Architectural Coatings Market to Expand at a 4.52% CAGR by 2032: States Fact.MR
NEW YORK, Jan. 24, 2022 /PRNewswire/ -- In 2021, the architectural coatings market had a market value of US$ 77,888 Mn, and it is predicted to grow at a positive CAGR of 4.52% from 2022 to 2032, reaching a market value of US$ 121,000 Mn.
Architectural coatings manufacturers are concentrating on developing ecologically friendly materials that emit fewer pollutants and have a lower carbon footprint. Furthermore, the desire for refurbishment, particularly in the residential sector, is increasing demand for architectural coatings.
The building sector is responding to the increase in people migrating to metropolitan areas by developing cheap housing and infrastructure. As a result, demand for various equipment and architectural coatings materials used in the construction of residential and commercial complexes is on the rise.
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According to the research Global Building 2030, produced by an expert team from Global Construction Perspectives and Oxford Economics, China, India, and the United States are anticipated to witness significant increase in construction in the near future. India is expected to expand twice as quickly as China by 2030, according to the research. Meanwhile, the majority of construction expansion in the United States is predicted to occur in the southern states.
A growing number of businesses are working on projects that require LEED certification (Leadership in Energy and Environmental Design). As a result of the varied degrees of acceptable VOC levels in LEED certification, the demand for low and zero VOC paints and coatings is increasing.
To meet consumer demand and close the performance gap between low VOC and traditional coating products, manufacturers in the architectural coatings industry are focusing on maintaining a balance between low VOC levels and high-quality goods.
"Growing inclination towards renovation and use of eco-friendly products is increasing the demand for architectural coatings." states a Fact.MR analyst.
Key Takeaways:
Growth Drivers:
Key Restraints:
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Competitive Landscape
With new product releases, acquisitions, and the establishment of new facilities in numerous regions, the market's major competitors are focusing on global expansion.
Key players in the Architectural Coatings Market include:
More Valuable Insights on Architectural Coatings Market
Fact.MR provides an unbiased analysis of the architectural coatings market, presenting historical demand data (2017-2021) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global architectural coatings market with a detailed segmentation on the basis of:
Key Questions Covered in Architectural Coatings Market Report
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