Architectural Coatings Market - Forecasts from 2023 to 2028

The architectural coatings market was valued at US$67.56 billion in 2021 and is projected to expand at a CAGR of 6.98% over the forecast period to reach US$108.346 billion by 2028.

The market is expected to increase as a result of the high-performance characteristics, ease of use, and variety of industrial uses of solvent-based coatings. Architectural coatings are also becoming more and more necessary for the industrial, building, and auto refurbishing sectors. Additionally, it is predicted that growing industrialization in developing economies and the growth of the construction industry will support market development throughout the forecast period. As consumers learn more about coatings and the benefits of using them, demand for the product is expected to increase. Moreover, numerous opportunities are being created in the market as a result of the rising demand for Low VOC Coatings.

Rising demand from residential areas

Residential areas are creating the biggest demand in the architectural coatings market. In recent years, there has been a marked rise in demand for residential homes in China. Since residential home prices are at an all-time low when compared to prior years, there is a stronger demand for residential homes, which raises the need for architectural coatings. Additionally, according to the United States Census Board and the United States Department of Housing and Urban Development, 1.1% more private homes were being built in August 2022 than there were in July 2022 (1,655,000 homes).

Expanding renovation and remaking techniques for construction

The architectural coatings market size is being propelled by several factors. Due to the recent increase in the construction industry, there are an enormous number of commercial structures, which also contributes to the expansion of the architectural coatings market share. Additionally, this has increased demand for coatings in addition to paints. The demand for waterproof coatings has grown recently as a result of improved awareness about them. When compared to paint, coatings have a high level of durability. This has led to expansion in the architectural coatings sector as well.

Rising awareness about environment-friendly products

The architectural coatings industry also has a growth opportunity due to the increased public awareness of eco-friendly and green products in recent years. Some of the chances that are fueling the expansion of the architectural coatings market include people being more aware of the coating's advantages and its durability over the long run. Further, growth potential also arises from the usage of waterproof coatings to prevent the metallic rust of buildings.

Increasing demand for low-odour paints

Paints with low VOC and low odour are mostly preferred above other paints. These paints allow professionals to paint in residential spaces with little disruption to the end user's everyday activities. Moreover, there is a modern trend towards using pricey paints. While just regular paint can give a house a new look premium paint changes interior surfaces to lengthen their lifespan. When choosing interior paints, consumers consider several aspects, including stain resistance, film durability, and low odour. Both homeowners and professionals look for interior coatings with long-lasting performance and durability. Customers favour products that require less time to apply, such as paint and primer in one.

Asia Pacific is projected to hold a substantial share in the architectural coatings market

During the projected period, the Asia Pacific region is anticipated to lead the architectural coatings market. This can be attributed to the expanding construction industry, significant developers in India, China, and Japan, rising government reclamation efforts, and the greatest consumer of architectural finishes. By 2030, this will significantly increase market revenue for architectural coatings. In recent years, China has seen an increase in the usage of architectural coatings. The residential homes' floor space increased to 76,066.76 thousand square meters in July 2022 from 66,423.47 thousand square meters in June 2022 as per the coating world. This directly affects the rise in the nation's consumption of architectural coatings.

Frequent changes in rules and regulations

The coatings and paint sector is significantly impacted by regulations. Uncertainty could spread along the value chain as a result of potential regulatory changes. Producers of raw materials, formulators, distributors, and end users may be impacted by numerous labour-intensive regulation changes in various locations. Architectural coatings producers must constantly enhance their processes to meet the new regulations and reduce VOC emissions as more governments pass strict regulatory criteria. For instance, the Varnishes and Vehicle Refinishing Products Regulations in the United Kingdom and the United States demand a reduction in VOC emissions.

Market key launches

• On January 2022, The SYNAQUA 4856 alkyd from Arkema is a Certified Biobased Product, according to the US Department of Agriculture (USDA). SYNAQUA 4856 alkyd is free of APEO, ammonia, chemicals, and plasticizers and is made from 97 per cent bio-based raw ingredients, the majority of which come from NORDIC forest wastes. According to Arkema, SYNAQUA 4856 alkyd for architectural coatings is made from 97 per cent bio-based raw materials. Formulators can employ SYNAQUA 4856 alkyd to add desirable attributes including gloss potential, chemicals and scrubbing resistance, hardness growth, and more to their interior wall paint and primer compositions.
• On January 2022, The Home DepotR and HD Supply® expanded their cooperation with PPG's architectural coatings division to offer a full range of professional PPG paint services and goods designed especially for professional clients. Beginning in the fourth quarter of 2021, the new product line will be offered in every home depot location in the country. The entire product range will also be carried by HD Supply, a fully owned subsidiary of The Home Depot and a well-known nationwide distributor of maintenance, repair and operations (MRO) supplies.
• In June 2021, Leading Finnish paint and coatings producer TIKKURILA was bought by PPG Industries. Sales at PPG Industries will rise as a result of this expansion in Poland, Scandinavia, Finland, Russia, and the Baltic states.

Segmentation:

By Technology

• Water-borne
• Solvent-borne

By Resin Type

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others

By End-Use

• Commercial
• Residential

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Others