DUBLIN, Ireland — The architectural coatings market is anticipated to witness moderate growth in the coming years, with demand in 2018 expected to have surpassed 33,000,000 tons, according to the latest report by Fact.MR. Robust growth in the global construction industry continues to impact demand. Reconstruction and renovation projects around the world are also contributing to growth in the architectural coatings market.
The construction industry is likely to grow significantly in the United States, India and China. According to the report, Global Construction 2030, these three countries are expected to account for nearly 57% of the global growth.
With the emergence of stringent regulations regarding VOC emissions, paint and coating manufacturers are shifting their focus from solventborne coatings to waterborne coatings. Around 80% of household paints sold today are water-based paints, according to the Paint Quality Institute. Advances in additives and resin technologies to overcome the performance issues of water-based coatings, such as viscosity, flow and foaming, are resulting in increasing demand for waterborne formulations in architectural coatings.
The APEJ region (Asia-Pacific excluding Japan) is likely to remain dominant in the architectural coatings market for a long period of time. With growing economies and an emerging middle class, the demand for residential construction is growing in India and China. The majority of construction projects use solvent-based coatings owing to their low cost and better performance.
Eco-friendly coatings have shown better growth in recent years, with governments across APEJ introducing VOC emission standards. Research institutes and green coatings manufacturers are investing in the research and development of innovative raw materials and technologies, resulting in non-hazardous and eco-friendly architectural coatings.
Decorative coatings used in construction and renovation projects have also shown steady growth in the APEJ region, especially in India, China and Indonesia. To meet the demand for decorative architectural coatings and environmentally friendly coatings, key market players in the region are focusing on understanding the relationship between application techniques, local raw materials and a substrate difference.
Production of sustainable coatings and smart coatings that enhance dirt and mold resistance has also increased in the APEJ architectural coatings market. Production of formaldehyde-free, reduced-VOC and water-based coatings has also grown to meet rising demand for eco-friendly architectural coatings in the region.
Compared to the other types of resins used in architectural coatings, acrylic resins are likely to account for the highest market share in the architectural coatings market. The study reports that demand should exceed 9,000,000 tons in 2018. Acrylic resins are being used in architectural coatings, especially in exterior coatings.
There is an increased demand from coatings manufacturers for acrylic resins, due to the UV and weathering resistance and good gloss and color retention they offer. The rising preference for hybrid coatings, prepared by blending acrylic polymers with other functional polymers for applications in interior and exterior surfaces, is driving growth in the market for architectural coatings. This has also provided a way to overcome various inadequacies of traditional acrylic paints.
The demand for waterborne acrylic coatings is also increasing due to new emission standards on VOC introduced by governments across various countries. In the last few years, the use of acrylic surface coatings has surpassed the use of alkyd surface coatings in the paint and coating industry, especially in the developing regions.
According to the report, overall growth in the architectural coatings market is likely to remain moderate, with global demand for architectural coatings reaching a 4.1% compound annual growth rate in terms of volume during the 2018-2027 period.
For additional information about this report, visit https://www.factmr.com/report/2374/architectural-coatings-market.