ID: MRFR/CnM/3330-HCR | February 2021 | Region: Global | 135 pages
The Architectural Coatings Market is been projected to grow from the USD of 65.0 billion in the year 2018. It is expected to reach the value of USD 82.4 billion by the forecasting period of 2023 with a CAGR of 4.9%. The global Architectural Coatings Market is getting better because of the driving force of the development in the technology, advancement in the applications are the main drivers for the Architectural Coatings Market Growth. There is also much important development that created the demand for the growth of the Architectural Coatings Market. They are increasing the investment in the infrastructure, growing the awareness about green and environmentally friendly coatings.
Architectural coatings are the paints and coatings that are used in coating buildings and homes. There are many features available because of using the Architectural Coatings Market. they are these coatings provide and prevent the layers from the corrosion and rusting of the metal parts of the tanks, radiators, fences and add the durability layer for both the interior and the exterior. This can be used in wall paintings, wood floorings and also in sculpture and furniture.
The outbreak of the pandemic across the globe has created many drastic changes in the market. There are a lot of losses that happened because of the outbreak of the pandemic. Due to pandemic spread, people are not allowed to come out of their houses and are also advised to maintain social distance, so that they can stop the spread of the pandemic. There was no transport available and raw materials for the industry. This has caused the industries to get low. Due to this huge loss, small scale industries are suffering and wishing to get the merging option with the medium-sized industries. The Architectural Coatings Market Growth was also stopped because of the outbreak of the pandemic.
Many driving factors pave the way for the growth of the Architectural Coatings Market Size. In recent days due to the development in the constructional sector, there are a huge number of commercial buildings which also adds growth to the Architectural Coatings Market Share. In addition to that this has created the demand not only for the paints but also for the coatings. Because of the knowledge about waterproof coatings, the demand has been increased in recent days. The durability of the coatings, when compared to the painting, is high. This has also created growth in the Architectural Coatings Industry.
The growth opportunity of the Architectural Coatings Industry is that awareness about green and environment-friendly products in recent times has become high. Due to this, there is an increase in the growth opportunity. People are getting the awareness about the coatings benefit and its long term durability are some of the opportunities which drive the growth of the Architectural Coatings Market Value. The use of waterproof coatings to avoid the metallic rust of the buildings also gains the growth opportunity.
The main restraining factor of gaining the Architectural Coatings Market Revenue is the changes in the cost of the raw materials and also the cost of the products in the market after the outbreak of the pandemic. due to the demand which created the demand for the raw materials, there is a fluctuation in the cost of the raw materials. this had created a negative impact on the Architectural Coatings Market.
The challenge which is faced by the growth in the Architectural Coatings Market is the less awareness among the people with the benefits of using the architectural coatings. The supply of the raw materials because of the outbreak of the pandemic and the cost-effectiveness of using the coatings are some of the challenges faced by the key players. To rectify all these issues the key players are in need to explain about the benefits of using the coating to the buildings had become a challenge.
Cumulative growth analysis
The overall growth analysis of the Architectural Coatings Market is bringing a positive note for the development of the market. Due to the spread of the pandemic, there are many restraining factors like the demand for the supply of raw materials and fluctuation of the cost of the products. But the awareness among the people and the benefits of using the Architectural Coatings Market in the construction has positively made the growth. The increase in the construction sector in recent days also drives the growth of the Architectural Coatings Market.
Value chain analysis
Because of the outbreak of the pandemic across the globe people are suffering to get back to their position. Likewise, many industries had lost their income because of the outbreak of the pandemic. Both the small scale and the large scale are drastically facing the loss. But it is expected that the growth of the Architectural Coatings Market will be great in the forecasting period.
Market segment overview
The Middle East and Africa
The competitive landscape is the analysis of the key players. The key players are giving their best in providing the consumers with great products. Due to the spread of the pandemic, the key players are at a great loss, so it takes time to rectify the loss and reach the market again. The key players are expecting the investors to grow their market value and reach the market again in the future.
To create the demand for the coatings in the regions the key players are providing awareness about the beneficiary things of using the coatings in the buildings.
Global Architectural Coatings Market Share, by Application 2016 (%):
The Asia Pacific region is the largest shareholding region with many developing countries of the constructional sectors. These countries are Japan, China and India. This is the growth of the Asia Pacific is because of the help of the government organisations and also because of the interest of the people to beautify their interiors.
The second place of the Architectural Coatings Market is for North America. This is because the consumer is aware of the benefits of using the coatings when compared to the paint. The main driving force of the North American market is the countries like the US, Mexico and Canada. This is because of the people's interest in knowing the awareness about the industries.
The European region is expected to gain growth in the upcoming years. The European region had faced many losses in the past because of the scarcity of raw materials in Europe. So the key players are interested in extending their market value.
|Market Size||2030: Significant value|
|CAGR||2022-2030: 6.20% CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Technology, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF Coatings GmbH (Germany), PPG Industries Inc. (the U.S.), AkzoNobel N.V. (the Netherlands), Kelly-Moore Paint Company, Inc. (the U.S.), The Sherwin-William Company (the U.S.), The Valspar Corporation (the U.S.), Nippon Paint Co Ltd (Japan), RPM International Inc. (the U.S.), Kansai Paint Co., Ltd (Japan), Asian Paints Ltd (India)|
|Key Market Opportunities||expanding government support for development extending in the urban territories, rising white collar class populace spending to enhance expectations|
|Key Market Drivers||Growing overhaul and remaking practices in both residential and non-residential structures|
Frequently Asked Questions (FAQ) :
Acrylic, Epoxy, Polyurethane, and Polyester are the four major types of architectural coatings, which are used in the paint & coating applications mainly in the construction sector.
Consistent development of the construction industry.
Asia Pacific holds the largest share in the global architectural coatings market followed by North America and Europe, respectively.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Architectural coatings market adopt to gain a larger competitive advantage.
PPG Industries Inc. (US), BASF Coatings GmbH (Germany), AkzoNobel N.V. (the Netherlands), The Sherwin-William Company (US), Kelly-Moore Paint Company, Inc. (US), The Valspar Corporation (US), RPM International Inc. (US), Nippon Paint Co Ltd (Japan), Kansai Paint Co., Ltd (Japan), and Asian Paints Ltd (India), are some of the leading players in the global Architectural coatings market.