The global architectural coatings market is expected to reach $81,861 million by 2022 from $57,270 million in 2015, growing at a CAGR of 5.6% from 2016 to 2022. Architectural coatings, also referred to as decorative coatings, are coating formulations used to coat buildings and homes. The term architectural coatings cover a wide range of different coatings like varnishes, paints, primers, sealers, inks, ceramics, and several others. As they are applied on interior & exterior walls, floor, and ceilings of buildings, architectural coatings should be resistant to certain factors such as moisture, heat, changing weather, chemicals, and similar others.
The global architectural coatings market is driven by the construction boom, especially in the emerging economies of Asia-Pacific region. In addition, changing consumer preferences and growing awareness among people regarding the safety and VOCs emissions from architectural coatings is also driving the market. Apart from that, the shift from solvent borne to water borne coating formulations will also contribute to the growth of global architectural coatings market during the forecast period. However, stringent government regulations against the harmful VOCs emitted by certain architectural coatings may hinder the growth of market. The adoption of green coatings being developed is expected to create several growth opportunities for the market. These coatings comply with the norms of regulatory bodies regarding the safety and VOC emissions. Government support towards these coatings will drive their adoption in the future. Moreover, expanding application areas of nanocoatings will also create opportunities for growth.
Segment Review: Architectural Coatings Market
The global architectural coatings market is segmented based on resin type, technology, end-use industry, function, and geography. Based on resin type, the market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, urethane, and others including PTFE & PVDF. According to technology, it is divided into solvent borne and water borne. On the basis of end-use industry, it is bifurcated into residential and non-residential. Based on function, the market segmentation includes ceramics, inks, lacquers, paints, powder coatings, primers, sealers, stains, and varnishes.
Top Investment Pocket
The varnishes segment has witnessed the maximum growth owing to increase in construction activities worldwide. The varnishes segment generated highest revenue from the Asia-Pacific region owing to the construction boom in that region as a result of increased population and rapid industrialization and urbanization. In addition, the inclination of general public towards more attractive and durable furniture will contribute to the growth of this segment. Moreover, powder coatings is anticipated to be the second choice of any market player due to its property of emitting low VOCs. Several regulatory bodies such as REACH and EPA are supporting the use of powder coatings to reach low VOC emission rates.
Top Investment Pockets
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The increase in infrastructural activities in the developing nations of Asia-Pacific like China, Korea, Japan, and India have contributed to the growth of architectural coatings market in the Asia-Pacific region. Asia-Pacific dominated the market in 2015 and is projected to maintain its lead throughout the forecast period, growing with the highest CAGR.
Global Architectural Coatings Market, By Geography
Turkey is expected to the fastest growing nation in the global architectural coatings market due to a rapid rise in the construction sector after the earthquake. The rise in infrastructural activities, especially in the tourism sector will support the growth of architectural coatings market in Tukey.
Turkey Architectural Coatings Market, 2014-2022 ($Million)
Top players operating in the architectural coatings market include PPG Industries, Asian Paints, Nippon Paints, The Sherwin-Williams Company, Axalta Coatings, RPM International Inc., The Valspar Corporation, Midwest Industrial Coatings Inc., Sumter Coatings, and BASF SE.
Other major players in the architectural coatings market (not included in the report) are AzkoNobel, Prisum Coatings Canada Inc., Helios Group, A&A Coatings, Kansai Paint Co., RockSolid Industrial, LINE-X UK, Single Source, Inc., Michelman, Inc., and IFS Coatings.
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