Global Architectural Coatings Market-Industry Analysis and Forecast (2019-2027)
Global Architectural Coatings Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at CAGR of 5.4 % during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Increasing environmental awareness has led to innovations, providing quality products in the coating industry which are affordable, possess value-added features and are in accordance with the global trends. Similarly, increasing safety standards will raise the demand for fireproof and waterproof coatings on buildings in future. This is shifting the worldwide focus towards architectural coatings. Increase in environmental and health hazards has resulted in stringent regulations and norms like the National Volatile Organic Compound Emission Standards for Architectural Coatings by the EPA. Similar regulations about low Volatile Organic Compounds (VOC) are executed by REACH and regulatory bodies of Canada, China, and Japan. This will positively impact eco-friendly architectural coatings market growth.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
However, stringent government regulations against the harmful VOCs emitted by certain architectural coatings may hamper the growth of the market. One of the biggest challenges in the use of water-based coatings in many industries is performance-related. Some of the issues include UV degradation, corrosion resistance, and adhesion to various surfaces with steel, plastic, aluminum, etc.
Acrylic resin segment held considerable market share during the forecast period owing to urbanization and infrastructure development in the construction sector. Excellent external durability of acrylic coatings has boosted consumption of acrylic coatings in applications like architectural refinishes.
Residential architectural coatings are the largest and fastest application segment of the architectural coatings market globally. Better economic growth and higher incomes in the last few years have resulted in the construction of numerous new houses and remodeling of old ones. Architectural coatings for residential construction application comprises of new paint and repainting. These coatings mainly comprise architectural and functional products like paints, stains, lacquers, primers and cleaners.
Asia Pacific was the biggest architectural coatings market in 2018 owing to the large number of development and reclamation activities by government organizations and significant development firms in India, China and Japan. The Asia Pacific local market is assessed to witness better than expected development inferable from increasing discretionary cash flow and increased preference of consumer for inside embellishment and beautification in both residential and non-residential buildings, is the major driver in the APAC region.
In June 2017, Sherwin-Williams Co. completed the acquisition of the Valspar Corp., a…