“Global Architectural Coatings Market to reach a market value of 107.7 Billion by 2031 growing at a CAGR of 5.5%”
The Global Architectural Coatings Market size is expected to reach $107.7 billion by 2031, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 30,341.2 kilo tonnes experiencing a growth of 25.5% (2020-2023).
Urbanization and population growth in North America are leading to the construction of new residential complexes, commercial buildings, and infrastructure projects. The need for housing, office spaces, retail outlets, and public facilities is fueling North America's demand for these coatings. Consequently, the North American region would acquire nearly 28% of the total market share by 2031. Also, the US market would utilize 873.2 kilo tonnes of alkyd coatings this chemical by 2031.
Consumers increasingly seek customizable options for their residential and commercial spaces, driving demand for a wide range of colors, finishes, and textures in these coatings. Moreover, there is growing awareness of the impact of colors on mood and ambiance, leading to an increased focus on color psychology in architectural design. Therefore, the market is expanding significantly due to the growing focus on aesthetic appeal and design.
Additionally, Rising homeownership rates and changing consumer preferences drive demand for renovation and improvement projects. In addition, thermal insulation coatings lower heating and cooling expenses by increasing building energy efficiency. Thus, because of the increasing renovation and remodeling activities, the market is anticipated to increase significantly.
However, fluctuating raw material prices, including resins, pigments, solvents, and additives, lead to cost uncertainty and volatility for manufacturers. Moreover, uncertainty in raw material prices can hinder investment in research and development (R&D) and innovation. Therefore, supply chain disruptions are a significant challenge that hampers the growth of market.
By end-use, the market is bifurcated into residential and non-residential. The non-residential segment acquired 41% revenue share in the market in 2023. Industrial facilities, including factories, warehouses, manufacturing plants, and distribution centers, require durable and protective coatings for various surfaces.
By resin type, the market is categorized into acrylic, alkyd, epoxy, polyurethane, polyester, and others. The polyurethane segment covered 20% revenue share in the market in 2023. In terms of volume, the segment registered 4,841.6 kilo tonnes in 2023. Polyurethane coatings provide excellent durability and long-term protection for various surfaces, including wood, metal, concrete, and plastic.
On the basis of technology, the market is divided into solvent borne and water borne. The solvent borne segment covered 25% revenue share in the market in 2023. In terms of volume, the segment registered 6,514.9 kilo tonnes in 2023. Solvent-borne coatings offer exceptional durability and long-term protection for various surfaces, including wood, metal, concrete, and masonry.
Based on function, the market is classified into ceramics, inks, lacquers, paints, powder coatings, primers, sealers, stains, and varnishes. The paints segment garnered 17% revenue share in the market in 2023. Roof coatings protect and waterproof flat and sloped roofs made of various materials such as asphalt, concrete, metal, and tiles.
Free Valuable Insights: Global Architectural Coatings Market size to reach USD 107.7 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region led the market by generating 39% revenue share. The Asia Pacific region is witnessing rapid urbanization and industrialization, leading to increased construction activities. Growing populations, rising incomes, and expanding urban areas drive the demand for residential, commercial, and industrial buildings in Asia Pacific.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 71.1 Billion |
| Market size forecast in 2031 | USD 107.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.5% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 492 |
| Tables | 1010 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Function, Technology, Resin Type, End-Use, Region |
| Country scope |
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| Companies Included | PPG Industries, Inc., Wacker Chemie AG, Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, BASF SE, The Dow Chemical Company, 3M Company, Kansai Paint Co., Ltd., Akzo Nobel N.V. and Arkema S.A. |
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Resin Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Function (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $107.7 billion by 2031.
Growing focus on aesthetic appeal and design are driving the Market in coming years, however, Fluctuating raw material prices restraints the growth of the Market.
PPG Industries, Inc., Wacker Chemie AG, Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, BASF SE, The Dow Chemical Company, 3M Company, Kansai Paint Co., Ltd., Akzo Nobel N.V. and Arkema S.A.
In the year 2023, the market attained a volume of 30,341.2 kilo tonnes experiencing a growth of 25.5% (2020-2023).
The Water Borne segment generated the highest revenue in the Market by Technology in 2023; thereby, achieving a market value of $78.6 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $43.2 billion by 2031.
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