The architectural coatings market has been segmented by resin type into acrylic, alkyd, epoxy, polyurethane, polyester and others. Among these segments acrylic sub segment accounted for more than 62% market share in the global architectural coatings market in 2016. Factors such as excellent durability and high gloss retention are increasing the overall revenue of acrylic architectural coatings market.
The global market for architectural coatings is expected to flourish at a sufficient CAGR over the forecast period. Increasing number of commercial buildings across the globe is envisioned to drive the demand for architectural coatings. Further, wide scale interior applications such as wall painting, furniture and others are estimated to boom the market by noteworthy revenue by the end of 2024.In regional segment, Asia Pacific represented the largest market share in the overall architectural coatings market due to the presence of major architectural coating manufacturers in the region. Further, low cost of labor is driving the key manufacturers to shift their manufacturing units which are further expected to drive the growth of Asia-Pacific architectural coatings market. Japan, China and India are expected to be the major contributors behind the growth of this region’s market. Additionally, architectural coating market in Europe is estimated to grow at significant CAGR over the forecast period. This can be attributed to rising spending on residential and non-residential buildings in the region. North America is expected to grow at a decent rate over the forecast period. Increased activities of reconstruction and renovation of buildings is fuelling the growth of architectural coatings market in North America region.
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Increase in Construction Sites to Boom the Market
Global architectural coatings market is majorly driven by the rising number of commercial buildings across the globe. Developing countries in Asia Pacific region are witnessing the augmented demand for architectural coatings due to the increasing construction activities and urbanization. This factor is expected to benefit the expansion of architectural coatings market. Further, rising inclination towards eco-friendly products and technological advancements in architectural coatings is believed to supplement the growth of architectural coatings market.However, the volatility in the raw material price is likely to dampen the growth of the architectural coatings market in the near future.
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The report titled “Architectural Coatings Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the architectural coatings market in terms of market segmentation by resin type, technology type, by application and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the architectural coatings market which includes company profiling of Akzo Nobel NV, PPG Industries Inc., The Sherwin-Williams Company, RPM International Inc., The Valspar Corporation, Nippon Paint Co. Ltd., Kansai Paint Co. Ltd., Arkema SA and Berger Paints.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the architectural coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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