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architectural coatings market

Architectural Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Acrylics, Alkyds, Epoxy, Urethanes, Vinyl, Others); By Technology (Water-borne, Solvent-borne, Powder); By Application; By Regions; Segment Forecast, 2020 - 2027

  • Published Date: Dec 2020
  • Pages: 118
  • Format: PDF
  • Report ID: PM1761
  • Base Year: 2019
  • Historical Data: 2016 - 2018

Report Summary

The global architectural coatings market was valued at USD 68.43 billion in 2019 and is expected to grow at a CAGR of 4.8% during the forecast period. The architectural coating products are used extensively in a variety of applications. Unlike water-based coatings, solvent-based coatings are less vulnerable to harsh environmental conditions such as high temperature and humidity.

High performance characteristics of solvent-based coatings and the ease of use and a wide range of industrial applications is likely to have a positive impact on the market growth. In addition, increasing demand for architectural coatings in applications such as automotive refinish, construction, and industrial. Furthermore, the increasing industrialization in developing economies and growing construction activities is likely to complement market growth over the forecast period.

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Industry Dynamics

Growth Drivers
The rapid upsurge in construction industry, industrialization, and urbanization is expected to provide several growth opportunities for coatings market growth. Increasing awareness pertaining to coating materials and benefits associated with their application is expected to propel product demand. Over the coming years, the usage of green coatings is expected to gain popularity, which may further benefit the global architectural coating segment over the projected period.

Demand for solvents-based coatings is increasing rapidly across the globe. With the addition of green solvents that have greater performance characteristics and eco-friendly nature, the adoption of architectural coatings is expected witness growth. With stringent environmental regulations, manufacturers are developing advanced technologies such as coalescing solvents for the use of solvents-based resins, which can ultimately improve the ease of compliance with regulations.

Architectural Coatings Market Report Scope

The market is primarily segmented on the basis of resin type, technology, application, and region.

By Resin Type

By Technology

By Application

By Region

  • Acrylics
  • Alkyds
  • Epoxy
  • Urethanes
  • Vinyl
  • Others
  • Water-borne
  • Solvent-borne
  • Powder
  • Residential
  • Non-Residential
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Resin Type

Acrylics segment accounted for the largest revenue share in 2019. This can be attributed to its strong polymeric structure and ability to irradiate ultraviolet rays. Moreover, the acrylics have the ability to retain color vibrancy and gloss. Acrylics also improve the durability of the substrate and provide protection from external factors.

Epoxy segment is expected to witness significant growth over the forecast period on account of the increasing use of epoxy in paints & coatings. In addition, the growing demand for epoxy architectural coatings in residential sectors such as new construction and renovation activities. Furthermore, the rising demand in the industrial applications is likely to complement the growth of epoxy coatings over the forecast period.

Insight by Technology

Based on technology, the global architectural coatings market is bifurcated into water-borne, solvent-borne, and powder. In 2019, the solvent-borne segment recorded highest market share among all. Solvent-based coatings are highly resistant to extreme environment and the solvent-based coatings have a wide range of applications across the residential and non-residential sectors. While the shelf-life of solvent-based coatings is comparatively higher, the VOCs used for manufacturing coatings is likely to hinder market growth over the forecast period.

Geographic Overview

The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America accounted for over 20% of the global market, wherein the U.S. was the largest contributor in terms of revenue.

The growth prospects of the U.S. are likely to be impacted by the escalating US-China trade war. The retaliatory measures taken by the trading partners of the U.S. are likely to weigh down the broader momentum in the economy. American companies have historically benefitted from an open and seamless global trade agreement. However, in the recent years, tensions have been rising, as the trade policy has shifted to promote domestic companies.

The increase in federal government spending is likely to offset some of the impact of tariff wars. In the short-term, stakeholders will be looking at making the necessary adjustments; however, if a concrete solution is not found by respective governments, the long-term impact can be significant for both the US and Chinese economies.

Competitive Insight

Key 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, and RPM International Inc.

Key Take-Away
Polaris Market Research
Architectural Coatings Market Size | Global Industry Growth Report, 2027