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Architectural Coatings Market, Size, Share, Opportunities and Forecast, 2020-2027


(EnergyIndustry.Net, June 24, 2020 ) Market Overview
• The Global Architectural Coatings Market is expected to grow at a CAGR of 5.7% during the forecasting period (2020-2027).
Architectural coatings are used as roof coatings, wall paints, or deck finishes for coating of commercial, industrial and residential buildings to protect these buildings from ultraviolet radiations, microbes, and moisture and enhance their appearances. These coating provides the protective and/or decorative layer on the surface of buildings. Architectural coatings are applied in the form of paints, primers, sealers, inks and others. The majority of the coatings are applied to surfaces using sprayers, rollers, brushes and other applicators. Powder particles or liquid film coatings are converted into solid film coatings by several processes such as cross-linking, evaporation, coalescence, or fusion bonding.

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Market Dynamics:
• The market growth is driven by increasing the use of architectural coatings for coating the interior or exterior surfaces of the buildings. The coating is applied onto the exterior surface of the buildings to increase its aesthetic appeal, and to protect it from blistering summers, freezing winters, soaking rain, UV radiation, fading, peeling away, and cracking. Consumers prefer the architectural coatings for interiors of the building to add colors, beautifying and protecting the interior surfaces.
• Product innovation and the launch of the emerging novel products shall have a positive impact on the market. For instance, in April 2019, AkzoNobel had developed a scratch-resistant powder coating for the architectural market in both matte and satin finishes. The company had added the pioneering dual functionality i.e. Interpon D X-Pro, to its Interpon D range. Interpon D X-Pro is effective in making the products less susceptible to abrasions during handling and transportation.
• The introduction of the digitally-enabled service platform along with the architectural coating products by the companies would play a vital in increasing the reach of customers to be and their sales over the forecasted period. For instance, in October 2019, PPG Industries, Inc., had launched PPG Services, a digitally-enabled service platform to make it easy for businesses with multiple commercial facilities across the U.S. to identify and connect with established professional painters then manage and schedule general painting maintenance projects.
• However, the availability of substitutes for architectural coatings, government, and environmental regulation is hindering the market growth. External and internal environment problems such as rain, snow, and ice on the outside and moisture buildup from the inside could lead to pealing of the coating. These factors could have a negative impact on architectural coatings.

Market Segment Analysis
• The global architectural coatings market is segmented based on type acrylic product, alkyd product, vinyl product, epoxy, polyurethane product and others. Acrylic product dominates the market due to its properties such as environmental resistance, fast setting-times, excellent durability and high gloss retention. There is an increased in demand for aqueous acrylic lacquers which comprises the properties of both lacquers and enamels. These coatings are more sensitive to humidity and temperature and efficient in eliminating the environmentally dangerous chemicals associated with the existing lacquers.
• Epoxy products are widely used to provide the adhesive nature as well as luster in the paints and coating. Epoxy coatings exhibit high strength and low shrinkage. These coatings are effective in resisting chemical and environmental damage.
• The global architectural coatings market is segmented based on technology as waterborne coatings, solvent borne coatings, and powder coatings. Waterborne coatings account for the significant market share due to increased usage of this technology for producing the architectural coatings with 80% water and a small percentage of solvents due to its better elasticity, superior resistance to chalking and fading and maintain the freshness. It is non-combustible with very little odor. It permits quick recoating. It can be used on wood, concrete, stucco, brick, galvanized metal, vinyl siding, aluminum siding etc.
• Further, the market is also classified on the basis of application into residential, and non-Residential. The residential segment accounts for the significant market share due to rising awareness regarding coatings with less volatile organic compounds and the implementation of safety regulations. Moreover, the increasing residential maintenance activities which involve the recoating of existing structures.
• The non-residential segment is expected to have a positive market share owing to the increased demand for architectural coatings in office spaces for enhancing the office appearance, interior decoration, and protection from fading, and cracking.

Market Geographical Analysis
• By region, the global architectural coatings market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Asia Pacific region accounts for the highest market share due to the growing construction of residential and non-residential sectors especially in developing countries such as China and India. Moreover, there is an increase in government spending for the construction of buildings.
• According to the India Brand Equity Foundation, infrastructure is the key driver of the Indian economy. India ranked 44th out of 167 countries in the World Bank's Logistics Performance Index (LPI) 2018. Foreign Direct Investment (FDI) received in the Construction Development sector was USD 25.12 Billion in 2019 and it is expected to increase over the forecasted period due to different initiatives such as Housing for All and Smart City Mission adopted by the government. In addition, the Indian government has introduced a single-window clearance facility, for providing fast approvals to the construction projects. Japanese companies are investing in other countries for gaining profits by using their technologies. Increasing the development of rail and road infrastructure in India and China shall have a positive impact on the market.
• Europe is expected to have the fastest due to the technological advancements and increasing demand for bio-based coating materials. The market is witnessing the development of highly sustainable and offer eco-friendly architectural coatings due to rising concerns regarding environmental degradation. There is a large number of old buildings in Europe. Thus, it expected that the renovation of the existing buildings could increase over the forecasted period as these old buildings consume more energy. Consumers’ desire for a different variety of colors with better consistency and durability is leading the demand for higher quality architectural coatings.

Market Competitive Analysis
• The global architectural coatings market is highly competitive with the involvement of several domestic and local players. PPG Industries, Inc., Akzo Nobel N.V, Kansai Paints Co., Ltd., Asian Paints Limited, and Nippon Paint Holdings Co., Ltd. are the leading market players with the significant market share.
• Companies are using product innovation, enhancing distribution facilities, production innovation, new product launches, new facility development, facility expansion, and market expansion to increase their reach and market penetration.
• In December 2019, Axalta Coating Systems had acquired a manufacturing site in Çerkezköy, Turkey, for its powder coating business. This new facility would host the production of all Axalta’s premium powder product ranges including the matt, fine-textured and semi-gloss collections designed for architectural applications. In May 2019, PPG had opened a new facility in Flower Mound. It would be the largest distribution center for architectural paints and coatings in the company’s U.S. and Canadian networks.
• The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for architectural coatings and their expansion across the globe. For instance, in June 2017, Sherwin-Williams Co. had acquired x Corp., for about USD 11.3 billion. This acquisition would help in accelerating the Sherwin-Williams' global growth strategy and creating the global leader in paints and coatings. The combination of these two players would create a world-class brand portfolio expanded product range, premier technology and innovation platforms and an extensive global footprint.
• In December 2019, Axalta had acquired Capital Paints to increase its presence in the Middle East and North Africa. Under the terms of the agreement, Capital Paints would operate as one of three Axalta powder manufacturing facilities in the emerging markets region and other countries such as Malaysia and Indonesia. It would create a significant opportunity for bringing the powder coating technologies to customers in the oil and gas and architectural segments.

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