According to a new report published by Allied Market Research titled, "Architectural Coatings Market by Resin Type, Technology, End-Use Industry, and Function: Global Opportunity Analysis and Industry Forecast, 2014-2022", the architectural coatings market was valued at $57,270 million in 2015, and is projected to reach $81,861 million by 2022, growing at a CAGR of 5.6% from 2016 to 2022. Based on the function, ceramics occupied more than one-sixth share of the total market in 2015.
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The major factors driving the global architectural coatings market are growth of construction industry and the increase in investments for infrastructure maintenance. The developing economies have also 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 is creating numerous growth opportunities for the architectural coatings market players. Moreover, the increasing applications of nanocoating will also provide opportunities for growth during the forecast period.
The acrylic resin segment accounted for majority of the share in architectural coatings market in 2015 owing to the 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. The developing nations of Asia, Eastern Europe, Latin America, and Africa, the use of acrylic as a resin for architectural coatings is increasing and 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.
According to Eswara Prasad, Team Lead, Chemicals and Materials at Allied Market Research "The introduction of green architectural coatings and expanding applications of nanocoating are projected to create lucrative opportunities for the market growth."
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KEY FINDINGS OF THE STUDY
· Based on function, the varnishes segment is expected to show fastest growth from 2016 to 2022, in terms of both value and volume.
· In 2015, North America was the highest revenue generating region with over one-third share of the global market.
· Asia-Pacific is expected to be the fastest growing region, grow at a CAGR of 6.0% during the forecast period.
· Based on resin type, the acrylic segment dominated the market in 2015, and is expected to maintain its lead throughout the forecast period.
· In terms of both value and volume, the water borne segment occupied majority of the share in architectural coatings market, by technology.
The ceramics segment dominated the architectural coatings market by function in 2015. This is attributed to the exceptional property of ceramics coatings to prevent corrosion. A new approach to protect metals from damage due to corrosion is the coating them with CBPCs i.e. chemically bonded phosphate ceramics.
Asia-Pacific is projected to grow with the fastest rate during the analysis period, owing to the rising disposable income and increase in infrastructural activities, especially in the developing economies such as India, China, Korea, and Japan.
Top players operating in the architectural coatings 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.
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