New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Architectural Coatings Global Market Report 2023" - https://www.reportlinker.com/p06479694/?utm_source=GNW
Ltd., Asian Paints Ltd., Jotun Group, Axalta Coating Systems Ltd., 3trees Group, Valspar Corporation, Sumter Coatings Inc., and Brillux GmbH & Co. KG.
The global architectural coatings market is expected to grow from $72.55 billion in 2022 to $77.24 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The architectural coatings market is expected to reach $95.34 billion in 2027 at a CAGR of 5.4%.
The architectural coatings market consists of revenues earned by entities by providing industrial maintenance coatings, traffic coatings.The market value includes the value of related goods sold by the service provider or included within the service offering.
The architectural coatings market also includes sales of zinc-rich primers, paints, and sealers.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Architectural coatings refer to the types of coatings that are utilized to coat homes and buildings. It is specially designed for a specific use that offer protective, durable, and decorative functions to infrastructure.
Asia-Pacific was the largest region in the Architectural coatings market in 2022.It is expected to be the fastest-growing region in the forecast period.
The regions covered in architectural coatings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of resins used in architectural coatings are acrylic, alkyd, epoxy, polyurethane, polyester, and urethane.Acrylic refers to a clear plastic substance that has exceptional strength, stiffness, and optical clarity.
Acrylic sheet is easy to fabricate, and it has good weathering properties. The various types of technologies are involved, such as solvent-borne and water-borne, having functions included in ceramics, inks, lacquers, paints, powder coatings, primers, sealers, stains, and varnishes, which are used by several end-users, including residential and non-residential.
The rapid upsurge in the construction industry is expected to propel the growth of the architectural coatings market going forward.The construction industry refers to the sector of business and manufacturing that is responsible for building, repairing, and maintaining infrastructure.
Architectural coatings are mostly utilized in the construction sector for different coatings, including painting buildings’ exteriors and interiors, and in order to create the necessary air barriers for building enclosures that are energy efficient, architectural coatings are crucial. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and it is anticipated to increase by 42 %, from $4.5 trillion in 2020 to reach USD 15.2 trillion in 2030. Furthermore, according to the United States Census Bureau (USCB), a US-based government agency, the US spent $1.83 billion on construction in 2022. Therefore, the rapid upsurge in the construction industry is driving the growth of the architectural coatings market going forward.
Product innovations are a key trend gaining popularity in the architectural coatings market.Major companies operating in the architectural coatings market are innovating new products to sustain their position in the market.
For instance, in February 2023, PPG Industries Inc., a US-based paint and coating manufacturing company, launched PPG STEELGUARD 951, an innovative epoxy intumescent fire protection coating with up to three hours of cellulosic fire protection created to suit the needs of contemporary architectural steel. This coating provides fire protection, specifically for the architectural sector. Additionally, without the requirement for a top coat, coating offers efficient corrosion protection for very corrosive air situations up to ISO 12944 C5. This cuts down on project time and costs while still achieving the desired outcomes.
In June 2021, PPG Industries Inc., a US-based paint and coating manufacturing company, acquired Tikkurila Oyj for an undisclosed amount. With this acquisition, PPG Industries Inc. aims to give clients more choices for paint and coatings, including Tikkurila’s high-quality industrial coatings and environmentally friendly decorative products. Tikkurila Oyj is a Finland-based chemical manufacturing company that manufactures paints, lacquers, and various architectural coatings.
The countries covered in the architectural coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The architectural coatings market research report is one of a series of new reports that provides architectural coatings market statistics, including architectural coatings industry global market size, regional shares, competitors with a architectural coatings market share, detailed architectural coatings market segments, market trends and opportunities, and any further data you may need to thrive in the architectural coatings industry. This architectural coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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