The burgeoning building and construction sector are expected to drive the demand for the Architectural Coatings Market in the forecast period, 2023-2027. According to TechSci Research report, “Architectural Coatings Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the Architectural Coatings market is anticipated to rise at an impressive rate in the projected period, 2023-2027. It includes paints, sealers, and specialty coatings for building and construction applications such as floors, roofs, decks, pavement, walkways, and other things.
The Important Factors of the Global Architectural Coatings Market
They are intended to provide a protective and decorative layer on an architectural feature or fixture’s surface in indoor and outdoor applications. According to the report published in 2022, the amounted size of the construction market was 6.4 trillion dollars in 2020 and is expected to reach 14.4 trillion USD in 2030. The above data indicate the uses of architectural coating will rise globally and the opportunity to earn profit from the market due to the rise in disposable income and economic development. Thus, the Architectural Coatings requirement will rise in the anticipated period for them to fulfill the market demand. The presence of VOC (volatile organic compound) and hazardous products obstruct growth.
To tackle the restrain from VOC in the market, government and private organizations are working together and doing R&D for developing better products. Additionally, the rise in architectural projects in developing economies, and maintenance of existing architectural projects is expected to drive market growth. Likewise, a growing application that helps in different construction activities such as waterproofing, decoration, and fireproofing and efforts by marketers to increase revenue are factors for the market’s growth. Thus, the abovementioned factors will drive growth and directly impact the global architectural coatings market. The annual average spending on the construction sector of the USA has been 316 million in the past ten years. Thus, the United States architectural coatings market will experience growth in the projected year due to the fulfillment of their growing demand for buildings and maintenance of the existing constructed structure.
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The global architectural coatings market is bifurcated based on resin type, technology, application, and user type.
Based on the application type, the market is divided into residential and non-residential. As per estimates, the residential segment is going to experience the highest market share during the forecast period. Due to new advanced technologies such as nanocoating and fluoropolymer coatings, which offer new applications having anti-corrosive, self-cleaning, and anti-fungal properties. All the properties provide the advantage to dominate the segment.
Based on resin type, the market is divided into acrylic, alkyd, vinyl, polyurethane, and others. The acrylic coating is expected to account for a significant market share over the next projected years. High performance, safe coating, resistance from UV rays, and fast drying capacity make it more demanded than its substitute. Hence, acrylic resin type dominates the market.
Based on technology, the market is split into waterborne coatings, solvent-borne coatings, and powder coatings. Waterborne coatings are expected to account for a significant market share over the next projected years. Due to the low emission of VOCs and the environmentally friendly product, it is more in demand than its substitute and dominates the segment.
Major companies operating in the global architectural coatings market are:
- Akzo Nobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Kansai Paints Co., Ltd.
- Asian Paints Limited
- Nippon Paint Holdings Co., Ltd.
- Masco Corporation
- BASF SE
- RPM International Inc.
- Jotun Group
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“The Asia-pacific is anticipated to dominate the global market in the coming years due to its government trade or innovation policy, availability of resources, manufacturing expertise, availability of low-cost workers, and innovation capabilities. The architectural coatings Market is anticipated to increase due to the growing demand from the building and construction sector. Referring to the report, the amounted size of the construction market was estimated at 6.4 trillion dollars in 2020 and is expected to reach 14.4 trillion USD in 2030. Thus, the architectural coatings requirement will increase in the forecasted year to fulfill construction needs.
The demand for architectural coatings is expected to grow worldwide in the upcoming year due to growing applications in construction activities such as floors, roofs, decks, pavement, walkways, and other things. Technological advancement, collaboration, merger, and acquisition are the various managerial actions impacting the market’s growth.
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The growing standard of living and increase in per-capita disposable income is influencing the increasing demand for infrastructural projects for residential and non-residential purposes, propelling the market. All the factors mentioned above are expected to impact market growth and create favorable conditions to push the global architectural coatings market growth till 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Architectural Coatings Market, 2027- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Resin Type (Acrylic, Alkyd, Vinyl, Polyurethane, and Others), By Technology (Waterborne Coatings, Solvent-borne Coatings, and Powder Coatings), By Application (Residential, and Non-Residential), By User Type (DIY, and Professional), By Company and By Region, has evaluated the future growth potential of global architectural coatings market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global architectural coatings market.”
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