According to a new report by Market Research Future (MRFR), the Global Architectural Coatings Market is anticipated to expand at a staggering CAGR during the forecast period (2017-2023) owing to the increase in number of residential buildings across the globe. Architectural coatings are used to paint and coat buildings or houses. The coatings showcase properties such as wettability, adhesion, resistance to corrosion, and weather shield and have the ability to absorb, change color, and reflect light of the surface or substrate on which it is applied.
Metals for example iron does not possess properties such as corrosion and chemical resistance. These coatings offer them the required resistance to corrosive reactions that deteriorate metals. Moreover, solar radiation causes the surface to lose its durability. These coatings are resistant to UV radiation and enhance the durability of the substrate or the surface. These properties find applications in residential and non-residential purposes.
PPG, on Jul 26, 2018, has announced the completion of COLORFUL COMMUNITIES project in Dallas, Texas, that has helped to revitalize the Dallas Independent School District’s Lorenzo De Zavala Elementary School. The Colorful Communities program offers paint products and PPG volunteers along with financial contributions to bring vitality and color to communities where the company operates around the world.
The prominent players operating the global market growth for Architectural Coatings are AkzoNobel N.V. (the Netherlands), The Valspar Corporation (the U.S.), The Sherwin-William Company (the U.S.), BASF Coatings GmbH (Germany), RPM International Inc. (the U.S.), Kelly-Moore Paint Company Inc. (the U.S.), Kansai Paint Co. Ltd (Japan), Asian Paints Ltd (India), Nippon Paint Co Ltd (Japan), PPG Industries Inc. (the U.S.), and more.
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Future Drivers and Constraints Impacting the Market Growth
The global market for Architectural Coating is estimated to expand over the assessment period, owing to the enhanced social and financial status in emerging economies. Increasing awareness related to the environment has led to the introduction of superior quality products in Architectural Coatings Market. With the rising white collar class population spending for everyday comfort coupled with government support for development in the urban territories, the market for Architectural Coatings is anticipated to stimulate in the coming years. The market is expected to witness an exceptional development in the coming years due to high demand from the residential application. Moreover, increasing demand for waterproofing and protecting materials in areas of critical weather conditions is estimated to influence the market over the forecast period. Also, shift from solvent-borne to water-borne coating formulations is also expected to drive the market growth over the forecast period.
Meanwhile, strict government mandates against harmful Volatile Organic Compound (VOCs) emitted from Architectural Coatings might hinder the growth of the market over the assessment period. However, adoption of green coatings might create growth opportunities. Government support toward these coatings will create huge growth opportunities in future.
Global Architectural Coatings Market Segmentation
Globally, the market for Architectural Coating has been segmented based on Application, Type, Technology and Region.
The market has been segmented into epoxy, acrylic, polyester, polyurethane, and others based on type. Among these, the acrylic segment has been anticipated to hold the largest revenue share as compared to other segments and is expected to maintain its dominance over the assessment period due to the widespread applicability in emulsion and water reducible resin which are used to manufacture varnishes and coats.
The market has been segmented into residential, non-residential, and others based on application. Demand for Architectural Coating is mainly driven by the growing need for new buildings in the non-residential sector. The growing need for sustainable products in interior applications coupled with high demand for higher durability and low-odor coating is stimulating the market growth. Moreover, the growth of Architectural Coatings is also supported by the increase in residential maintenance activities which involves recoating of existing structures.
The market has been segmented into solvent-borne and water-borne technology based on technology. Among these, the water-based technology is anticipated to dominate the market over the assessment period. High water content and low toxicity make water-based Architectural Coatings less flammable, which further results in the elimination of hazardous waste disposal. As water-based architectural coatings are environment-friendly, they are preferred over other types of Architectural Coatings. While on the other hand, solvent-based architectural coatings possess good curing properties and are petrochemical derivatives. The rate of volatile organic compounds emission is higher in solvent-based Architectural Coatings as compared to others which are considered to be one of the major disadvantages of this technology.
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Asia Pacific to Hold the Biggest Share
Geographically, the market for Architectural Coatings has been spanned over five regions namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is estimated to hold the biggest share of Architectural Coatings due to a large number of reclamation and development activities by development firms and by the government organizations in China, India, and Japan.
In North America, the concrete floor coating is the major application segment. Though after great depression period, the construction activities have slowed down, remodeling and interior decoration are picking up pace with the contemporary world. This, in turn, is assessed to drive the market in the forecast period. Moreover, growing consumer awareness regarding the protection of exteriors to expand the lifespan of a certain property is also estimated to drive the market growth during the review period.
Due to regional economy which is not seeking growth, paints and coatings industry in Latin America is experiencing a decline in the demand. Moreover, lack of governance along with no proposed future project is also a major factor affecting the market growth negatively.
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