The architectural coatings market is projected to grow at a CAGR of 4.9% between 2018 and 2023
NEW YORK, April 22, 2019 /PRNewswire/ -- The architectural coatings market is projected to grow at a CAGR of 4.9% between 2018 and 2023.
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The architectural coatings market is projected to grow from USD 65.0 billion in 2018 to USD 82.4 billion by 2023, at a CAGR of 4.9% between 2018 and 2023. The market in APAC is witnessing high growth, which is expected to continue in the near future because of increasing residential construction and improved home remodeling practices along with rising per capita paints consumption.
Residential architectural coatings is the largest and fastest application segment of the architectural coatings market
Better economic growth and higher incomes in the last few years have resulted in the construction of several new houses and remodeling of old ones.Architectural coatings for residential construction application include new paint and repainting.
These coatings mainly include architectural and functional products, such as paints, stains, lacquers, primers, and cleaners.New paint is mainly associated with newly built residential constructions, which include both their interior and exterior application areas.
So, this drives the demand for residential architectural coatings.
APAC is the largest market for the architectural coatings market
APAC is projected to be the fastest-growing market, in terms of both volume and value, during the forecast period.APAC is estimated to account for the largest share, in terms of both volume and value, of the overall market in 2018.
The market in the region is driven by the growing population and economic growth. Both residential and non-residential sectors are expected to grow in China and India during the forecast period, which, in turn, will drive the demand for architectural coatings in this industry.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and subsegments.
Breakdown of Primary Interviews:
-- By Company Type: Tier 1 - 27%, Tier 2 - 18%, and Tier 3 - 55%
-- By Designation: C Level - 27%, D Level - 18%, and Others - 55%
-- By Region: North America - 18%, Europe - 18%, APAC - 46%, South America- 9%, and the Middle East & Africa - 9%
Key companies profiled in this report are PPG Industries, Inc. (US), Akzo Nobel N.V. (The Netherlands), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd. (Japan), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan).
Research Coverage:
The architectural coatings market has been segmented on the basis of Resin Type (Acrylic, Alkyd, Vinyl, PU), Technology (Waterborne, Solventborne, Powder), User Type (DIY, Professional), Application (Residential, Non-Residential), and region (North America, Europe, APAC, Middle East & Africa, and South America). The end-use industry and type segments are further analyzed for each country in the respective regions.
Reasons to buy the Report
From an insight perspective, this research report focuses on various levels of analyses -- industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on architectural coatings offered by top players in the architectural coatings market.
-- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the architectural coatings market.
-- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the market for architectural coatings across regions.
-- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the architectural coatings market.
-- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the architectural coatings market.
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