Architectural Coatings Market to Be Dominated by Residential Segment Through 2027
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. 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
project
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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data Figures spread through 110 Pages and an in-depth TOC on "Global Architectural Coatings Market"
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 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. 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 global architectural coatings market.”
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