TAGS: Architectural Coatings Powder Coatings
The market size of architectural coatings is projected to grow from USD 65.0 billion in 2018 to USD 82.4 billion by 2023, at a CAGR of 4.9% during the forecast period.
Market to Grow at a CAGR of 4.9%
The increasing demand from the construction industry, the rising per capita consumption in APAC, and environmentally friendly characteristic act as major drivers of the market. Growing investment in the emerging regions is a key factor providing growth opportunities to the market. However, stringent and time-consuming regulatory policies are restraining market growth.
Powder Coating Market
There is a growing requirement for durable, better weathering performance with robust mechanical properties, such as improved flexibility. From the architectural perspective, there is a growing interest in wood effects, which are achieved through sublimation print transfer. Moreover, there is a high demand for specialty finishes such as anodic imitation special effects, metallic effects, and smooth low glow gloss finishes. Hence, the demand for powder coating is high in the architecture industry.
Rising demand from emerging economies is expected to drive the architectural coatings market during the forecast period
APAC - Fastest-growing Market
APAC is expected to be the largest and fastest-growing architectural coatings market. The demand for architectural coatings has increased in other APAC countries, such as South Korea, Singapore, India, and Indonesia, as the residential construction activities in these countries have risen.
China has been the driving force for the rapid expansion of the paints & coatings market, not only in APAC but also worldwide. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the architectural coatings market growth.
Key players profiled in the architectural coatings market report include The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), Kansai Paints Co., Ltd. (Japan), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan).
Source: M&M