Immense Growth in Construction Sector Boosts Demand for Architectural Coatings Market || Key Players: BASF Coatings, Kansai Paint Co. Ltd., Asian Paints Ltd., Behr Process Corp., Benjamin Moore & Co.
Architectural coatings market is anticipated to witness a moderate growth, with demand expected to surpass 33,000,000 tons by 2018 end, according to the latest report by Fact.MR. The demand for architectural coatings continues to remain influenced by the robust growth in the construction industry worldwide. Meanwhile, reconstruction and renovation of existing structures across the countries are also contributing towards the growth of architectural coatings market.
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APEJ is likely to remain dominant in the architectural coatings market for a long period of time. With growing economy and emerging middle class, the demand for residential construction is growing the India and China. Majority of the construction projects use solvent-based coatings and paints owing to the low-cost and better performance.
However, eco-friendly coatings have shown better growth in recent years with governments across APEJ introducing VOC emission. Research institutes along with the green coating manufacturers are investing increasingly in the research and development of innovative raw materials and technologies resulting in the non-hazardous and eco-friendly architectural coatings.
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The architectural coatings market is segmented on the basis of resin type, application, and formulation type. The key segments are further divided into sub-segments in order to offer clear picture on the growth of the architectural coatings market.
Based on the resin type, the architectural coatings market is segmented into Fluoropolymers, Acrylics, Metallic Additive, Urethanes, and others (epoxy, poly alkyds, and amines). On the basis of application the market segmentation includes residential and non-residential. Based on the formulation type, the architectural coatings market is further segmented into Water Bourne and Solvent Bourne.
In recent years, there has been a rise in the use of radiation curing technology for buildings, interior and exterior coatings. Hence, the demand for UV curable resins in the architectural coatings has increased. Moreover, increasing environmental concerns and on-going legislation to limit emission from VOC is leading to the growing demand for UV curable fluorine-containing resins.
Efficiency, energy saving, and higher solid content are resulting in increasing use of UV curable fluorine-containing resins in various industries. Solvent UV curable coatings have emerged as non-flammable liquids, resulting in fire protection and reducing handling hazards as compared to other solvent-based coatings. This is also resulting in the wide application in building’s exterior and interior. Compared to traditional radiation curing systems, the UV resins based architectural coatings are gaining traction in automotive and construction industry.
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