Architectural Coatings Market Overview
Architectural coatings are used to paint homes and buildings. Architectural paints composition consists of body, resin and solvent. Architectural coatings serve the purpose of decoration, durability and protective function. These coatings are applied to the surface using sprayer, roller or brush.
Market Size and Forecast
Global architectural coatings market is anticipated to grow at a significant CAGR over the forecast period. Increasing number of commercial buildings across the globe is envisioned to bolster the growth of global architectural coatings market. Additionally, wide scale interior application such as wall painting, furniture and others is expected to foster the growth of global architectural coatings market.
In the terms of region, Asia-Pacific accounted for revenue major share in the overall architectural coatings market due to the presence of major architectural coating manufacturers such as Nippon Paint Co. Ltd., Berger paints and other companies. Furthermore, key manufacturers are shifting their manufacturing bases in Asia-Pacific due to low cost of labor which in turn, is expected to drive the growth of architectural paints market in Asia-Pacific region. Japan, China and India are expected to be the major contributor to the growth of Asia-Pacific architectural coatings market. India is anticipated to witness the augmented demand for architectural coatings on the account of development of smart cities by the government.
Asia-Pacific is expected to be followed by Europe and North America region. Europe architectural coating market is forecasted to grow at significant CAGR due 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.
In the resin type segment, 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.
Our in-depth analysis segmented the global architectural coatings market in the following segments:
By Resin Type
By Technology Type
Global architectural coatings market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global architectural coatings market is majorly driven by the rising number of commercial building across the globe. Developing countries such as India and China are witnessing the augmented demand for architectural coatings due to the increasing construction activities and urbanization. This factor is anticipated to foster the growth of global architectural coatings market during the forecast period.
Technological advancement in architectural coating is anticipated to drive the growth of architectural coating market over the forecast period. New water borne technologies and product developments such as anti-bacterial, anti-odor has been recently developed by manufacturers. Furthermore, increasing adoption of waterborne architectural coatings by the consumers is anticipated to drive the growth of global architectural coatings market over the forecast period.
Apart from this, rising inclination towards eco-friendly products is likely to escalate the growth of global architectural market during 2017-2024. These coatings have low volatile organic compounds (VOC), thus having very low impact on environment. In addition to this, stringent government regulations and standards about VOC emission is anticipated to positively impact the growth of global architectural coatings market.
In contrast, volatility in the raw material price is anticipated to dampen the growth of global architectural coatings market.
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