Architectural Coating Market Expected to Reach $107.9 Billion by 2030-Allied Market Research

According to a new published report by Allied Market Research titled, “Architectural Coating Market by Derivative Type and End Users: Global Opportunity Analysis and Industry Forecast, 2021–2030,”the global architectural coating market was valued at $63.3 billion in 2020, and is projected to reach $107.9 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.

The major factors that drive the global architectural coatings market are growth of construction industry and the increase in investments for infrastructure maintenance. The developing economies have witnessed an increase in the civil construction activities. However, the use of toxic chemicals in coating formulations is expected to hinder the market growth during the forecast period. The introduction of novel green coating solutions as a result of the toxic effects of architectural coatings creates numerous growth opportunities for the architectural coatings market players. Moreover, the increase in applications of nanocoatings also is anticipated to provide opportunities for growth during the forecast period.

The acrylic resin segment accounted for majority of the share in architectural coatings market in 2020 owing to excellent color retention and inertness it provides upon exposure to outdoor conditions. The general characteristics of acrylic resins that make them an attractive option for use in architectural coatings include adhere-ability, transparency, workability, hardness, glossy external appearance, and excellent resistance to weather, heat, chemicals & moisture. In developing nations of Asia, Eastern Europe, Latin America, and Africa, the use of acrylic as a resin for architectural coatings has increased and it is produced by a large number of local small scale manufacturers. However, alkyd is anticipated to be the fastest growing segment throughout the forecast period.

On the basis of resin type, the acrylic segment dominated the global architectural coating market in 2020, and is expected to maintain its dominance during the forecast period, owing to surge in demand for high performance and safe coatings.

On the basis of technology, the water borne segment dominated the global architectural coating market in 2020, and is expected to maintain its dominance during the forecast period, owing to low emission of VOCs and environmentally safe nature that increases the demand for water borne coatings in the market.

On the basis of function, the ceramics segment dominated the global architectural coating market in 2020, and is expected to maintain its dominance during the forecast period, owing to superior quality of coating and rapid urbanization.

On the basis of end-use industry, the residential segment dominated the global architectural coating market in terms of revenue, in 2020, owing to new technological advances such as nanostructured coatings, which provide new applications by providing antimicrobial, self-cleaning, and anti-corrosive properties, which present major opportunities for market growth in the future.

Major players that operate in the global architectural coating market include PPG Industries, Asian Paints, Nippon Paints, The Sherwin-Williams Company, Axalta Coatings, RPM International Inc., The Valspar Corporation, Midwest Industrial Coatings Inc., Sumter Coatings, and BASF SE.

Key Findings Of The Study

• On the basis of resin type, the acrylic segment emerged as the global leader by acquiring more than 23.6%of the market share in 2020.
• On the basis of function, the ceramics segment emerged as the global leader by acquiring more than 18.3% of the market share in 2020.
• On the basis of technology, the water borne segment emerged as the global leader by acquiring more than 73.9% of the market share in 2020.
• On the basis of end-use industry, the residential segment emerged as the global leader by acquiring more than 64.9% of the market share in 2020.
• On the basis of region, Asia-Pacific is the major consumer of architectural coating among other regions. It accounted for around 41.3% of the global market share in 2020.

Impact Of Covid-19 On The Global Architectural Coating market

• Owing to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
• The companies are not earning any profit as a result of the work stoppage and not only the companies are losing money however they are also losing suppliers who provide the required materials to various companies..
• Firms are not earning any profit as a result of the work stoppage, and not only are the companies losing money, so are all of the suppliers that provide the needed supplies to various companies for use in the paint and coating sector.
• Furthermore, due to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce; thus, negatively impacting the production and construction processes.