Business New Report: Global Architectural Coatings Market Growth Prediction to 2024
Asia Pacific architectural coatings market revenue was driven by investments from MNCs such as AkzoNobel, Valspar, Sherwin-Williams, and PPG. These companies have been observed to increase their product portfolios in countries of Asia Pacific as well as parts of Latin America, which is forecast to drive growth.
Reconstruction spending coupled with dual income families is also driving the architectural coating market in the U.S. These products are also used in interior decoration such as wood flooring, wall painting, furniture and sculptures. With the enhancing financial and social status of the population of the developed as well as the emerging nations, the demand for architectural coatings is only likely to increase between 2016 and 2024.
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Increase in environmental awareness has led to innovations to provide quality products in coating industry which are affordable, high quality, possess value added features and meet global trends. Also, growing safety standards will rise the demand for fireproof and waterproof coatings on buildings. This is shifting the global focus towards architectural coatings.
Rise in environmental and health hazards has resulted in stringent regulations and norms such as the National Volatile Organic Compound Emission Standards for Architectural Coatings by the EPA. Similar regulations about low Volatile Organic Compounds (VOC) are imposed by REACH and regulatory bodies of China, Canada, and Japan. This will positively impact eco-friendly coatings market growth.
Architectural coatings market can be segmented based on resin type, technology, and application. Major resin types include acrylic, epoxy and polyester. Acrylics have a fast drying property and find extensive use in the paints industry. Epoxy has a major application in the paints and coatings industry to provide the adhesive nature as well luster in the paints. Asia Pacific accounted for over a third of the volume and revenue share of the worldwide demand for paints and varnishes in 2015. Construction industry accounts for almost half of the global consumption of paints and varnishes.
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Architectural coating products sale in the European market was very healthy in 2015. Increase in construction and renovation spending in residential as well as commercial sectors throughout Europe is forecast to fuel growth.
Many companies in the architectural coatings market share have a communicating tool on their website to provide the end user an idea of shades of color available and the different combinations which aids in shopping. For example, Behr Process Corporation took the initiative of adding tutorials on their website which provide expert guidelines to the homemakers. Albeit is a major contributor in the industry with renewable resources used in the manufacturing of coating material.
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