The architectural coatings market is likely to grow at a healthy CAGR between 2017 -2023, according to the Market Research Future (MRFR) report. Architectural coatings, simply put, are used for coating and painting houses and buildings. They exhibit wonderful properties of corrosion resistance, weather shield, wettability, and adhesion. Polyester, polyurethane, epoxy, acrylic, and others are different types of architectural coatings. They possess the ability to absorb, reflecting light, and changing the color of the substrate or surface when the same is applied to.
North America region accounted largest market share in the global smart polymer market and expected to dominate during the forecast period due to advancement in drug delivery, nanotechnology, nanoscience, and nanomedicine and penetration of end user industry in the region.
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On the basis of type, the market is segmented into acrylic, epoxy, polyurethane, polyester and others. Acrylic coating has major end uses in the building and construction, aerospace, industrial, automotive, marine and others. The properties such as adhesion to non-porous surfaces, good storage and durability, and improved solubility which ensures ease in application. It is anticipated that there will be a significant increase in the growth of Acrylic Market ever since the industrial sector is burgeoning and there is a need to safeguard industrial machinery and equipment.
Covid-19 Analysis on Architectural Coatings Market/Covid-19 ABC Market Analysis
Paints and coatings being discretionary items, people will probably delay renovating homes. Due to social distancing norms and lack of manpower, painting activities are likely to resume in the second half of 2020. Coatings and paints business is linked directly to the suppliers of raw materials to the distribution and sales retail channels, or industrial businesses. Architectural coatings are predicted to have the biggest decline rate following the COVID-19 pandemic. The moment the outbreak is controlled, the economy worldwide will regain the growth curve for better development.
Market Key Insight and COVID-19 Impact analysis @
The improved financial liquidity of the competitors in the market has improved thus providing fresh chances for expansion of the market. The market is very distinct in terms of segments concerning the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are significantly enhanced by the strategies that are being engaged by market players.
Based on the region, the global architectural coatings market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period for the presence of major development firms in Japan, India, and China, & large number of reclamation activities and developments by government organizations. Besides, developing interest for beautification & inside embellishment in non-residential and residential sectors and increasing discretionary cash flow is also adding market growth in the region.
A combination of higher pricing of raw materials and competitive coatings market outside EU has a huge impact on Europe coatings market. It is anticipated that there will be a decline in the growth of Architectural Coatings Market in EU.
The key players in the Architectural Coatings Market are BASF Coatings GmbH (Germany), PPG Industries Inc. (the U.S.), AkzoNobel N.V. (the Netherlands), Kelly-Moore Paint Company, Inc. (the U.S.), The Sherwin-William Company (the U.S.), The Valspar Corporation (the U.S.), Nippon Paint Co Ltd (Japan), RPM International Inc. (the U.S.), Kansai Paint Co., Ltd (Japan) and Asian Paints Ltd (India) among others.
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