A recent report published by
Infinium Global Research on the residential architectural coatings market provides an in-depth analysis of segments and sub-segments in the global as well as
regional residential architectural coatings market. The study also highlights
the impact of drivers, restraints, and macro indicators on the global and
regional residential architectural coatings market over the short term as well
as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global residential architectural coatings market.
According to the report, the global residential architectural coatings market
is projected to grow at a CAGR of 6% over the forecast period of 2022-2028.
The value of the residential
architectural coatings market in 2022 was about USD 11 billion and is expected to
reach over USD 15 billion in 2028 and is expected to be growing with a CAGR of over
6%. Residential architectural coatings are a broad term covering an array of
liquid-applied materials, ranging from traditional linseed oil-based paints to
protective mineral silicate coatings to penetrating sealers. The coatings are
used to enhance the appearance of the building and protect it from weather
conditions such as wind-driven rain, standing water, acidic rain, ice, and
freeze-thaw cycling. Any functional or aesthetic deterioration of the building
wall risks shortening the life span of a building which is, in turn, creating
the need for extensive repairs. The architectural coating is important for the
overall sustainability of building structure, it takes into consideration of
environmental concerns, ease of use, and color requirements. The most
significant factor that influences the performance of the coating is its
wearability, particularly its UV resistance. The architectural coatings are
checked by different tests such as adhesive, impact resistance, humidity
resistance, mortar resistance, acid resistance, and pencil hardness. The
architectural coating is required to have good water resistance, good alkali
resistance, certain decorative function, bonding strength to cement surface
layers or wood materials and repair as well as maintenance and easy recoating.
COVID-19 was an incomparable global public health emergency that has affected
almost every industry and is projected to impact these various industry growths
during the forecast period. During the Covid-19, pandemic people were compelled
to stay in their homes. The governments of many countries turned their focus to
healthcare from other industries. This significantly disrupted their supply
chain operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were shut down due to the pandemic in almost every country globally. Logistical restrictions, manpower
shortage, material unavailability, and other restrictions had reduced the
growth of the industry.
Growing housing construction
activities are driving the residential architectural coatings market. Further,
modern advancements in coatings and its wide variety of exterior and interior
applications, a rise in civil construction activities across the globe, and
large investments in the maintenance and repair of existing buildings are
providing growing demand for the market. However, fluctuations in raw material
prices are hindering the growth of the market. Moreover, the growth of the real
estate sector and rapid development in infrastructure provide immense growth
opportunities for the residential architectural coatings market.
The report provides a regional
outlook covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. Asia-Pacific holds the command over the global
residential architectural coatings market and is expected to dominate the
overall market during the forecast period. The APAC architectural coatings
market is driven by the growing population and economic growth. Both the
residential and non-residential sectors in China and India are expected to
develop during the forecast period, which, in turn, will drive the demand for architectural coatings from this region. In India, the infrastructure sector
has become one of the major focus areas for the government. The government aims
to boost the construction of buildings in the country and has decided to come
up with a single-window clearance facility, in order to provide speedy
approvals of the construction projects. In China, government spending has been
increasing, in order to construct affordable housing facilities, to cater to
the housing demand. Despite the volatile growth in the real estate sector, the
significant development of rail and road infrastructure by the Chinese
government, to withstand the expanding industrial and service sectors, resulting
in significant growth of the Chinese construction industry in recent years. As
the construction industry is dominated by state-owned enterprises, the
increased government spending is boosting the industry in the country.
Therefore, the growing residential and commercial construction activities in
the region are expected to drive the market for architectural coatings in
Asia-Pacific, over the forecast period.
The report on the global residential
architectural coatings market covers segments such as application, distribution
channel, consumer type, resin type, and technology. On the basis of
application, the sub-markets include exterior and interior. On the basis of
distribution channels, the sub-markets include company-owned stores, independent
distributors, large retailers, and wholesalers. On the basis of consumer type,
the sub-markets include DIY consumers and professional consumers. On the basis
of resin type, the sub-markets include acrylic and alkyd. On the basis of
technology, the sub-markets include waterborne, solvent-borne, and powder.
The report provides profiles of
the companies in the market such as PPG Industries, Asian Paints, Nippon
Paints, The Sherwin-Williams Company, RPM International Inc., Sumter Coatings,
Axalta Coatings, Midwest Industrial Coatings Inc., The Valspar Corporation, and
BASF SE.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the residential architectural coatings market. Moreover, the study
highlights current market trends and provides forecasts for 2022-2028. We also
have highlighted future trends in the market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.
Please Choose One of them.