TAGS: Architectural Coatings
According to a new report by Fact.MR, the global sales of architectural coatings to overpass USD 121,000 million by registering a CAGR of 4.5% in the forecast period 2022-2032. Architectural coatings are designated to provide protective and decorative layers on architecture in both exterior and interior applications. Most of the architectural coatings are typically applied using rollers, sprayers, brushes and other applications.
Demand for Water-borne Formulations
From 2017 to 2021, the sales of architectural coatings exceeded USD 77,888 million by the end of the aforementioned period. The coronavirus pandemic affected the demand and supply chain for businesses across the globe. Due to restrictions on movements, the construction industry witnessed a major setback. This, in turn, affected the demand for architectural coatings. As the world is getting back to normal, the sales of architectural coatings are expected to increase.
With the emergence of stringent regulations on VOC emission, paint and coating manufacturers are shifting their focus from solvent-borne coatings to water-borne coatings. Also, around 80% of household paints sold today are water-based paints, as per the Paint Quality Institute.
Advances in additives and resin technologies to overcome the performance issues of water-based coatings like viscosity, flow, and foaming are resulting in increasing demand for water-borne formulation in the architectural coatings market.
Key Takeaways from Architectural Coatings Market Study
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By resin type, UV curable resins expected to hold 40% market share for architectural coatings
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By application type, residential sector expected to account for more than 50% market share for architectural coatings
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Architectural coatings industry expected to possess nearly 35% market share throughout North America
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Architectural coatings industry expected to possess nearly 45% market share throughout Asia Pacific
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China, India, Turkey, Germany and Spain are the top five countries driving demand for architectural coatings
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Growing inclination towards renovation and use of eco-friendly products is increasing the demand for architectural coatings,” stated a Fact.MR analyst.
Source: Fact.MR