Architectural Coatings Global Market Report 2024

The architectural coatings market has grown strongly in recent years. It will grow from $77.24 billion in 2023 to $82 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The expansion observed in the historical period can be attributed to several factors, including a surge in construction activities, ongoing urbanization trends, adherence to regulatory standards, fluctuations in raw material prices, and shifts in consumer preferences.

The architectural coatings market is expected to see strong growth in the next few years. It will grow to $101.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Anticipated growth in the forecast period is expected due to increasing investments in infrastructure, heightened consumer awareness, the influence of global economic trends, mounting concerns regarding health and safety, and ongoing innovations in product formulations.

The swift ascent of the construction industry is set to drive the expansion of the architectural coatings market in the foreseeable future. This sector encompasses the business and manufacturing realm responsible for erecting, refurbishing, and upkeeping infrastructure. Architectural coatings play a pivotal role in various coatings within construction, from painting building interiors and exteriors to establishing energy-efficient air barriers for building enclosures. Notably, in September 2021, reports from Oxford Economics revealed a global construction output of $10.7 trillion in 2020, projected to soar by 42% from $4.5 trillion in 2020 to reach $15.2 trillion by 2030. Additionally, data from the United States Census Bureau indicated a $1.83 trillion expenditure on construction in the US for 2022. Hence, the rapid surge in construction activities is steering the growth of the architectural coatings market.

The increasing pace of industrialization is anticipated to propel the expansion of the architectural coatings market. Industrialization signifies the socio-economic transition marked by a shift from agrarian-based economies toward mechanized manufacturing systems. This transition fuels demand for architectural coatings due to heightened infrastructure development, necessitating protective and aesthetic coatings for structures. For example, in August 2023, the Office for National Statistics reported a robust 1.8% monthly surge in production output from the industrial sector, marking the most substantial monthly growth in the Index of Production (IoP) since August 2020. Thus, the escalating trend of industrialization is propelling the growth of the architectural coatings market.

Innovative product development emerges as a pivotal trend gaining momentum within the architectural coatings market. Prominent companies within this market segment prioritize the creation of novel products to fortify their market position. For instance, in February 2023, PPG Industries Inc., a US-based paint and coating manufacturer, introduced PPG STEELGUARD 951, an advanced epoxy intumescent fire protection coating. Tailored for contemporary architectural steel, this coating offers up to three hours of cellulosic fire protection. Additionally, its corrosion protection properties cater to highly corrosive air environments up to ISO 12944 C5 without requiring a top coat. This efficiency minimizes project timelines and costs while achieving desired outcomes.

Leading companies in the architectural coatings sector are focusing on cutting-edge solutions, notably advanced powder coating, to address evolving needs and elevate product quality. Advanced powder coating denotes an innovative method applied to provide durable and protective coatings for pet food ingredients or products. For instance, in November 2023, AkzoNobel, a Netherlands-based paint and coating company, launched Interpron D1036, a pioneering architectural powder coating. This formulation cures at temperatures as low as 150°C, significantly lower than standard powder coatings. This lower curing temperature potentially yields energy savings of up to 20% and a faster curing time of up to 25% compared to traditional powders, enhancing overall coating process efficiency.

In June 2021, PPG Industries Inc., a prominent US-based manufacturer of paints and coatings, completed the acquisition of Tikkurila Oyj for an undisclosed sum. This strategic move is aimed at broadening PPG Industries Inc.'s offerings in paints and coatings, thereby expanding the range of choices available to customers. The acquisition includes access to Tikkurila's high-quality industrial coatings and environmentally sustainable decorative products. Tikkurila Oyj, headquartered in Finland, specializes in the manufacturing of paints, lacquers, and diverse architectural coatings.

Major companies operating in the architectural coatings market report are Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., The Sherwin-Williams Company, BASF SE, PPG Industries Inc., RPM International Inc., Masco Corporation, Kansai Paint Co. Ltd., Asian Paints Ltd., Jotun Group, Axalta Coating Systems Ltd., 3trees Group, Sumter Coatings Inc., Brillux GmbH & Co. KG, J.W. Ostendorf GmbH & Co. KG, Hempel A/S, Berger Paints India Limited, Tikkurila Oyj, DAW SE, Cromology SAS, KCC Corporation, Benjamin Moore & Co., SK Kaken Co. Ltd., The Valspar Corporation, Diamond Vogel Inc., Dunn-Edwards Corporation, Cloverdale Paint Inc., Kelly-Moore Paints, BEHR Process Corporation, Caparol Paints LLC, H.B. Fuller Company.

Asia-Pacific was the largest region in the architectural coatings market in 2023. It is expected to be the fastest-growing region in the global architectural coatings market during the forecast period. The regions covered in the architectural coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the architectural coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary resins utilized in architectural coatings include acrylic, alkyd, epoxy, polyurethane, polyester, and urethane. Acrylic, for instance, denotes a clear, robust plastic known for its strength, rigidity, and optical clarity. It's easily fabricated and exhibits excellent weather-resistant properties. These coatings employ various technologies, such as solvent-borne and water-borne formulations, serving diverse functions in ceramics, inks, lacquers, paints, powder coatings, primers, sealers, stains, and varnishes. They cater to a broad spectrum of end-users, encompassing both residential and non-residential applications.

The architectural coatings market research report provides architectural coatings market statistics, including architectural coatings industry global market size, regional shares, competitors with an architectural coatings market share, detailed architectural coatings market segments, market trends and opportunities, and any further data you may need to thrive in the architectural coatings industry. These architectural coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The architectural coatings market consists of revenues earned by entities by providing industrial maintenance coatings, traffic coatings. The market value includes the value of related goods sold by the service provider or included within the service offering. The architectural coatings market also includes sales of zinc-rich primers, paints, and sealers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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