls, ceilings of buildings, floors and architectural coatings, it makes the construction resistant to changing weather, moisture, chemicals, heat and many others such uses.
In terms of segmentation, the acrylic segment dominated architectural coating market in the last few years with the demand increase in the safe coatings and high performance it offers and that has resulted in the growth of the overall demand for the acrylic coatings. The segment of water borne coatings are going to dominate the global market and it is going to keep its dominance with the lower emission of the VOCs and they are environmentally safe in in nature as that increases its demand.
The ceramic segment is going to dominate the market and it is going to grow with urbanization growing rapidly and superior quality of the coating. The residential segment is going to dominate the market with revenue due to the technological advantages it offers like the nanostructured coatings.
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The global architectural coating market companies 2021 which operate in the market are, PPG Industries, Asian Paints, Nippon Paints, The Sherwin-Williams Company, Axalta Coatings, RPM International Inc, The Valspar Corporation, Midwest Industrial Coatings Inc., Sumter Coatings and BASF SE. The global architectural coating market key players are constantly innovating to maintain their market share and grow further with different innovative market strategies.
The global architectural coating market growth drivers are the construction boom which is happening in the emerging economies. Further, there is a consumer preference for the product as it is safer and friendlier to the environment. Apart from this, the shift from the solvent borne to water borne is what we can expect to bolster this market significantly. However, there are certain coatings which can emit the VOCs and take time to get the government approvals from and that can be a hindering factor in the growth of the market.
Adoption of the green coatings which are being developed is going to create many growth opportunities for this market. These have been developed to comply with the norms of the governments with regard to the emissions and that is a big factor in the growth of the market. The pandemic has not been very kind on the industry as it was impacted by the lack of raw materials, subcontractors, partial or suspended production, supply chain distribution and restrictions with regard to travel and all of these demands which were coming from the aerospace sectors and automotive market is going to hinder the growth of the market. However, in the post COVID world, there is going to be a growth in the construction and that will drive the market reasonably.
The market is going to see growth in the coming years as there will be an increase in the infrastructure investment along with the demand escalating for the durable coating materials and high-performance materials for the construction components and that is going to drive this market significantly. The coatings are employed for the prevention of rusting and corrosion of the metallic parts of fences, tanks, furniture, radiators and the wood flooring. The development of the eco-friendly coatings will be working in the favour of this market. The increase in demand for the higher durability and more eco-friendly coatings is going to be expected to see a considerable amount of growth in the market.
This development of niche segments of application is going to show growth in the coming years in the market. There are further requirements in the heritage sites and frescos and sculptures will be expected to augment this market in the coming years. There is a certain level of demand also for the fireproofing and waterproofing materials which will grow the market in the coming years as the refit constructions particularly in the regions where the temperature is extreme is going to be need. This is going to further grow the market with the rise in the green building concepts in many different countries.
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The global architectural coating market trends suggest that due to the pandemic, the transport limitations had to be implemented and it resulted in the reduction of the industrial production and supply chains had been disrupted. This affected economic growth by a huge proportion and it impacted market growth severely.
These companies do not earn any profit when there is work stoppages and not only the companies but the suppliers to lose who are providing the materials required for the companies in the construction segment. This has led to the losses faced by the different suppliers. The firms do not earn the profit as a result of work stoppages due to the supplies for the paint and coating sector. The social distancing norms in the coronavirus in the manufacturing companies have been working with a limited workforce therefore negatively impacting the construction processes and the production has been impacted too. The situation is going to be back to normal with the pandemic getting better.
The global architectural coating market 2022 is going to see a growth in terms of region in the Asia Pacific market which is accounting for the largest share in this market. The reason for that is the level of construction volume and value going up in that region. The emerging countries like China , India and some other companies which have a very high demand for the architectural coating due to the construction boom in these economies.
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