A Comprehensive Analysis of the Architectural Coatings Market: Trends, Drivers, and Opportunities

Architectural Coatings Market Industry Leaders

The global architectural coatings market size is projected to grow from USD 85.0 billion in 2023 to USD 102.7 billion, at a CAGR of 3.9%. The demand for architectural coatings has a significant impact on developments in the architecture and construction sector as well as the expanding economy. To enhance their worldwide footprint and sustain development in the architectural coatings industry, the businesses have used a variety of methods, including investment and expansion, merger and acquisition, new product releases, and joint ventures.

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Browse?180 market data Tables and?70 Figures spread through?260 Pages and in-depth TOC on "Architectural Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology (Waterborne, Solventborne), Coating Type (Interior and Exterior), User Type (DIY and Professional), Application, and Region - Global Forecast"

In 2022, Asia Pacific held the bulk of the value share of the global architectural coatings market. During the forecast period, both the residential and non-residential sectors in China and India are expected to grow, which is expected to drive demand for architectural coatings in this region. China has been a driving factor behind the rapid growth of the architectural coatings industry in the Asia Pacific region and globally. Revenue in the building construction business increased at a 4.8% annualized pace to USD 2.5 trillion over the five years to 2021. The Asia Pacific architectural coatings industry is being driven by factors such as a large and growing addressable population base and rapidly expanding building activity.

Architectural coatings are applied to the inside and outside surfaces of residential, commercial, institutional, or industrial facilities at room temperature. These coatings are categorized based on their aesthetic and protective applications. Weather resistance, washability, low VOC, anti-fungal, and anti-dampening properties are all provided by the topcoat and base coat. Emerging-market economic development, greater infrastructure investment, stringent environmental regulations, expanding purchasing power, and higher demand for green and ecologically friendly coatings are driving market growth.

There are various small, medium, and large players operating in the market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries , Inc (US), 阿克苏诺贝尔 N.V. (The Netherlands), 巴斯夫 Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co.,Ltd (Japan), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (US), Masco Corporation (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.

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PPG Industries, Inc: PPG Industries, Inc. is a paint, coatings, optical goods, speciality materials, glass, and fibreglass manufacturer located in the United States. The corporation is divided into three business segments: performance coatings, industrial coatings, and glass. It serves a variety of end-use sectors, including building, consumer products, industrial, and transportation. Under its industrial coatings sector, the firm provides vehicle coatings. It operates in 156 countries in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. ???????????

The Sherwin-Williams Company: Sherwin-Williams is a diverse coatings firm that is an essential supplier of high technology waterborne?and powder coatings for the worldwide OEM industry, with 15 production and 79 facility sites in the United States, Canada, Mexico, and China. Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson's Water Seal are among the names included in the company's product line. Sherwin-Williams maintains a large client base and is present in many countries in Europe, North America, Asia Pacific, and other regions.

Architectural Coatings Market Industry New Revenue Pockets

The global architectural coatings market size was USD 85.0 billion in 2023 and is projected to reach USD 102.7 billion by 2028, at a CAGR of 3.9%, between 2023 and 2028. Due to the significant growth of the construction industry in Asia Pacific's emerging markets, there is a high demand for architectural coatings. Environmental friendliness, durability, and a more aesthetically pleasing look promote usage in a variety of applications. The architectural coatings industry is hampered by stringent and time-consuming regulatory requirements. The primary reasons for offering market participants development possibilities include new construction activities, repainting, and increased investment in emerging countries and less regulated locations. The adoption of new technology, however, and the volatility of titanium dioxide pricing, are the key hurdles for market participants.

Asia Pacific is a fast-expanding market with several potential for industry participants. The majority of the major companies in North America and Europe intend to relocate their manufacturing bases to this area because of the availability of low-cost raw materials, cheap production costs, and the desire to better serve local customers. The region's desire for luxury items is expanding as the middle-class population grows. Government measures are also assisting the building and construction industry's expansion. These factors are projected to have a significant impact on the architectural coatings industry. Asia's impressive economic comeback from earlier this year is losing speed as a result of a weaker-than-expected second quarter. The IMF has dropped its forecast for Asia Pacific growth to 4% this year and 4.3% next year, much below the 5.5% average over the preceding two decades. Despite this, Asian economic growth remains positive in an otherwise declining global economy. A rapid tightening of financial conditions is raising government borrowing costs, which are expected to become considerably more restrictive as major advanced nations' central banks continue to raise interest rates in order to limit the fastest-growing inflation in decades. Rapid currency depreciation may aggravate policy concerns. China's rigorous zero-COVID-19 policy and related lockdowns, along with escalating turbulence in the real estate industry, have resulted in an unusually abrupt slowdown in GDP, which is eroding momentum in linked economies.

The architectural coatings market is categorized based on technology as waterborne, solventborne, and powder coatings technology. To cover the substrate with a film that has the appropriate protective, mechanical, optical, ageing, and adhesive qualities, many coating processes are applied. Dilute solutions of alkyd, polyester, epoxy, polyurethane, acrylic, vinyl, and other resins in volatile organic solvents are used in conventional organic coating technology. In typical coating formulations, the organic solvent encourages the proper flow characteristics, making the coating easier to apply. The solvent evaporates after application, leaving the resins and pigments to polymerize and create a dry coating. Cleaner coatings technologies utilized formulas of traditional organic coatings to lower VOC content or changes to application or curing procedures that allow for reduced, or in some cases, zero VOC content. Cleaner technologies also reduce paint waste by improving the coating transfer efficiency of the substrate.

The architectural coatings market is segmented based on resin type into acrylic, alkyd, polyurethane, vinyl resin, and others. Acrylic is the most extensively used resin because of its strength, stiffness, superior solvent resistance, flexibility, impact resistance, and hardness. They increase surface qualities like appearance, adhesion, and wetting while also providing corrosion and abrasion resistance. The coating process includes the application of paints and coatings to a substrate composed of one or more layers of functional ingredients in the form of liquids, gases, or solids. A surge in building and construction activity is predicted to propel the acrylic resin-based architectural coatings industry during the next five years. In addition, as the need for powder coatings for diverse applications grows, so will the demand for polyester-based powder coatings.

The architectural coatings market has various small, medium, and large players. Some of the major market players are The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the architectural coatings market over the next five years.