Report Predicts Architectural Coatings Market to Reach $87.5 Billion by 2025
PUNE, India - Transparency Market Research has published a new study that reports the global architectural coatings market was valued at $53.264 billion in 2016 and is estimated to reach $87.5 billion by 2025, expanding at a compound annual growth rate (CAGR) of 5.7% between 2017 and 2025.
Architectural coatings are coatings that provide protection to the surface and enhance its appearance. They are applied to commercial and residential buildings. These coatings protect surfaces from elements such as moisture, UV radiation and microbes. Major types of architectural coatings are paints, primers, stains, lacquers and varnishes. Architectural coatings include paints and specialty coatings for floors, roofs, walls, ceilings, concrete surfaces, and other building and construction applications. Reconstruction and renovation activities in the building and construction sector are propelling the global architectural coatings market.
Demand for architectural coatings is primarily driven by the requirement for new buildings in the non-residential sector and renovation activities across the globe. Furthermore, the rising need for sustainable products in interior applications and for low-odor and higher durability coatings is boosting the demand for architectural coatings with low VOC emissions. The increasing amount of new housing construction will fuel growth in the architectural coatings market. Growth will be supported by increases in residential maintenance activities, which usually involve recoating existing structures. Increasing public awareness regarding coatings with low VOCs and the implementation of safety regulations are factors that significantly contribute to growth of the architectural coatings market. Increasing disposable income is also considered a propelling factor for the global architectural coatings market.
In the report, the architectural coatings market is segmented in terms of resin, technology end-user and geography. The resin segment is categorized into acrylics, alkyds, polyurethane, vinyl/styrene and others. The technology segmentation covers waterborne technology, solventborne technology and others. The architectural coatings market, by end use, has been categorized into residential and non-residential that includes both new building and reconstruction.
The regional analysis of global architectural coatings market includes the current and forecast consumption of architectural coatings in North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. In North America, acquisition strategies of the top three manufacturers, The Sherwin Williams Co., AkzoNobel and PPG, have a significant impact on the architectural coatings market, with major contributions from the United States and Canada. Stringent regulations in Europe associated with the emission of VOCs are projected to boost the demand for architectural coatings in the region in the next few years.
Although countries such as Germany, France and the UK are matured, the architectural coatings market is expected to be propelled by the high demand from renovation activities. Countries in Eastern Europe are expected to have attractive growth opportunities owing to the active construction sectors. Asia-Pacific remains an area of high activity for the architectural coatings market due to the rising population in emerging economies in China and India. The rapid expansion of the building and construction industry in Latin America is propelling the architectural coatings market in that region. The Middle East and Africa is a highly attractive market for architectural coatings, and solid construction activities in Qatar and Saudi Arabia are anticipated to propel the architectural coatings market in that region.
For additional information about the report, titled Architectural Coatings Market (Resin: Vinyl/Styrene, Acrylics, Alkyds, Polyurethane, Others; Technology: Water-based, Solvent-based, Others; End-User: Residential (New Building, Reconstruction) and Non-Residential (New Building, Reconstruction)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025, visit https://www.transparencymarketresearch.com/architectural-coating-market.html.