The global architectural coatings market is driven by the construction boom, especially in the emerging economies of Asia-Pacific region. In addition, changing consumer preferences and growing awareness among people regarding the safety and VOCs emissions from architectural coatings is also driving the market
Portland, OR -- (SBWIRE) -- 09/29/2017 -- The major factors driving the global Architectural Coatings Market are growth of construction industry and the increase in investments for infrastructure maintenance. The developing economies have also witnessed an increase in the civil construction activities. However, the use of toxic chemicals in coating formulations is expected to hinder the market growth during the forecast period.
Architectural Coatings Market, published by Allied Market Research, forecasts that the global market was valued at $57,270 million in 2015, and is projected to reach $81,861 million by 2022, growing at a CAGR of 5.6% from 2016-2022. Based on the function, ceramics occupied more than one-sixth share of the total market in 2015.
Apart from that, the shift from solvent borne to water borne coating formulations will also contribute to the growth of global architectural coatings market during the forecast period. However, stringent government regulations against the harmful VOCs emitted by certain architectural coatings may hinder the growth of market. The adoption of green coatings being developed is expected to create several growth opportunities for the market. These coatings comply with the norms of regulatory bodies regarding the safety and VOC emissions. Government support towards these coatings will drive their adoption in the future. Moreover, expanding application areas of nanocoatings will also create opportunities for growth.
Key Findings of the Architectural Coatings Market
- Based on function, the varnishes segment is expected to show fastest growth from 2016 to 2022, in terms of both value and volume.
- In 2015, North America was the highest revenue generating region with over one-third share of the global market.
- Asia-Pacific is expected to be the fastest growing region, grow at a CAGR of 6.0% during the forecast period.
- Based on resin type, the acrylic segment dominated the market in 2015, and is expected to maintain its lead throughout the forecast period.
- In terms of both value and volume, the water borne segment occupied majority of the share in architectural coatings market, by technology.
The ceramics segment dominated the architectural coatings market by function in 2015. This is attributed to the exceptional property of ceramics coatings to prevent corrosion. A new approach to protect metals from damage due to corrosion is the coating them with CBPCs i.e. chemically bonded phosphate ceramics.
Limited Period Offer! Get 30% discount on this report
Click to Get Sample!