Transparency Market Research has published a new report titled “Architectural Coatings Market (Resin: Vinyl/Styrene, Acrylics, Alkyds, Polyurethane, Others; Technology: Water-based, Solvent-based, Others; End-User: Residential (New Building, Reconstruction) and Non-Residential (New Building, Reconstruction)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025” According to the report, the global architectural coatings market was valued at US$ 53,264.4 Mn in 2016 and is estimated to reach US$ 87,500.4 Mn by 2025, expanding at a CAGR of 5.7% between 2017 and 2025.
Architectural coatings cover a large category of applications such as interior and exterior house paints, primers, varnishes and stains. Architectural coatings are used to protect the surface and enhance its properties. Architectural coatings can be formulated using various types of resins such as acrylics, alkyds, polyurethane, vinyl/styrene etc. The architectural coatings market is in a better place in recent days because of the improvements in the housing formation, especially from the home decoration sector. One of the most important trends for architectural coatings is greener products. Consumers are looking to buy products featuring low odor and low volatile organic compounds (VOC).Architectural coatings can be applied to both commercial and residential buildings. The rise in construction of new homes and the house modifications are factors driving the global architectural coatings market. Architectural market is segmented in terms of resin, technology, end user and geography.
In terms of market share as well as growth potential, Asia Pacific dominated the global architectural coatings market in 2016, contributing a significant market share of revenue. In the next few years, Asia Pacific is likely to remain an attractive market for architectural coatings. Rising demand for attractive furniture and maintenance and repair of the same are factors expected to augment the demand for architectural coatings in the region in the near future. The nature of emerging economies in the Asia Pacific region coupled with rise in population are expected to augment the growth of architectural coatings market. The architectural coatings market in North America is driven by the increase in demand for coatings with water-based technologies. Architectural coatings market in the Europe region is gaining popularity due to the presence of stringent regulations by REACH. Latin America and Middle East & Africa are estimated to witness high demand for architectural coatings in the near future owing to the attractive construction industry in these regions
Asia Pacific, with significant contribution from China dominated the global architectural coatings market in 2016. Rapid urbanization is fuelling the architectural coatings market in China. Demand from the furniture market and availability of resins such as polyurethane and acrylic are anticipated to have a significant influence on the architectural coatings market in India. The demand for special furniture and coatings is rising in Japan, as it is prone to natural calamities such as earth-quakes. In Europe, Germany held the dominant position for the architectural coatings market. France, Italy, Spain, and the U.K. collectively constituted a significant share in the architectural coating market in 2016. Innovation in coating products and the increasing consumer demand for specialized & sustainable coating solutions are driving the architectural coating market in Europe. In Latin America, Brazil accounted for a significant share owing to the new house buildings and increasing middle class income in the country.
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Key countries for the architectural coatings market in Middle East & Africa include the GCC, South Africa, and the rest of Middle East & Africa. The architectural coating market in the GCC remains highly attractive due to the construction activities in the region owing to the increasing new housing and the nature of emerging economies in Middle East & Africa
Major players in the architectural coatings market comprise Akzo Nobel N.V, BASF SE, PPG Industries, Inc., RPM International Inc. and The Sherwin Williams Company.