The Solvent Based Architectural Coatings market accumulated a market value of US$ 77,888 Mn in 2021 and is expected to register a positive CAGR of 4.52% in the assessment period 2022-2032 by garnering a market value of US$ 121,000 Mn.
Top 6 players in the Solvent Based Architectural Coatings market account for nearly 1/3rd of the revenue share, upheld by their operations worldwide and robust sales infrastructure. Moreover, inclination towards renovation is positively influencing the sales of Solvent Based Architectural Coatings.
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Top 6 players in the architectural coatings market account for nearly 1/3rd of the revenue share, upheld by their operations worldwide and robust sales infrastructure. The leading players in the market are focusing on global expansion with new product launches, acquisitions, and opening new facilities in various countries.
PPG Industries Inc., one of the top 6 players with focus on acquisition and enhancing distribution capabilities has acquired ProCoatings, architectural coatings and paint wholesaler in The Netherlands. Moreover, the company is also developing new distribution center for architectural paint and coatings in Texas.
Another major player, Sherwin Williams has introduced Minwax performance series with redesigned color palette and interior stain design center. Meanwhile, Axalta has also opened world’s largest coatings research and development center in Philadelphia.
Strengthening manufacturing and distribution center is one of the key strategies adopted by leading players to expand their global footprint in the architectural coatings market.
Immense Growth in Construction Sector Boosts Demand for Architectural Coatings
Growth in people migrating to urban areas is resulting in the development of affordable housing and infrastructure by the construction industry. This is driving the demand for various equipment and architectural coatings materials used in the construction of residential as well as commercial complexes.
China, India, and the US are likely to see a significant growth in construction in the near future, according to the report named Global Construction 2030, by expert team from Global Construction Perspectives and Oxford Economics. As per the report, India is likely to grow twice as fast as China by 2030. Meanwhile, most of the construction growth in the US is expected to tilt towards the southern states.
The demand for exterior architectural coatings to protect a building from moisture, UV radiations, and microbes is increasing. Moreover, the growing demand for a greater variety of colors, with better consistency and durability is also resulting in manufacturers providing a wide range of eco-friendly, higher quality architectural coatings. Rise in the renovation of existing construction is also driving demand for both interior and exterior architectural coatings.
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Global Emission Regulations Create Huge Demand for Low and Zero VOC Architectural Coatings Products
In the last few years, governments across various countries have introduced stringent regulations on emission from Volatile Organic Compounds (VOC) products used in paints and architectural coatings. Increasing consumer awareness of the negative effects of VOCs is driving demand for low and zero VOC coatings and paints.
Increasing number of companies are working on projects where LEED (Leadership in Energy and Environmental Design) certification is required. Varying degree of accepted VOC levels in LEED certification is accelerating the demand for low and zero VOC paints and coatings.
Manufacturers in architectural coatings market are focusing on maintaining balance between low VOC level and high-quality products to meet consumer demand and meet the performance gap between low VOC and traditional coating products.
Moreover, green building standards in some countries relating to indoor air quality and growing desire for low odor interior has also resulted in increased production and demand for ultra-low and zero VOC paints and architectural coatings.
Regulatory Changes Driving Shift to Water-based Coatings Remain Challenge for Coating Manufacturers
Solvent-based coatings are used widely owing to their low-cost, superior film-forming characteristics, and ease of application. However, introduction of stringent VOC and other regulations worldwide is driving shift from solvent-based to water-based architectural coatings. Manufacturers in the architectural coatings market are constantly struggling to enhance the performance of water-based coatings and minimize its cost. Manufacturers are also finding ways to maintain low Minimum Film Formation Temperature (MFFT) and at the same time ensuring hardness of the dried film in water-based coatings.
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