Architectural Coatings Market Research Report 2023 – Market Leaders are The Sherwin-Williams Company, PPG Industries, Inc., Akzo Nobel N.V., Kansai Paints Co., Ltd., Asian Paints Limited, and Nippon Paint Holdings Co., Ltd.
May 16, 2019 2:01 PM ET
According to the new market research report “Architectural Coatings Market by Resin Type (Acrylic, Alkyd), Technology (Waterborne, Solventborne, Powder), User Type (DIY, Professional), Coating Type (Interior, Exterior), Application (Residential, Non-Residential) and Region – Global Forecast to 2023″, The market size of architectural coatings is projected to grow from USD 65.0 billion in 2018 to USD 82.4 billion by 2023, at a CAGR of 4.9% during the forecast period.
The increasing demand from the construction industry, the rising per capita consumption in APAC, and environmentally friendly characteristic act as major drivers of the market. Growing investment in the emerging regions is a key factor providing growth opportunities to the market. However, stringent and time-consuming regulatory policies are restraining market growth
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The Architectural coatings market size is estimated to be USD 65.0 billion in 2018 and is projected to reach USD 82.4 billion by 2023, at a CAGR of 4.9% between 2018 and 2023. APAC is the largest consumer of Architectural coatings as it has high demand from various new constructions and increasing industrialization.
APAC is expected to be the largest and fastest-growing market for Architectural coatings, in terms of value and volume. APAC is expected to retain its leadership until 2023. Countries in these regions such as China, India, and Indonesia are witnessing an increase in the use of Architectural coatings in the residential segment. This can be attributed to the demand for rapid urbanization from these regions. The massive spending on huge infrastructural development programs; and increasing investments & expansions, mergers & acquisitions, new product launches, and joint venture activities in the region are driving the market.
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The architectural coatings market is projected to grow from USD 65.0 billion in 2018 to USD 82.4 billion by 2023, at a CAGR of 4.9% between 2018 and 2023. APAC is the largest consumer of architectural coatings. The architectural coatings is witnessing high demand from various new constructions, remodeling, and increasing industrialization in APAC.
Some of the major players in the market include The key players operating in the market are PPG Industries, Inc. (US), Akzo Nobel N.V. (The Netherlands), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd. (Japan), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan). These players have adopted various strategies, such as merger & acquisition, expansion, and new product launch to grow in the market. New product launch was the key strategy adopted by the major players between 2015 and 2018. This strategy accounted for a share of 38% of all growth strategies adopted by key market players and helped companies enhance their market and expand global presence.
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PPG is dominating the global architectural coatings market. This position is achieved by the company after many successful small and big acquisitions and expansion activities. The major acquisition done by the company was DEUTEK S.A. a leading Romanian Paint and architectural coating manufacturer from Emerging European Accession Fund (EEAF) in 2017. This has led to an expansion in Europe and is expected to boost the growth in the emerging region of Eastern Europe in the near future. The company should now focus more on product innovation, differentiation, and brand awareness activities to compete and maintain its dominating position in the architectural coatings market.
Akzo Nobel N.V. is a diversified chemical company founded in 1994 and headquartered in Amsterdam, Netherlands. The company is active in the fields of decorative paints and performance coatings. All the architectural coatings products are produced under the decorative paints segment. Akzo Nobel N.V. has a strong customer base and operates in more than 80 countries of Europe, Asia-Pacific, South America, and the Middle East. After the acquisition of the specialty chemical business by The Carlyle Group and GIC, the revenue for FY 2017 has been reported under discontinued operations.
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