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. APAC is the largest consumer of architectural coatings. The architectural coatings is witnessing high demand from various new constructions, remodeling, and increasing industrialization in APAC.
APAC is expected to be the largest and fastest-growing architectural coatings market. The demand for architectural coatings has increased in other APAC countries, such as South Korea, Singapore, India, and Indonesia, as the residential construction activities in these countries have risen. China has been the driving force for the rapid expansion of the paints & coatings market, not only in APAC but also worldwide. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the architectural coatings market growth.
To know about the assumptions considered for the study download the pdf brochure
Some of the major players in the market include The key players operating in the market 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). These players have adopted various strategies, such as merger & acquisition, expansion, and new product launch to grow in the market. New product launch was the key strategy adopted by the major players between 2015 and 2018. This strategy accounted for a share of 38% of all growth strategies adopted by key market players and helped companies enhance their market and expand global presence.
PPG is dominating the global architectural coatings market. This position is achieved by the company after many successful small and big acquisitions and expansion activities. The major acquisition done by the company was DEUTEK S.A. a leading Romanian Paint and architectural coating manufacturer from Emerging European Accession Fund (EEAF) in 2017. This has led to an expansion in Europe and is expected to boost the growth in the emerging region of Eastern Europe in the near future. The company should now focus more on product innovation, differentiation, and brand awareness activities to compete and maintain its dominating position in the architectural coatings market.
Akzo Nobel N.V. is a diversified chemical company founded in 1994 and headquartered in Amsterdam, Netherlands. The company is active in the fields of decorative paints and performance coatings. All the architectural coatings products are produced under the decorative paints segment. Akzo Nobel N.V. has a strong customer base and operates in more than 80 countries of Europe, Asia-Pacific, South America, and the Middle East. After the acquisition of the specialty chemical business by The Carlyle Group and GIC, the revenue for FY 2017 has been reported under discontinued operations.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=186634159
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/architectural-coatings-market-186634159.html