The global architectural paint market is expected to grow positively over the forecast period owing to growing applications in the infrastructure sector. Architectural paints are used in a variety of infrastructure applications which include roofs, walls, storage, windows, and tanks. Increasing construction related activities are expected to further boost the global architectural paint industry over the forecast period. Organic architectural paint is expected to drive the global paint market over the forecast period as growing environmental related concerns and issues are expected to raise organic architectural paint demand on account of its environment friendly nature. Rising architectural paint demand in developing countries including India, China, Vietnam, and Saudi Arabia from residential along with the non-residential sector is also expected to highly drive global architectural paint market growth over the forecast period. Different architectural paints are available depending upon the application products. Huge water based architectural paint demand is expected from residential based application on account of which, healthy market growth can be expected over the forecast period. Huge industrial investments and disposable income are some drivers expected to drive the global architectural paint industry over the forecast period. Numerous architectural paints available in the market have tendency to affect the environment severely which is expected to hinder the global architectural paint market growth over the forecast period. Several government rules are not favoring architectural paint use as they seem to be harmful to human and environment, owing to which a disturbance in the global architectural paint market growth is expected over the forecast period. Whereas organic architectural paint is expected to be the new market opportunity for the architectural paint market, which is expected to grow positively in the coming years owing to eco-friendly properties.
The global architectural paint industry is segmented on the basis of technology, application, and resin type. Technology segment is categorized as water based or waterborne architectural paint and solvent based or solvent borne architectural paint. Water based architectural is further segmented into interior and exterior. Same as solvent based architectural paint is categorized as interior and exterior. Huge water based architectural coating demand is expected to boost global architectural paint market over the forecast period. Application segment comprises residential and non-residential. Resin type segment is sub-segmented into polyurethane, acrylic, epoxy, l, and alkyd.
Asia Pacific was holding major global architectural paint market share on account of huge demand from emerging economies. Asia Pacific countries such as Indonesia, China, Vietnam, and India are expected to contribute significantly to the regional market growth over the forecast period owing to emerging economies, increasing disposable income, growing construction & architectural activities. Asia Pacific market was followed by North America and Europe and is expected to continue this trend over the forecast period. A positive architectural market growth in North America and Europe is expected owing to the introduction of organic architectural paints coupled with stringent environment regulations by EPA and REACH.
Global architectural paint market players include The Sherwin- Williams Company, PPG Industries, Nippon Paints, Asian Paints, AKZO Nobel, The Valspar Corporation, RPM International Inc., Kansai Paint Co., BASF SE, Axalta Coatings and DuPont operating across the globe. The whole market is highly fragmented, owing to which a competitive environment is expected among the players in order to increase their market share. Companies are expected to continue their research and development activities for enhancing their organic architectural paint products quality. Industry participants are also expected to focus on technology adoption owing to which effect caused by architectural paints on environment and human beings can be minimized. Developing countries including India, Vietnam, and China are expected to establish a major opportunity for the market player in order to set up new facilities or expand their business.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.