BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global architectural coatings market size at USD 69.47 billion in 2022. During the forecast period between 2023 and 2029, the global architectural coatings market size is projected to grow at a steady CAGR of 5.2% reaching a value of USD 97.13 billion by 2029. The global market for architectural coatings is being driven by the development boom, notably in the major developing countries of the Asia-Pacific region. The market is affected by changing customer preferences and a rise in public awareness of the risks posed by VOC emissions from architectural coatings. The transition from solvent-borne to water-borne coating formulations is also expected to assist the growth of the global architectural coatings market during the forecast period. The increasing adoption of green coatings is expected to provide growth opportunities for the market. These coatings meet the safety and VOC emission requirements established by regulatory bodies. The market expansion, however, may be hampered by strict government laws against the toxic VOCs released by some architectural coatings.
Global Architectural Coatings Market – Overview
Architectural coatings, also known as ornamental coatings, are coating mixtures used on buildings and residences. They cover a wide variety of finishes, such as varnishes, paints, primers, sealants, inks, and ceramics. Architectural coatings are used on interior and external walls, floors, and ceilings of buildings, so they must be resistant to a variety of chemicals and elements including heat, humidity, and fluctuating temperatures.
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Opportunity: Spurring demand for housing units across the world
The demand for residential units across the countries is increasing rapidly. Given that 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. In line with this, home paint usage in the US increased significantly in 2022. The number of private home construction increased by 1.1% in August 2022, according to the United States Census Board and the United States Department of Housing and Urban Development. Due to the recent outbreak of the war, it is expected that there will be a high demand for residential and commercial buildings in Russia and Ukraine in the coming year. In the forecast period, all of the aforementioned factors are expected to drive demand for architectural paints and coatings around the globe.
Impact of COVID-19 on Global Architectural Coatings Market
COVID-19 pandemic and resultant strict lockdowns across countries put stringent restrictions on manufacturing and logistics during the first half of 2020. It led to decreased industrial production and disrupted supply chains, which significantly slowed down the market growth. Due to the work stoppage, businesses were witnessing a significant loss. In addition to the loss of revenue, suppliers providing materials to various businesses for use in the construction industry also suffered significant losses. Also, industrial firms employed a small number of people due to social distance standards during COVID-19. Consequently, it adversely affected the production and construction processes of architectural coatings.
Global Architectural Coatings Market – By Application
Residential and Non-Residential segments make up the global architectural coatings market by application. The residential application segment dominates the global architectural coatings market, due to the rapid adoption of recent technology developments, such as nanostructured coatings. They offer new applications by providing antimicrobial, self-cleaning, and anti-corrosive properties. These favorable characteristics of innovative coatings present significant growth opportunities for the residential coatings segment.
Competitive Landscape
Global architectural coatings market is fiercely competitive. Prominent players in the market include PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paints Co., Ltd., Asian Paints Limited, Nippon Paint Holdings Co., Ltd., BASF SE, Masco Corporation, Jotun Group, RPM International Inc., Axalta Coatings, The Valspar Corporation, Midwest Industrial Coatings Inc., and Sumter Coatings. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global architectural coatings market.
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