Architectural Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2027
Market Overview:
Architectural Coatings are used to coat and paint
the houses and buildings. The main functions of these coatings are adhesion,
wettability, corrosion resistance and weather shield. The architectural and
construction industry have been specifying and utilizing protective coatings
for decades. These coatings work to prevent deterioration caused by impact and
environmental factors to maintain durability and aesthetics while greatly
reducing maintenance costs and increasing the life of the finish.
A portion of the noticeable elements that
emphatically impact the development of Architectural Coatings Market are quick industrialization, expanding lodging for the
extending masses, and consistent development of construction industry. Fast
urbanization combined with expanding per capita discretionary cash flow in
rising economies are anticipated to drive the development of the market amid
the evaluation forecast period. Additionally, rising interest for inside
decorative coatings and expanding interest in construction activities is
further estimated to fuel the market development over the figure time frame.
Regional Analysis:
In Asia Pacific, nations are encountering rising
wages, enhancing ways of life and expanding residential establishment, while
work and creation costs remain moderately low. North America is relied upon to
enroll a better than expected development in the Architectural Coating Market
because of the developing ecological concerns and mindfulness with respect to
the unsafe parts of solvent based coatings. A combination of higher pricing of
raw materials and competitive coatings market outside EU has a huge impact on
Europe coatings market. It is anticipated that there will be a decline in the
growth of Architectural Coatings Market in EU. Paints and Coatings Industry in
Latin America is experiencing a decline in the demand due to the instability in
the regional economy.
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Competitive Players:
The key players in the Global Architectural Coating
Market are 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) and Asian Paints Ltd (India) among others.
Market Segmentation:
On the basis of type, the market is segmented into
acrylic, epoxy, polyurethane, polyester and others. Acrylic coating has major
end uses in the building and construction, aerospace, industrial, automotive,
marine and others. The properties such as adhesion to non-porous surfaces, good
storage and durability, and improved solubility which ensures ease in
application. It is anticipated that there will be a significant increase in the
growth of Acrylic Market ever since the industrial sector is burgeoning and
there is a need to safeguard industrial machinery and equipment. Epoxy Coating
generally consists of two parts which are mixed with epoxy resin and it cross
linked with coreactant or hardener. This process is called as curing in which
the liquid epoxy coating is converted into hard and durable epoxy coating after
application to a substrate. These coatings are famous for quick drying, tough
and protective coating. Their low volatility is an advantage for using them in
industrial applications and also reduces the flammability issues with solvent
borne coatings. Epoxy coatings are resistant to UV, heat and temperature changes
and it can be anticipated that as the U.S. E.P.A laid regulations on
manufacturing coatings in order to control the air pollution, there will be a
significant growth in the usage of epoxy based coatings to reduce air pollution
causing agents as they possess low VOC’s and low volatility. As the world is
shifting towards environmental friendly compounds due to the pressure by global
warming and regulations laid by the government agencies it can be anticipated
that there will be as significant increase in the usage of epoxy resin coating
in this forecast. Polyurethane is a polymer which is joined by urethane units.
It is a thermal setting polymer and it is not impulsive in nature on
application of heat or any other temperature changes. Polyurethane foam obtained
as spray which has outstanding insulating qualities. From maintaining optimum
temperature, to lowering noise levels. Rigid polyurethane is commonly used in
the roof and wall insulation. This advantage has specific use in the developed
countries and it can be anticipated to see a growth in the usage of
polyurethane as insulating coating in the developed countries. Polyester
coating market is anticipated to increase dramatically in the forecast period.
Global Architectural Coatings Market is segmented based on technology as water
borne and solvent borne technology. Solvent borne coatings are made up of
liquefying agents and these agents can be evaporated upon exposure to
atmospheric oxygen via chemical reaction. Although, they are less vulnerable to
humidity temperature changes. Moreover this technology is getting replaced by
water-borne technology due to the emission of VOC’s into the air causing air
pollution by means of evaporation. Solvent based coatings has no resistance for
the oxidation by atmospheric oxygen and solar radiation.
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