UV curable resins to Capture 40% of the Architectural Coatings Market Share
Fact.MR's latest study on the global architectural coatings market provides a detailed analysis of various drivers, trends, and opportunities from 2022 to 2032. In addition, it presents elaborate information about the leading segments in terms of resin type, formulation type and application.
NEW YORK, Jan. 24, 2022 /PRNewswire/ -- In 2021, the architectural coatings market had a market value of US$ 77,888 Mn, and it is predicted to grow at a positive CAGR of 4.52% from 2022 to 2032, reaching a market value of US$ 121,000 Mn.
Architectural coatings manufacturers are concentrating on developing ecologically friendly materials that emit fewer pollutants and have a lower carbon footprint. Furthermore, the desire for refurbishment, particularly in the residential sector, is increasing demand for architectural coatings.
The building sector is responding to the increase in people migrating to metropolitan areas by developing cheap housing and infrastructure. As a result, demand for various equipment and architectural coatings materials used in the construction of residential and commercial complexes is on the rise.
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According to the research Global Building 2030, produced by an expert team from Global Construction Perspectives and Oxford Economics, China, India, and the United States are anticipated to witness significant increase in construction in the near future. India is expected to expand twice as quickly as China by 2030, according to the research. Meanwhile, the majority of construction expansion in the United States is predicted to occur in the southern states.
A growing number of businesses are working on projects that require LEED certification (Leadership in Energy and Environmental Design). As a result of the varied degrees of acceptable VOC levels in LEED certification, the demand for low and zero VOC paints and coatings is increasing.
To meet consumer demand and close the performance gap between low VOC and traditional coating products, manufacturers in the architectural coatings industry are focusing on maintaining a balance between low VOC levels and high-quality goods.
"Growing inclination towards renovation and use of eco-friendly products is increasing the demand for architectural coatings." states a Fact.MR analyst.
Market Size Value in 2021
US$ 77,788 Mn
Project Market Forecast Value in 2032
US$ 121,000 Mn
Global Growth Rate (2022-2032)
By resin type, UV curable resins are estimated to hold 40% market share for architectural coatings.
By application type, residential sector is projected to account for more than 50% market share for architectural coatings.
North America to account for 35% of the market share in architectural coatings business.
In Asia Pacific, the architectural coatings sector is estimated to have a nearly 45% market share.
The top five countries driving demand for architectural coatings are China, India, Turkey, Germany, and Spain.
Rapid growth in the construction sector to spur the demand for architectural coatings.
The market for architectural coatings is being driven by a desire to renovate, particularly in the residential sector.
Regulations regarding VOC emission is posing as a challenge for architectural coatings manufacturers.
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With new product releases, acquisitions, and the establishment of new facilities in numerous regions, the market's major competitors are focusing on global expansion.
PPG Industries Inc. has introduced PPG PITT-CHAR NX, an enhanced passive fire-protection coating. During transit, manufacture, and construction, the coating eliminates the possibility of cracking and delamination.
Sherwin Williams, another major competitor, has created the Minwax performance series, which features a revamped color palette and an interior stain design center.
Key players in the Architectural Coatings Market include:
The Sherwin-Williams Co
RPM International Inc.
E. I. du Pont de Nemours and Company
Nippon Paint Holdings Co.
Axalta Coating Systems
The Valspar Corp
Kansai Paint Co. Ltd
Asian Paints Ltd
Behr Process Corp
More Valuable Insights on Architectural Coatings Market
Fact.MR provides an unbiased analysis of the architectural coatings market, presenting historical demand data (2017-2021) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global architectural coatings market with a detailed segmentation on the basis of:
Key Questions Covered in Architectural Coatings Market Report
The report offers insight into the architectural coatings market demand outlook for 2022-2032.
The market study also highlights projected sales growth for architectural coatings market between 2022 and 2032.
Architectural coatings market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Architectural coatings market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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