The global architectural coatings market size was USD 85.0 billion in 2023 and is projected to reach USD 102.7 billion by 2028, at a CAGR of 3.9%, between 2023 and 2028. Due to the significant growth of the construction industry in Asia Pacific’s emerging markets, there is a high demand for architectural coatings. Environmental friendliness, durability, and a more aesthetically pleasing look promote usage in a variety of applications. The architectural coatings industry is hampered by stringent and time-consuming regulatory requirements. The primary reasons for offering market participants development possibilities include new construction activities, repainting, and increased investment in emerging countries and less regulated locations. The adoption of new technology, however, and the volatility of titanium dioxide pricing, are the key hurdles for market participants.
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Asia Pacific is a fast-expanding market with several potential for industry participants. The majority of the major companies in North America and Europe intend to relocate their manufacturing bases to this area because of the availability of low-cost raw materials, cheap production costs, and the desire to better serve local customers. The region’s desire for luxury items is expanding as the middle-class population grows. Government measures are also assisting the building and construction industry’s expansion. These factors are projected to have a significant impact on the architectural coatings industry. Asia’s impressive economic comeback from earlier this year is losing speed as a result of a weaker-than-expected second quarter. The IMF has dropped its forecast for Asia Pacific growth to 4% this year and 4.3% next year, much below the 5.5% average over the preceding two decades. Despite this, Asian economic growth remains positive in an otherwise declining global economy. A rapid tightening of financial conditions is raising government borrowing costs, which are expected to become considerably more restrictive as major advanced nations’ central banks continue to raise interest rates in order to limit the fastest-growing inflation in decades. Rapid currency depreciation may aggravate policy concerns. China’s rigorous zero-COVID-19 policy and related lockdowns, along with escalating turbulence in the real estate industry, have resulted in an unusually abrupt slowdown in GDP, which is eroding momentum in linked economies.
The architectural coatings market is categorized based on technology as waterborne, solventborne, and powder coatings technology. To cover the substrate with a film that has the appropriate protective, mechanical, optical, ageing, and adhesive qualities, many coating processes are applied. Dilute solutions of alkyd, polyester, epoxy, polyurethane, acrylic, vinyl, and other resins in volatile organic solvents are used in conventional organic coating technology. In typical coating formulations, the organic solvent encourages the proper flow characteristics, making the coating easier to apply. The solvent evaporates after application, leaving the resins and pigments to polymerize and create a dry coating. Cleaner coatings technologies utilized formulas of traditional organic coatings to lower VOC content or changes to application or curing procedures that allow for reduced, or in some cases, zero VOC content. Cleaner technologies also reduce paint waste by improving the coating transfer efficiency of the substrate.
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The architectural coatings market is segmented based on resin type into acrylic, alkyd, polyurethane, vinyl resin, and others. Acrylic is the most extensively used resin because of its strength, stiffness, superior solvent resistance, flexibility, impact resistance, and hardness. They increase surface qualities like appearance, adhesion, and wetting while also providing corrosion and abrasion resistance. The coating process includes the application of paints and coatings to a substrate composed of one or more layers of functional ingredients in the form of liquids, gases, or solids. A surge in building and construction activity is predicted to propel the acrylic resin-based architectural coatings industry during the next five years. In addition, as the need for powder coatings for diverse applications grows, so will the demand for polyester-based powder coatings.
Architectural Coatings Companies
The architectural coatings market has various small, medium, and large players. Some of the major market players are The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the architectural coatings market over the next five years.
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