The global architectural coatings market is experiencing high growth riding on the back of huge demand in the Asia Pacific region, rapid technological progress, and rising number of applications. Increased spend on various infrastructural activities, emergence of green technologies, strict environmental regulations, and improved purchasing power is likely to support growth of the global architectural coatings market in the years to come.
The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., RPM International Inc., PPG Industries, Inc., Asian Paints Limited, and Masco Corporation are some of the companies profiled in the global architectural coatings market.
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Transparency Market Research has prepared a comprehensive report on the global architectural coatings market, for the period 2017 to 2025. The report estimates that the global architectural coatings market is likely to expand at 5.7% CAGR. The market is estimated to reach US$ 87,500.4 Mn through 2025.
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Driven by Increased Refurbishment Activities, Asia Pacific to Witness Rapid Growth
In terms of region, the global architectural coatings market is likely to witness dominance of Asia Pacific due to escalated refurbishment and construction activities in countries like China, Taiwan, Thailand, India, and Japan. Interior designing and beautification activities have been witnessing steady rise in its demand across commercial and residential sectors, thanks to the increased love for aesthetics. This love for interior decoration is likely to encourage growth of the architectural coatings market in the Asia Pacific. Furthermore, an increasing trend toward green construction together with huge spending on the infrastructural activities is observed in countries like Australia, which is likely to expand the size of the architectural coatings market in Asia Pacific.
In addition, growing popularity of various specialized coatings coupled with an emerging trend of making use of bio-based coatings is estimated to expand the size of architectural coatings market in Europe. The market in Europe is driven by the growing demand for architectural coatings in countries like Italy, Spain, and France.
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Increased Demand for Environment friendly Products Accentuates its Demand
The global architectural coatings market is estimated to witness expansion of its size due to extensive demand from the paints and coating industry. It is utilized for both interior and exterior applications in the paint and coatings industry. Progress made in the paint technology, particularly in acrylic formulations, offer an extensive range of waterproof coatings. Paints and coating applied on the exterior of a residence or a commercial building not only add to the aesthetics of the building but also protect it against heat, harsh winters, soaking rain and other adverse weather conditions.
Rise in the construction of residential buildings is estimated to open up avenues for development of the global architectural coatings market in the forthcoming years. Furthermore, rising demand for environment-friendly products has led to increased research and development activities so as to come up with innovative products. This further is likely to widen the scope of the market over the period of review.