Architectural Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology (Waterborne, Solventborne), Coating Type (Interior and Exterior), User Type (DIY and Professional), Application, and Region – Global Forecast to 2028
Architectural Coatings Market
The global Architectural Coatings Market was USD 85.0 billion in 2023 and is projected to reach USD 102.7 billion by 2028, growing at a cagr 3.9% from 2023 to 2028. Leading multinational corporations are relocating their manufacturing bases, opening sales offices, and expanding distribution networks to countries with high demand, such as Asia Pacific. The gradual relocation of manufacturing facilities to nations with high demand and cheaper production costs has a favorable impact on market growth. The top manufacturers control a sizable portion of the worldwide market. As a result, architectural coating companies are under intense competitive pressure to cut architectural coating prices in order to acquire market share at the expense of other rivals. Furthermore, regulatory standards for solvent usage and VOC emissions are critical parameters for architectural coating suppliers to consider.
Opportunity: Major architectural coating manufacturers in North America and Europe have to follow stringent government rules and policies. However, the emerging regions have fewer or no rules for this segment. The market for architectural coatings in Asia Pacific and other emerging economies are growing rapidly. Over the last 15 years, emerging economies have accounted for nearly two- thirds of global GDP growth and more than half of new consumption. However, economic success differs significantly among countries. Over the last 30 years, more than two-thirds of GDP growth in outperforming nations has been attributed to a significant improvement in productivity associated with industrialization: an annual average productivity gain of 4.1 percent vs 0.8 percent for the other emerging economies. This rapid development starts the pro-growth cycle by creating wealth and increasing demand, which leads to more jobs.
