The global architectural coatings market is expected to witness significant growth over the forecast period. Increasing infrastructure spending coupled with escalating demand for high performance and durable coating materials for construction components is expected to drive the global architectural coatings market. These coatings are employed to prevent corrosion & rusting of metallic parts of tanks, radiators, fences, and metal furniture. Architectural coatings also find application in decorative interiors such as wall paintings and wood flooring, sculptures & furniture. Increasing health hazards and environmental concerns have led to regulations such as ‘National Volatile Organic Compound Emission Standards for Architectural Coatings’ by U.S. EPA. Similar regulations related to VOC emissions have been imposed by REACH and other regional regulatory bodies of Canada, China, and Japan. The stringent regulatory scenario has led to the development of water-based eco-friendly architectural coatings.
Increasing demand for high durability and eco-friendly coatings is expected to have a positive impact on architectural coatings market growth. The development of niche application segments such as restoration of frescos and sculptures in heritage sites is estimated to augment market growth over the next six years. Increasing renovation & restoration activities in both residential and commercial architectures in countries, such as the U.S., Canada, Mexico, Germany, Japan, China, and Australia, are estimated to fuel market expansion over the forecast period. Growing demand for fireproofing and waterproofing materials for new as well as refit constructions especially in regions of extreme temperatures is also anticipated to have a positive impact on the architectural coatings market. This is further supported by increasing requirements for LEED-certified construction materials owing to the rising green buildings constructions, especially in the U.S., Canada, and India.
Asia Pacific is currently the largest regional architectural coatings market on account of large constructions and restoration initiatives by government agencies and major construction firms in India, China, and Japan. Asia Pacific regional market is estimated to witness above-average growth owing to increasing disposable income and growing demand for interior decoration & beautification in both residential as well as commercial segments. Market growth in the region is further fueled by increasing infrastructure spending and rising green building constructions in countries such as Australia and India. North America and Europe are relatively mature markets and are expected to have average growth rates over the next six years. The market in these regions is primarily characterized by technological advancements and increasing demand for bio-based coating materials. The global architectural coatings market is highly fragmented with the top four players accounting for less than 50% of the global market in 2013. Key players operating in this market include PPG Architectural Coatings, AkzoNobel, Sherwin-Williams Company, ACI Inc., BASF SE, and Valspar.
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.