The architectural coatings are engaged to safeguard corrosion and rusting of the metallic parts of tanks, fences, radiators and metal furniture. These coatings also find benefit in the decorative interiors namely wall painting and sculptures, wood flooring and furniture. The growing infrastructure expenditure coupled with intensifying requirement for the great performance and durable coating materials for the construction components is predicted to foster the worldwide architectural coating market. Whereas, the restrict regulatory scenario has led to the improvement of the water-based eco-friendly architectural coatings. Effective growth in the requirement for the high durability and eco-friendly coatings is predicted to have an efficient impression on the architectural coatings market growth.
Not only has this, the advancement of the niche application sectors namely reestablishment of the frescos and sculptures in the inheritance sites is predicted to increase the market growth over the next coming years. According to the report analysis, ‘World Architectural Coatings Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)’ states that in the world architectural coatings market, there are numerous key players which presently functioning more significantly for leading the fastest market growth and registering the high value of market share around the globe while decreasing the price of the product, increasing the productivity of the product, developing the production technology, delivering the better consumer satisfaction and decreasing the price of the product.
Not only has this, the growing renovation & restoration happenings in both the residential as well as commercial architectures in regions such as U.S., Canada, Mexico, Germany, Japan, China and Australia is predicted to drive the market enlargement over the review period. Increasing requirement for the fireproofing and waterproofing materials for new as well as refit constructions particularly in economies of extreme temperatures is also predicted to have a positive impression on the architectural coatings market. This is further assisted by growing the requirement for LEED certified construction materials due to the growing green buildings constructions specifically in U.S., Canada and India.
Based on the region, the Asia Pacific is presently the principal regional architectural coatings market on account of outsized constructions and reinstatement initiatives by government agencies and foremost construction firms in India, China and Japan. The Asia Pacific regional market is predicted to observe above average growth due to growing disposable income and increasing requirement for the interior decoration & beautification in both residential as well as commercial sector. Market growth in the economy is further fostered by growing infrastructure spending and increasing the green building constructions in regions such as Australia and India. North America and Europe are comparatively mature markets and are predicted to have average growth rates over the next coming years. The market in these economies is principally categorized by the technological advancements and growing requirement for the bio-based coating materials. Therefore, in the near years, it is anticipated that the market of global architectural coating market will increase more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications