NEW YORK, Jan. 14, 2021 /PRNewswire/ — The global architectural coatings market size is expected to reach USD 99.03 billion by 2027 according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR: 4.8% from 2020 to 2027. The global architectural coatings market is primarily driven by increasing construction activities, especially in emerging economies. Growing awareness related to safety and VOC emissions coupled with changing consumer preferences driving the market growth. Rising initiatives for maintaining green environments have resulted in a huge demand for quality materials, thereby augmenting the growth of the market. Furthermore, these type of coatings meets the norms of regulatory bodies for safety measures, expected to create lucrative opportunities for the market players. Moreover, key features such as eco-friendliness and high durability will have a positive impact on market growth.
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Key Highlights of Architectural Coatings Market
- The acrylic segment dominating the market with its largest share contribution due to its heavy usage in major coatings projects. Acrylics have key characteristics of color and gloss retention which makes them preferable over other products.
- Resident architectural coatings are emerged as the fastest application segment and are predicted to go at the same rate over the forecast period. Rapid economic developments and higher incomes have resulted in rising spending on home renovation activities, propelling the segmental growth.
- The market in the Asia Pacific region is witnessing high growth and is projected to continue in the near future on account of because of increasing residential construction and growing beautification trend among homeowners along with rising per capita paints consumption.
- XPEL, Inc., a leading manufacturer of protective films and coatings products has acquired Veloce Innovation, a global architectural film providers company. With this acquisition, XPEL is focusing on the expansion of its consumer base.
Regional Outlook & Growth Analysis
The substantial rise in the construction and refurbishment activities in Asian Countries, especially in India, China, Japan, Taiwan, and Thailand has resulted in an increased growth rate in the Asia Pacific region. In addition to this, rising aesthetic sense and increasing disposable income of regional consumers has fostered the demand for interior designing in commercial as well as residential sectors. Moreover, a massive green construction trend is observed in the region, thereby fueling the regional market. North America region is expected to grow at the fastest rate owing to the rising trend for the adoption of bio-based coatings and the growing popularity of specialized coatings.
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Market Participants Driving the Market Growth
Some of the leading players present in the architectural coatings market include PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paints Co., Ltd., Asian Paints Limited, Nippon Paint Holdings Co., Ltd., BASF SE, Masco Corporation, Jotun Group, and RPM International Inc. Companies are started investing more in R&D activities to improve their product offerings and increase consumer base. The industry has witnessed several acquisitions, partnerships, and mergers as companies are looking to expand their business.
- Supply Side: Manufacturer, distributor, and Supplier of Architectural Coatings
- Demand Side: Commercial Spaces, Residential Application
- Regulatory Side: Pipeline and Hazardous Materials Safety Administration (PHMSA)
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Polaris Market research has segmented the architectural coatings market report on the basis of resin type, technology, application, and region
Architectural Coatings, Resin Type Outlook (Revenue – USD Million, Volume – Kilo Tons, 2016 – 2027)
Architectural Coatings, Technology Type Outlook (Revenue – USD Million, Volume – Kilo Tons, 2016 – 2027)
Architectural Coatings, Application Outlook (Revenue – USD Million, Volume – Kilo Tons, 2016 – 2027)
Architectural Coatings, Regional Outlook (Revenue – USD Million, Volume – Kilo Tons, 2016 – 2027)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
List of Key Players of Architectural Coating Market
- PPG Industries, Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Kansai Paints Co., Ltd.
- Asian Paints Limited
- Nippon Paint Holdings Co., Ltd.
- BASF SE
- Masco Corporation
- Jotun Group
- RPM International Inc.
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SOURCE Polaris Market Research