Architectural Coatings Market Projected to Reach $89.3 Billion by 2027
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.