Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The architectural coatings market was valued at US$ 67.7 billion in 2022. The market is expected to increase at a CAGR of 5.2% from 2023 to 2031. Architectural coatings market is expected to reach US$ 107.0 billion during the forecast period. The development of low-emission coatings and the reduction of volatile organic compounds (VOCs) will continue to grow. Coating formulations that incorporate sustainable and biobased raw materials will significantly rise demand in growing years.
Self-healing coatings, which can repair minor damages, are being developed. Coatings that are responsive to external stimuli, such as heat, light, and humidity, are incorporated into products. Coatings made with nanotechnology are more durable, weather-resistant, and perform better.
In addition to providing antimicrobial properties, nanocoatings can also perform self-cleaning functions. Architectural coatings can now be custom designed using digital printing technology. A higher degree of precision in printing and better color matching has been achieved.
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Key Findings of the Market Report
- Asia Pacific held a significant share of the market in 2022.
- In terms of resin, acrylic segment demand is expected to grow in the next few years.
- Based on technology, water-based architectural coatings are expected to become more popular in the future.
- Buildings designed for residential use are expected to generate a market for architectural coatings in the years to come.
Global Architectural Coatings Market: Growth Drivers
- The construction industry is growing rapidly, both residentially and commercially, which makes architectural coatings one of the most widely used products. With the rapid construction and renovation of buildings, coatings are becoming more important to protect and enhance the appearance of buildings. Urbanization continues to increase demand for architectural coatings. As urbanization increases, new infrastructure and housing needs arise, leading to a growth in coatings manufacturing.
- Increased awareness of environmental issues and tighter regulations are leading to a rise in the use of volatile organic compounds (VOCs) and other harmful chemicals in coatings. Sustainable or green coatings are often described as being environmentally friendly. The coatings industry continues to develop innovative products that are more reliable, durable, and easy to apply because of ongoing research and development.
- An increase in disposable income can lead to more spending on home improvements and renovations, increasing the need for architectural coatings in emerging markets. As existing structures need to be maintained and painted regularly, architectural coatings are in high demand.
- Temperatures and humidity extremes, as well as exposure to harsh elements, drive the need for weather-resistant coatings. A higher demand for specialized coatings may exist in areas prone to severe weather events.
- Infrastructure development programs and government initiatives can have a significant impact on the architectural coatings market. To protect and enhance the aesthetics of large-scale projects, coatings are often used extensively.
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Global Architectural Coatings Market: Regional Landscape
- Asia Pacific region is expected to boost demand for architectural coatings in the market. Construction activity heavily influences the demand for architectural coatings. As residential and commercial construction projects increase, coatings demand generally rises. Remodeling and renovation play a significant role in architectural coating demand. Homeowners and businesses to improve their interiors or exteriors commonly use coatings.
- Rising disposable incomes and economic growth is expected to drive demand for architectural coatings in the market. Inflammable organic compounds (VOCs) and environmental regulations can affect the formulation of products and the growth of the market.
- Innovating coating technologies, such as eco-friendly formulations and low-VOC formulations, can influence consumer preferences. Construction activity and home sales can have an impact on architectural coatings demand.
Global Architectural Coatings Market: Key Players
Research and development in architectural coatings is on the rise as companies operate in the sector to produce high-quality architectural coatings, such as architectural powder coatings and architectural metal coatings.
Architectural coating manufacturers also need to launch new products and get approvals. Leading players adopt inorganic growth strategies through subsidiary acquisitions and partnerships.
- Akzo Nobel N.V.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- RPM International Inc.
- Kansai Paints Co. Ltd.
- Axalta Coating Systems
- Kelly Moore Paint Co. Inc.
- Cloverdale Paint Inc.
- Behr Process Corp.
Key Developments
- In October 2023, BASF launched its ACRONAL MB acrylic binder portfolio for Architectural Coatings in North America. ACRONAL binders offer the same level of performance and quality. Bio-feedstocks are used instead of fossil-based raw materials in BASF's biomass balance approach, certified by REDcert2.
- In December 2023, DuPont announced the launch of a new line of printed Tedlar® PVF solutions and PVF coatings by Coryor Surface Treatment Company Ltd. and Nippon Paint Taiwan. With Tedlar®, an architectural application known for providing long-lasting aesthetic protection, a building's appearance can be preserved and extended for many decades.
Global Architectural Coatings Market: Segmentation
By Resin
- Vinyl/Styrene
- Acrylic
- Alkyd
- Polyurethane
- Others
By Technology
- Water-based
- Solvent-based
- Others
By End User
- Residential
- New Building
- Reconstruction
- Non-residential
- New Building
- Reconstruction
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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