DUBLIN — Amid the COVID-19 crisis, the global market for architectural coatings, which is estimated at $67.9 billion in the year 2020, is projected to reach a revised size of $89.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 4% over the period of 2020 to 2027. The information is presented in a new study available from Research and Markets. Acrylic, one of the segments analyzed in the report, is projected to record a 4.3% CAGR and reach $54 billion by 2027. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the alkyd segment is readjusted to a revised 3.7% CAGR for the next 7-year period.

The architectural coatings market in the United States is estimated to reach $18.3 billion in 2020. China, the world`s second-largest economy, is forecast to reach a projected market size of $19.2 billion by the year 2027 with a CAGR of 7.2% over the period of 2020 to 2027. Among the other noteworthy geographic markets, Japan and Canada are forecast to grow at 1.2% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR.

In the global epoxy segment, United States, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets are estimated to account for a combined market size of $4.6 billion in 2020 and will reach a projected size of $5.9 billion by the close of the analysis period. China will remain among the fastest growing markets in this group. With countries such as Australia, India and South Korea leading the way, the market in Asia-Pacific is forecast to reach $12.7 billion by the year 2027, while Latin America will expand at a 5.1% CAGR through the analysis period.

The 279-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed. Learn more about the report, Architectural Coatings - Global Market Trajectory & Analytics.