UV Curable Resins to Procure 40% Market Share for Architectural Coatings: Fact.MR Study
Published : 12 Jan 2022 Industry: Chemical & Materials
Fact.MR predicts the global sales of architectural coatings to overpass US$ 121,000 Mn by registering a CAGR of 4.5% in the forecast period 2022-2032. Architectural coatings are designated to provide protective and decorative layers on architecture in both exterior and interior applications. Most of the architectural coatings are typically applied using rollers, sprayers, brushes and other applications.
Historically, from 2017 to 2021, the sales of architectural coatings exceeded US$ 77,888 Mn by the end of the aforementioned period. The coronavirus pandemic affected the demand and supply chain for businesses across the globe. Due to restrictions on movements, the construction industry witnessed a major setback. This, in turn, affected the demand for architectural coatings. As the world is getting back to normal, the sales of architectural coatings are expected to increase.
With the emergence of stringent regulations on VOC emission, paint and coating manufacturers are shifting their focus from solvent borne coatings to water-borne coatings. Also, around 80% of household paints sold today are water-based paints, as per the Paint Quality Institute. Advances in additives and resin technologies to overcome the performance issues of water-based coatings like viscosity, flow, and foaming are resulting in increasing demand for water borne formulation in the architectural coatings market.
Key Takeaways from the Market Study
- By resin type, UV curable resins expected to hold 40% market share for architectural coatings.
- By application type, residential sector expected to account for more than 50% market share for architectural coatings.
- Architectural coatings industry expected to possess nearly 35% market share throughout North America.
- Architectural coatings industry expected to possess nearly 45% market share throughout Asia Pacific.
- China, India, Turkey, Germany and Spain are the top five countries driving demand for architectural coatings.
“Growing inclination towards renovation and use of eco-friendly products is increasing the demand for architectural coatings.” states a Fact.MR analyst.
Increasing number of companies in the architectural coatings market are planning to expand themselves in regional markets through partnerships and mergers and acquisitions. New product development is also one of the strategies of most of the key players in the architectural coatings market.
- PPG Industries Inc. has launched advanced passive fire-protection coating known as PPG PITT-CHAR NX. The coating eliminate cracking and delamination risk during transportation, fabrication and construction.
- AkzoNobel with a plan to combine its expertise with ingenious solutions of startup has launched Paint and Future Innovation Challenge. The company through the challenge aims to connect with startups and develop new technologies and product innovation in paints and coatings. The winner will be awarded a chance to enter into a joint development with AkzoNobel.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global architectural coatings system market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of resin type (acrylics, UV curable resins, fluoropolymers, urethanes, metallic additives and others (epoxy, polyalkyds and amines)), formulation type (solvent borne and water borne) and application (residential and non-residential) across six major regions (North America, Latin America, Europe, Japan, APEJ and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials