Global Architectural Coatings Industry: Set to Witness Huge Growth by 2028
The global architectural coatings market size is expected to reach USD 99.03 billion by 2027 according to a new study by Polaris Market Research. The report “Architectural Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Acrylics, Alkyds, Epoxy, Urethanes, Vinyl, Others); By Technology (Water-borne, Solvent-borne, Powder); By Application (Residential, Non-Residential); By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for architectural coatings is expected to witness growth on account of increasing demand in the residential and non-residential sectors. In addition, technological advancement in the field of coatings and development of green products is expected to drive the demand for architectural coatings across the globe. Furthermore, increasing construction projects in Asia Pacific countries such as China and India are likely to complement market growth.
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Several traditional solvent-based architectural coatings owing to presence of high levels of Volatile Organic Compounds (VOCs) are losing popularity in the coatings industry. On account of the wide range of advantages of solvent-based coatings such as liquefying properties, increased evaporation rates, and reduced drying time, solvent-based coatings are being used in a variety of industrial applications. Water-borne coatings are gaining popularity on account of eco-friendly nature of the coatings.
Increasing levels of emission of Hazardous Air Pollutants (HAPs) and Volatile Organic Compounds (VOCs) from conventional solvent-based coatings have raised concerns pertaining to environmental degradation. The government across the globe are restricting the usage of toxic and harmful coatings. With enactment of stricter laws and regulations to curb air pollution caused due to hazardous emissions and conventional solvent-based coatings are likely to be soon replaced by green- or bio-based solvents. In order to comply with the laws and regulations, consumers are increasingly opting for green coatings.
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Market participants such as PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paints Co., Ltd., Asian Paints Limited, and Nippon Paint Holdings Co., Ltd., BASF SE, Masco Corporation, Jotun Group, and RPM International Inc. are some of the key players operating in the concerned market. The research scholars at the premier IIT Hyderabad are using fly ash to form water repellent structure. These hydrophobic structures can be used as anti-soiling coatings, stainless textiles, self-cleaning coatings, and anti-sticking surfaces for the antennae.
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