DIY and water-borne coatings: Shifting growth
The companies also shifted their focus towards providing the products accomodating changes in trend to boost their sales. The global architectural coatings market size was estimated at around USD 66.3 billion in 2020 and is projected to reach USD 91.6 billion by 2026, at a CAGR 5.1 %.
Factors such as globalisation, urbanisation, rising standard of living, increasing purchasing power parity (PPP), infrastructural development, and the rapidly increasing need to construct megacities in emerging economies fuel the construction industry worldwide; therefore, positively influencing the demand for architectural coatings. Covid-19 has hit every country and industry worldwide. However, the economies are slowly recovering to normalcy. Sustainability trends such as prefabricated construction, sustainable construction, and green building technology are likely to revolutionise the conventional way of business in the construction sector.
APAC is expected to keep leading the architectural coatings market through 2026
Asia-Pacific (APAC) was the dominant market for architectural coatings in 2020 with a market size of USD 24.7 billion. It is expected that the market will hit a size USD 39.6 billion in 2026, showing a CAGR of 7.6%. A construction boom is expected in the APAC region, based on infrastructure projects, increasing urbanisation, and growing interest in technology implementation and business remodelling. The second largest region is Europe, with a market size of USD 15.4 billion in 2020. It will grow at CAGR, only 3.4 %, and reach a market size of USD 19.2 billion.
North America is the third largest region, accounting for USD 13.8 billion. It is expected that this region will reach USD 17.0 billion, at a CAGR of 3.1%, by 2026. There is a high demand for eco-friendly architectural coatings in North America because of the stringent environmental regulations, which leads to product innovation in terms of quality and application development. North America is highly regulated by the EPA (Environment Protection Agency), which plays an essential role in monitoring and commercialising architectural coatings.
Middle East and Africa had a market size of USD 6.2 billion in 2020 while South America accounted for a market of USD 6.3. Middle East & Africa is expected to grow at a CAGR of 4.5 % till 20206 whereas South America is expected to grow at a CAGR of 3.3 %.
A more detailed version of this analysis of the smart antimicrobials market can be found in European Coatings Journal 01/2022. The issue is available digitally at our online library 360°.