Architectural Coatings Market worth $102.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

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May 15, 2023, 05:00 ET

CHICAGO, May 15, 2023 /PRNewswire/ -- The report "Architectural Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology (Waterborne, Solventborne), Coating Type (Interior and Exterior), User Type (DIY and Professional), Application, and Region - Global Forecast to 2028", size was USD 85.0 billion in 2023 and is projected to reach USD 102.7 billion by 2028, at a CAGR of 3.9%, between 2023 and 2028. The architectural coatings market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other nations, are the worldwide leaders in the architectural coatings industry. The Asia Pacific market is seeing rapid expansion, which is likely to continue due to increased residential building and enhanced house remodeling practices.

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Waterborne coating segment is expected to account for the largest share in 2023.

Water-based coatings are coating systems that employ water as the primary solvent to spread the resin. They typically comprise 70-80% water and minor quantities of additional solvents, such as glycol ethers. Many residential and non-residential buildings are now painted with at least some layers of water-based paint. Solvents are used in liquid coatings to suspend paint pigments. As these solvents evaporate, harmful volatile organic compounds (VOCs) are released into the atmosphere. Water-based paint suspends paint pigments in water, lowering VOC emissions and making these coatings more ecologically friendly.

Acrylic segment is expected to account for the largest share in 2023.

Acrylic coatings are aqueous, easy to apply, and reasonably priced; they work well in a variety of applications, including roof and wall coating. They cure by water evaporation, have a decent degree of cohesive strength, and adhere well to most roof surfaces. Asia Pacific is driving demand for acrylic architectural coatings due to the region's expanding building sector. The construction sector contributed 7.6% of India's overall GDP in 2021. As a result, the government in the country is focusing on the development of construction and infrastructure services through various policies such as large budget allocations, open FDI, the Make in India initiative, and smart cities mission.

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Europe is expected to account one of the largest shares in 2023.

The economic slump of the last decade hampered the expansion of most European industries. However, demand for architectural coatings is expected to gradually recover because of initiatives and safety regulations implemented by various governments throughout the region. The market is being driven by Western European countries such as Germany, the United Kingdom, and France. The European architectural coatings industry is mature and growing slowly, owing to a progressive movement of manufacturing sectors to countries with strong demand and cheaper production costs. Market participants are focused on growing remodelling and restoration activities in the region, which is boosting the regional architectural coatings market. Significant private company investments in Europe's building industry also favour market expansion.

Major players operating in the architectural coatings include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US), and others.

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