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Architectural Coatings Market: Soaring Demand Assures Motivated Revenue Share during 2018-2027|| Top Industries are AkzoNobel, The Sherwin-Williams Co., RPM International Inc., Nippon Paint Holdings Co.
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Architectural coatings include paints, specialty coatings, sealers, and other coatings used to coat buildings and homes. These coatings are designated to provide protective and decorative layer on architecture in both exterior and interior applications. Most of the architectural coatings are typically applied using rollers, sprayers, brushes and other applications.
Top 6 Players Hold Nearly 1/3rd Revenue Share in Architectural Coatings Market
Top 6 players in the architectural coatings market account for nearly 1/3rd of the revenue share, upheld by their operations worldwide and robust sales infrastructure. The leading players in the market are focusing on global expansion with new product launches, acquisitions, and opening new facilities in various countries.
PPG Industries Inc., one of the top 6 players with focus on acquisition and enhancing distribution capabilities has acquired ProCoatings, architectural coatings and paint wholesaler in The Netherlands. Moreover, the company is also developing new distribution center for architectural paint and coatings in Texas.
Immense Growth in Construction Sector Boosts Demand for Architectural Coatings
Growth in people migrating to urban areas is resulting in the development of affordable housing and infrastructure by the construction industry. This is driving the demand for various equipment and architectural coatings materials used in the construction of residential as well as commercial complexes.
China, India, and the US are likely to see a significant growth in construction in the near future, according to the report named Global Construction 2030, by expert team from Global Construction Perspectives and Oxford Economics. As per the report, India is likely to grow twice as fast as China by 2030. Meanwhile, most of the construction growth in the US is expected to tilt towards the southern states.
The demand for exterior architectural coatings to protect a building from moisture, UV radiations, and microbes is increasing. Moreover, the growing demand for a greater variety of colors, with better consistency and durability is also resulting in manufacturers providing a wide range of eco-friendly, higher quality architectural coatings. Rise in the renovation of existing construction is also driving demand for both interior and exterior architectural coatings.
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Global Emission Regulations Create Huge Demand for Low and Zero VOC Architectural Coatings Products
In the last few years, governments across various countries have introduced stringent regulations on emission from Volatile Organic Compounds (VOC) products used in paints and architectural coatings. Increasing consumer awareness of the negative effects of VOCs is driving demand for low and zero VOC coatings and paints.
Increasing number of companies are working on projects where LEED (Leadership in Energy and Environmental Design) certification is required. Varying degree of accepted VOC levels in LEED certification is accelerating the demand for low and zero VOC paints and coatings.
Regulatory Changes Driving Shift to Water-based Coatings Remain Challenge for Coating Manufacturers
Solvent-based coatings are used widely owing to their low-cost, superior film-forming characteristics, and ease of application. However, introduction of stringent VOC and other regulations worldwide is driving shift from solvent-based to water-based architectural coatings. Manufacturers in the architectural coatings market are constantly struggling to enhance the performance of water-based coatings and minimize its cost. Manufacturers are also finding ways to maintain low Minimum Film Formation Temperature (MFFT) and at the same time ensuring hardness of the dried film in water-based coatings.
Regulations on VOC emission is also emerging as a challenge for architectural coatings manufacturers. Lack of VOC in water-based coating results in quick evaporation of water resulting in tacky paint. Hence, architectural coatings manufacturers are focusing on developing a raw material that offers longer open time for paint user. Moreover, longer dry time of water-based coatings requires additional heat and air movement.
One of the biggest challenges in the use of water-based coatings is majorly performance-related in various industries. Some of the issues include UV degradation, corrosion resistance, and adhesion to various surfaces including plastic, steel, aluminum, etc.
Competitive Landscape
The architectural coatings market report provides information on all the leading companies in the market. The report also provides SWOT analysis along with the dashboard view of the major players in the architectural coatings market. Key developments, market share, business strategies of each player in the architectural coatings market is offered in the report.
Increasing number of companies in the architectural coatings market are planning to expand themselves in regional markets through partnerships and mergers and acquisitions. New product development is also one of the strategies of most of the key players in the architectural coatings market.
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