Architectural Coating Market Infographics Description:
The global architectural coatings market was estimated to be worth nearly US$ 58 billion in 2017 and is projected to reach US$ 10,992.9 million by 2026, growing at a compound annual growth rate (CAGR) of 5.9% from 2016 to 2026. This significant growth is propelled by the expanding construction industry and an increasing emphasis on renovation and modernization of infrastructure around the world.
The market is segmented by resin type, with the acrylic segment leading in revenue generation at US$ 23.4 billion in 2017. This segment is anticipated to continue its dominance throughout the forecast period due to the inherent properties of acrylic coatings such as durability, flexibility, and resistance to weather conditions, making them ideal for both exterior and interior applications. Acrylic coatings are projected to grow at the highest CAGR of 6.2% from 2016 to 2026.
In product type segmentation, solvent-based coatings have traditionally held the largest market share with US$ 28.3 billion in 2017, attributed to their formulation which allows for a durable finish and depth of color. However, with increasing environmental concerns and regulatory standards, the water-based coatings segment is expected to surpass solvent-based, registering the highest growth rate of 6% during the forecast period. Water-based coatings are gaining preference due to their lower volatile organic compound (VOC) emissions, easier cleanup, and shorter drying times.
Regionally, the Asia Pacific led the market in 2017 with a revenue of US$ 18.4 billion, driven by rapid urbanization and infrastructure developments, particularly in China and India. The region is expected to maintain its lead with the highest CAGR over the next decade, due to continuous investments in construction projects and a growing middle class with increasing disposable income. North America follows as the second-largest market, supported by advanced technological innovations and stringent regulatory frameworks promoting eco-friendly coatings.
Key players in the architectural coatings market include PPG Architectural Coatings, The Sherwin-Williams Company, RPM International Inc., and others, who are focusing on expanding their product range through innovations and strategic collaborations to meet the diverse needs of the global market. These companies invest heavily in R&D to develop coatings that are not only performance-oriented but also environmentally sustainable, catering to the evolving demands of the industry.
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