The Architectural Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Architectural Coatings Global Market Report 2024, The architectural coatings market size has grown strongly in recent years. It will grow from $77.24 billion in 2023 to $82 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to construction boom, urbanization trends, regulatory compliance , raw material prices, consumer preferences.
The architectural coatings market size is expected to see strong growth in the next few years. It will grow to $101.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing infrastructure investments , rising consumer awareness, global economic trends, health and safety concerns, innovations in formulations. Major trends in the forecast period include sustainability and green initiatives, advanced technology integration, digital transformation in marketing, customization and personalization, rising demand in emerging markets.
The rapid upsurge in the construction industry is expected to propel the growth of the architectural coatings market going forward. The construction industry refers to the sector of business and manufacturing that is responsible for building, repairing, and maintaining infrastructure. Architectural coatings are mostly utilized in the construction sector for different coatings, including painting buildings’ exteriors and interiors, and in order to create the necessary air barriers for building enclosures that are energy efficient, architectural coatings are crucial. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and it is anticipated to increase by 42%, from $4.5 trillion in 2020 to reach USD 15.2 trillion in 2030. Furthermore, according to the United States Census Bureau (USCB), a US-based government agency, the US spent $1.83 billion on construction in 2022. Therefore, the rapid upsurge in the construction industry is driving the growth of the architectural coatings market going forward.
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The architectural coatings market covered in this report is segmented –
1) By Resin Type: Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Urethane
2) By Technology: Solvent Borne, Water Borne
3) By Function: Ceramics, Inks, Lacquers, Paints, Powder Coatings, Primers, Sealers, Stains, Varnishes
4) By End User: Residential, Non-Residential
Product innovations are a key trend gaining popularity in the architectural coatings market. Major companies operating in the architectural coatings market are innovating new products to sustain their position in the market. For instance, in February 2023, PPG Industries Inc., a US-based paint and coating manufacturing company, launched PPG STEELGUARD 951, an innovative epoxy intumescent fire protection coating with up to three hours of cellulosic fire protection created to suit the needs of contemporary architectural steel. This coating provides fire protection, specifically for the architectural sector. Additionally, without the requirement for a top coat, the coating offers efficient corrosion protection for very corrosive air situations up to ISO 12944 C5. This cuts down on project time and costs while still achieving the desired outcomes.
The architectural coatings market report table of contents includes:
- Executive Summary
- Architectural Coatings Market Characteristics
- Architectural Coatings Market Trends And Strategies
- Architectural Coatings Market – Macro Economic Scenario
- Global Architectural Coatings Market Size and Growth
……….
- Global Architectural Coatings Market Competitive Benchmarking
- Global Architectural Coatings Market Competitive Dashboard
- Key Mergers And Acquisitions In The Architectural Coatings Market
- Architectural Coatings Market Future Outlook and Potential Analysis
- Appendix
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