Market Analysis
The Architectural Coatings Market is likely to grow at a healthy CAGR between 2020 -2027, according to the Market Research Future (MRFR) report. Architectural coatings, simply put, are used for coating and painting houses and buildings. They exhibit wonderful properties of corrosion resistance, weather shield, wettability, and adhesion. Polyester, polyurethane, epoxy, acrylic, and others are different types of architectural coatings. They possess the ability to absorb, reflecting light, and changing the color of the substrate or surface when the same is applied to.
Various factors are adding to the global architectural coatings market growth. Such factors, according to the new MRFR report, include improving social and financial status of consumers, increasing use in decorative interiors like furniture, sculptures, wood flooring, and wall paintings, and surging demand for durable and high-performance materials for construction element. Besides, increasing infrastructure spending, increasing consciousness to maintain a green environment, and rise in residential building constructions is also adding market growth.
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Covid-19 Analysis on Architectural Coatings Market/Covid-19 ABC Market Analysis
Paints and coatings being discretionary items, people will probably delay renovating homes. Due to social distancing norms and lack of manpower, painting activities are likely to resume in the second half of 2020. Coatings and paints business is linked directly to the suppliers of raw materials to the distribution and sales retail channels, or industrial businesses. Architectural coatings are predicted to have the biggest decline rate following the COVID-19 pandemic. The moment the outbreak is controlled, the economy worldwide will regain the growth curve for better development.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global architectural coatings market report based on type, application, and technology.
By type, the global architectural coatings market is segmented into polyester, polyurethane, epoxy, acrylic, and others. Of these, the acrylic coating segment is predicted to lead the market over the forecast period as it has major applications in the marine, automotive, aerospace, building and construction, and others.
By application, the global architectural coatings market is segmented into non-residential and residential, & others.
By technology, the global architectural coatings market is segmented into solvent borne and water borne technology. Of these, the solvent borne technology will have a major share in the market over the forecast period.
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Regional Analysis
Based on the region, the global architectural coatings market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period for the presence of major development firms in Japan, India, and China, & large number of reclamation activities and developments by government organizations. Besides, developing interest for beautification & inside embellishment in non-residential and residential sectors and increasing discretionary cash flow is also adding market growth in the region.
The global architectural coatings market in North America is predicted to have healthy growth over the forecast period for the remodeling and interior decoration that is picking up the pace with the modern world coupled with growing awareness of consumers about exterior protection for expanding a property’s life span.
The global architectural coatings market in Europe is experiencing losses post-financial depression in the year 2008. This country has shortage of raw materials which they require to import from different countries at elevating prices. The merge of the competitive market outside EU, coupled with higher raw material prices, has a huge effect on market growth. It is likely that the architectural coatings market in Europe is likely to face a decline.
The global architectural coatings market in Latin America and the MEA is predicted to have the smallest share over the forecast period for no growth in the regional economy, no proposed future projects, and a lack of governance.
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Key Players
- PPG Industries Inc
- Akzo Nobel N.V
- The Sherwin Williams company
- Kansai paints corporation
- Asian paints limited
- Nippon paint holdings corporation private limited
- BASF SE
- Masco corporation
- Jotun group
- RPM International Inc
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