Global Exterior Architectural Coating Market: Snapshot
The global exterior architectural coating market is anticipated to rise at a telling level of growth in the foreseeable future due to increasing construction assignments in developing countries such as Brazil, India, Singapore, and China. In 2015, the market had demonstrated a decent growth. Moving further, the market could ride its growth on the surge in industrial expansion and high demand for residential architectural coating. Bitter weather conditions, storm, foreign particles, extreme temperatures, and UV radiations are some of the primary reasons for the increasing application of exterior architectural coating on building surfaces.
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Another key factor predicted to augment the demand in the global exterior architectural coating market is the growing requirement of developing infrastructure in evolving economies such as Thailand, Indonesia, and Malaysia apart from the aforementioned ones. This had attracted several public-private partnerships, foreign direct investment (FDI), and increasing government spending, totaling an additional boost to the growth of the overall market.
Novel technologies with different formulations, for instance, waterborne, developed by businesses such as AkzoNobel, PPG Industries, and Sherwin-Williams are prophesied to raise the expectations of growth in the global exterior architectural coating market. Most of these technologies are prognosticated to possess anti-odor and antibacterial properties. Environment-friendly products offering top-quality finishes could unveil new avenues in the market. This could be brought about by increasing research and development investments by leading players such as Nippon Paint. In 2015, in order to meet the demands in China, Axalta Coating Systems had built a new waterborne coatings plant in Shanghai.
Global Exterior Architectural Coating Market: Summary
In order to protect architectural designs from corrosion, impact and abrasion, exterior architectural coating is a must. These coatings offer longevity to buildings and provide desired protection from harsh environmental conditions.
Based on resin type, the market can be segmented into acrylic, alkyd, epoxy, polyurethane, polyester, and other. In terms of technology, water based and solvent based are the two segments of the market. On the basis of application, the market can be further classified into non-residential and residential.
The report offers an in-depth analysis of market segments and competitive landscape. It also provides drivers and restraints of the global exterior architectural coating. It also profiles key players in the market based on various attributes such as business strategies, company overview, financial overview, and recent developments.
Global Exterior Architectural Coating Market: Trends and Prospects
Shifting preference of consumers towards eco-friendly waterborne architectural coating, easy availability, and a wide variety of paints formulations are factors that will drive demand growth of the global exterior architectural coating market. These coatings are known to offer protection to buildings from extreme temperatures, severe weather conditions, UV radiations, foreign particles and storms, which is expected to supplement the demand. Fluctuating prices of raw materials such as pigments, titanium dioxide, and resins will limit the growth of the said market during the forecast period.
Based on application, the residential segment of the market is set to witness a high growth over the forecast period. The factors such as increase in disposable income, strong economic growth, improved standard of living coupled with rapid urbanizations is expected to supplement the demand growth of the market over the forecast period. Whereas, based on technology, water based segment is the chief contributor to the market. The demand for this segment is high in comparison due to its easier blending, higher opacity, accurate mixing, superior metallic control, easier application, and cleaning properties. Acrylic segment based on resin type is expected to account for a large market share in the forecast period. Improved flow, superior aesthetics, high UV resistance, durability, weather ability, stain resistance performance, and low cost are some of the factors that increase the demand growth of this segment.
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Global Exterior Architectural Coating Market: Regional Analysis
The global exterior architectural coating market can be classified on the basis of geography into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is the key contributor to the market share, and is expected to drive the market growth in the forecast period. Due to the presence of manufacturing giants in the region, Asia Pacific is deemed to grow. In addition, key companies of North America and Europe are moving their production facility to this region, thereby supplementing the market growth.
Though, the Middle East and Africa and Latin America have not shown a considerable rise in the market overall in given past, but on account of significant development of infrastructural facilities and rising construction of residential and commercial spaces to cater to the increasing demand for houses and offices, these regions are expected to drive the growth of the industry in the said period.
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Global Exterior Architectural Coating Market: Competitive Landscape
RPM International, Arkema SA, Kansai Paint, BASF, Nippon Paint, Benjamin Moore, Cromology, Diamond Vogel, Cabot Corporation, Dow Chemical Company, AkzoNobel, PPG Industries, Sherwin-Williams, Berger Paints, DAW SE, Valspar Corporation, Axalta Coating Systems, and Jotun are some of the prominent players in the global exterior architectural coating market.