The global architectural coatings market size is projected to grow from USD 85.0 billion in 2023 to USD 102.7 billion, at a CAGR of 3.9%. The demand for architectural coatings has a significant impact on developments in the architecture and construction sector as well as the expanding economy. To enhance their worldwide footprint and sustain development in the architectural coatings industry, the businesses have used a variety of methods, including investment and expansion, merger and acquisition, new product releases, and joint ventures.
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In 2022, Asia Pacific held the bulk of the value share of the global architectural coatings market. During the forecast period, both the residential and non-residential sectors in China and India are expected to grow, which is expected to drive demand for architectural coatings in this region. China has been a driving factor behind the rapid growth of the architectural coatings industry in the Asia Pacific region and globally. Revenue in the building construction business increased at a 4.8% annualized pace to USD 2.5 trillion over the five years to 2021. The Asia Pacific architectural coatings industry is being driven by factors such as a large and growing addressable population base and rapidly expanding building activity.
Architectural coatings are applied to the inside and outside surfaces of residential, commercial, institutional, or industrial facilities at room temperature. These coatings are categorized based on their aesthetic and protective applications. Weather resistance, washability, low VOC, anti-fungal, and anti-dampening properties are all provided by the topcoat and base coat. Emerging-market economic development, greater infrastructure investment, stringent environmental regulations, expanding purchasing power, and higher demand for green and ecologically friendly coatings are driving market growth.
There are various small, medium, and large players operating in the market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
PPG Industries, Inc: PPG Industries, Inc. is a paint, coatings, optical goods, speciality materials, glass, and fibreglass manufacturer located in the United States. The corporation is divided into three business segments: performance coatings, industrial coatings, and glass. It serves a variety of end-use sectors, including building, consumer products, industrial, and transportation. Under its industrial coatings sector, the firm provides vehicle coatings. It operates in 156 countries in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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The Sherwin-Williams Company: Sherwin-Williams is a diverse coatings firm that is an essential supplier of high technology waterborne and powder coatings for the worldwide OEM industry, with 15 production and 79 facility sites in the United States, Canada, Mexico, and China. Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson’s Water Seal are among the names included in the company’s product line. Sherwin-Williams maintains a large client base and is present in many countries in Europe, North America, Asia Pacific, and other regions.
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