The term "architectural coatings" describes the kinds of coatings used to coat houses and structures, including paints, powders, and others. The majority of architectural coatings, such as floor coatings, interior and external wall painting, and roof coatings, are specifically made for a certain purpose. These coatings provide infrastructure with specific protective, long-lasting, and aesthetic benefit
Global Architectural Coatings Market Driving Factors and Challenges
Driving Factors: The development boom, particularly in Asia-Pacific's growing nations, is driving the global market for architectural coatings. The market is also driven by shifting customer preferences and rising public awareness of the safety and volatile organic compounds (VOCs) of architectural coatings. In addition, it is projected that during the forecast period, the transition from solvent-borne to water-borne coating formulations would support the expansion of the worldwide architectural coatings market. The market is anticipated to see many growth prospects as a result of the adoption of the green coatings that are currently being developed. These coatings meet safety and volatile organic compound (VOC) emissions standards set by regulatory agencies.
Challenges: The presence of harmful compounds in coatings is projected to slow market growth throughout the forecast period. VOCs, or volatile organic compounds, found in architectural coatings are typically considered detrimental to the environment and can cause a variety of respiratory issues in humans. The use of harmful chemicals in paints and coatings, such as glycols, ethanol, ammonia, acetone, biocides, formaldehyde, and others, is strictly regulated. According to certain studies, alkyd coatings are likely to contain over 100 distinct VOCs. The emission of VOCs occurs primarily after the paint or coating has dried. An alternative is to use powder coatings or green coatings, which have recently been introduced and are now being developed for application.
Impact of COVID-19 on Global Architectural Coatings Market
Transport restrictions brought about by the COVID-19 epidemic led to a decrease in industrial productivity and a disruption of supply networks, which significantly impacted global economic growth and negatively impacted market expansion. Due to the halt in work, the companies are not making any money. In addition, they are losing suppliers who supply the necessary materials to other businesses for use in the construction industry; all of these suppliers are suffering significant losses as a result of the work stoppage. In addition to the businesses themselves, all of the suppliers who supply the necessary materials to different businesses for use in the paint and coating industry are also losing money as a result of the work stoppage.
Global Architectural Coatings Market Key Players:
PPG Industries, Asian Paints, Nippon Paints, The Sherwin-Williams Company, Axalta Coatings, RPM International Inc, The Valspar Corporation, Midwest Industrial Coatings Inc, Sumter Coatings, and BASF SE are just a few of the major market players that are thoroughly examined in this market study along with revenue analysis, market segments, and competitive landscape data.
Global Architectural Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, Global Architectural Coatings Market is segmented as; Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Urethane, Others.
By Function: Based on the Function, Global Architectural Coatings Market is segmented as; Ceramics, Inks, Lacquers, Paints, Powder Coatings, Primers, Sealers, Stains, Varnishes.
By Technology: Based on the Technology, Global Architectural Coatings Market is segmented as; Solvent Borne, Water Borne.
By End-Use Industry: Based on the End-Use Industry, Global Architectural Coatings Market is segmented as; Residential, Non-Residential.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.