DUBLIN — A report released by Research and Markets predicts that the architectural coatings market will grow from $65 billion in 2018 to $82.4 billion by 2023, growing at a compound annual growth rate (CAGR) of 4.9% between 2018 and 2023. The market in APAC is witnessing high growth, which is expected to continue in the near future because of increasing residential construction and improved home remodeling practices along with rising per capita paint consumption.
Better economic growth and higher incomes in the last few years have resulted in the construction of new homes and remodeling of old ones. Architectural coatings for residential construction applications include new paint and repainting. These coatings mainly include architectural and functional products, such as paints, stains, lacquers, primers and cleaners. New paint is mainly associated with newly built residential construction, which includes both interior and exterior application areas. This drives the demand for residential architectural coatings.
According to the report, APAC is projected to be the fastest-growing market, in terms of both volume and value, during the forecast period. APAC is estimated to account for the largest share, in terms of both volume and value, of the overall market in 2018. The growing population and economic growth drive the market in the region. Both residential and non-residential sectors are expected to grow in China and India during the forecast period, which, in turn, will drive demand for architectural coatings in this industry.
For more information about the report, visit https://www.researchandmarkets.com/publication/mzrjg4epd/4764918.