Exterior Architectural Coating Market Opportunities and Forecasts
The global exterior architectural coatings market is expected to witness a significant growth during the forecast period owing to the growth of infrastructure industry and increase in construction projects in emerging economies including India, China, Brazil, and Singapore. The increasing government spending in Asian countries on construction and infrastructure development is expected to amplify the growth of exterior architectural coating market over the forecast period. The consumers across the globe are looking for paints, coatings, and stains which can offer high quality, convenience, durability, easy application, and pleasing aesthetics without strong odors and high volatile organic compounds (VOC). The low VOC has become a must have option for all the manufacturers in the global exterior architectural coatings market.
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This trend of using low VOC and non-VOC paints and coatings in exterior architectural coating market is expected to drive the use of recycled paints & coatings or paints & coatings made from bio-renewable resources. Many of the customers for exterior architectural coatings are looking for products with similar properties as interior coatings. The consumers are more focused on properties of exterior architectural coatings such as excellent sheen uniformity, good opacity, touch up and blend well, and ease of application. Some of the key manufacturers are offering wide range of environment-friendly paints and coatings in the exterior architectural coating market to meet consumers changing demand. The increasing demand for better color consistency, a greater variety of colors, and better durability has driven the key manufacturers to pursue higher quality coatings which can provide them added throughput benefits to growing in exterior architectural coating market. The stringent environmental regulations and law implemented by government and private bodies for higher VOC levels can hamper the growth of exterior architectural coating market over the forecast period.
The global Exterior Architectural Coating market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The APEJ region is expected to dominate the global exterior architectural coating market over the forecast period. Prominent industry players are shifting their production bases from North America and Western Europe to APEJ region on account of easy availability of cheap raw material and low production cost which expected to further propel the exterior architectural coating market over the forecast period.
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The exterior architecture coatings market in Western Europe region is expected to experience moderate growth due to sluggish growth of the construction industry in this region. The significant development of infrastructural facilities in Latin America and MEA region is expected to drive the exterior architectural coating market these areas at relatively higher CAGR over the forecast period. The growth in the construction of residential and commercial spaces to meet the increasing demand for houses and offices is projected to drive the global exterior architectural coating market over the forecast period.
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