ALBANY, New York, July 3, 2019 /PRNewswire/ -- The architectural coatings market features a highly fragmented vendor landscape owing to the presence of numerous players. Key players dominant in the global architectural coatings market are The Sherwin-Williams Company, Akzo Nobel, and PPG Industries Inc. Despite the presence of several players in the market, these players are gaining a substantial share as they are focusing on research and development activities. Additionally, rising advancements in the water-based products coupled with rising construction of the residential sector are primarily offering robust growth opportunities for key players in the global architectural coatings market.
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Asia Pacific to Dominate in the Architectural Coatings Market in Coming Years
Regionally, Asia Pacific is estimated to retain its dominance in the global architectural coating market owing to robust construction activities majorly in China. Rising demand for resins from the furniture industry and availability of resins are playing a curtail role in the global architectural coatings market in the region and especially in the countries such as China and India. Additionally, the demand for special furniture and coatings is continuously changing in Japan, as it is prone to natural calamities, which is benefiting the growth of the market in the region. However, the Europe region is estimated to account for a second leading share in the overall revenue by the end of the forecast period. Owing to the high demand for architectural coatings from countries such as France, Spain, Italy, and the U.K., the market in the region is likely to gain benefit.
The term architectural coatings include a wide range of coatings such as varnishes, primers, paints, sealers, ceramics, inks, and others. They are used on the interior as well as exterior walls, ceilings of buildings, and floor; the architectural coatings are supposed to be resistant to certain factors such as heat, moisture, changing the weather, and chemicals.
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Changing Lifestyles in Developing Countries Drive Architectural Coatings Market Growth
The factors such as swift urbanization and globalization especially in the developing countries are leading to an increase in disposable incomes, which instigates the desire to own a house among the masses. This is a key factor in increasing construction activities for residential areas. Additionally, factors such as rising investments in the commercial and infrastructural development are driving the growth of the global architectural coatings market.
Rising awareness level among people about environment safety is boosting demand for low-odor and higher durability coatings which primarily reduce the emission of low-odor and higher durability coatings. Further, these coatings are emitting low volatile organic contents (VOCs), thus boosting the demand for architectural coatings. Additionally, rising industrialization coupled with availability of less stringent regulations in the developing regions is driving growth of the global architectural coatings market. Thus, the market for architectural coatings stood at US$53,264.4 mn in 2016 and is estimated to be worth US$87,500.4 mn by 2025. The market is likely to expand by exhibiting a growth rate of 5.7% during the forecast period from 2017 to 2025.
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Paints are generally used for the exterior of the house for not only for aesthetic appeal, but also for protecting the walls and doors from freezing winters, blistering summers, soaking rain, and bombardment of UV radiation. However, paints are generally damaged due to excessive dew, moisture, rain, and snow. Thus, a water-based resin or the architectural coating comes in the picture and benefits the market growth.
This information is encompassed in the report by TMR, titled, "Architectural Coatings Market (Resin - Vinyl/Styrene, Acrylics, Alkyds, and Polyurethane; Technology - Water-based and Solvent-based; End-User: Residential (New Building, Reconstruction) and Non-Residential (New Building, Reconstruction)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025."
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For the study, the architectural coatings market has been segmented as follows:
- Oil based
- Water based
- Solvent based
- New Building
- New Building
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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