Fact.MR predicts the global sales of architectural coatings to overpass US$ 121,000 Mn by registering a CAGR of 4.5% in the forecast period 2022-2032. Architectural coatings are designated to provide protective and decorative layers on architecture in both exterior and interior applications. Most of the architectural coatings are typically applied using rollers, sprayers, brushes and other applications.
Historically, from 2017 to 2021, the sales of architectural coatings exceeded US$ 77,888 Mn by the end of the aforementioned period. The coronavirus pandemic affected the demand and supply chain for businesses across the globe. Due to restrictions on movements, the construction industry witnessed a major setback. This, in turn, affected the demand for architectural coatings. As the world is getting back to normal, the sales of architectural coatings are expected to increase.
With the emergence of stringent regulations on VOC emission, paint and coating manufacturers are shifting their focus from solvent borne coatings to water-borne coatings. Also, around 80% of household paints sold today are water-based paints, as per the Paint Quality Institute. Advances in additives and resin technologies to overcome the performance issues of water-based coatings like viscosity, flow, and foaming are resulting in increasing demand for water borne formulation in the architectural coatings market.
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Immense Growth in Construction Sector Boosting Demand for Architectural Coatings?
Growth in people migrating to urban areas is resulting in the development of affordable housing and infrastructure by the construction industry. This is driving the demand for various equipment and architectural coatings materials used in the construction of residential as well as commercial complexes.
China, India, and the US are likely to see a significant growth in construction in the near future, according to the report named Global Construction 2030, by expert team from Global Construction Perspectives and Oxford Economics. As per the report, India is likely to grow twice as fast as China by 2030. Meanwhile, most of the construction growth in the US is expected to tilt towards the southern states.
The demand for exterior architectural coatings to protect a building from moisture, UV radiations, and microbes is increasing. Moreover, the growing demand for a greater variety of colours, with better consistency and durability is also resulting in manufacturers providing a wide range of eco-friendly, higher quality architectural coatings. Furthermore, increasing inclination towards renovation of existing construction is also driving demand for both interior and exterior architectural coatings.
Key Segments Covered
By Resin Type :
· Acrylic Architectural Coatings
· UV Curable Resins Architectural Coatings
· Fluoropolymers Architectural Coatings
· Urethane Architectural Coatings
· Metallic Additive Architectural Coatings
· Other Architectural Coatings (epoxy, polyalkyds and amines)
By Formulation Type :
· Solvent Borne Architectural Coatings
· Water Borne Architectural Coatings
By Application :
· Architectural Coatings for Residential Applications
· Architectural Coatings Non Residential Applications
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The leading players in the market are focusing on global expansion with new product launches, acquisitions, and opening new facilities in various countries.
· PPG Industries Inc., one of the top 6 players with focus on acquisition and enhancing distribution capabilities has acquired ProCoatings, architectural coatings and paint wholesaler in The Netherlands. Moreover, the company is also developing new distribution center for architectural paint and coatings in Texas.
· Another major player, Sherwin Williams has introduced Minwax performance series with redesigned color palette and interior stain design center.
· Meanwhile, Axalta has also opened world’s largest coatings research and development center in Philadelphia.
Key Companies Profiled
· PPG Industries
· Akzo Nobel
· 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
· BASF Coatings
· Kansai Paint Co. Ltd
· Asian Paints Ltd
· Behr Process Corp
· Benjamin Moore & Co.
· Nippon Paint (USA)
· Dunn-Edwards Corporation
· Ennis-Flint, Shawcor Ltd
· Kelly-Moore Paint Co., Inc.
· Cloverdale Paint Inc.
· Dow Coatings
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Environmental Concerns Increasing Application of UV Curable Resins?
In recent years, there has been a rise in the use of radiation curing technology for buildings, interior and exterior coatings. Hence, the demand for UV curable resins in the architectural coatings has increased. Moreover, increasing environmental concerns and on-going legislation to limit emission from VOC is leading to the growing demand for UV curable fluorine-containing resins.
Architectural coatings manufacturers across the globe are also upgrading their operations to develop water-based UV curable coating. Combining eco-friendly properties of water-based formulas and fast curing time by UV system, manufacturers are providing high performance and strong chemical resistance. Thus, UV curable resins are expected to procure more than 40% market share for architectural coatings.
Key Takeaways from the Market Study
· By resin type, UV curable resins expected to hold 40% market share for architectural coatings.
· By application type, residential sector expected to account for more than 50% market share for architectural coatings.
· Architectural coatings industry expected to possess nearly 35% market share throughout North America.
· Architectural coatings industry expected to possess nearly 45% market share throughout Asia Pacific.
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