Exterior Architectural Coatings Market to Reach USD 49 Billion by 2030, Driven by Urbanization and Sustainable Innovations

According to a recent report by Next Move Strategy Consulting, the global exterior architectural coatings market was valued at USD 30 billion in 2021 and is projected to reach USD 49 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5% from 2022 to 2030. This growth is attributed to the increasing demand for durable, aesthetically pleasing, and environmentally friendly coatings in residential and non-residential construction projects.

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Market Segmentation and Dynamics

The exterior architectural coatings market is segmented based on resin type, technology, user type, coating type, product, and application. Resin types include acrylic, epoxy, polyester, alkyd, and polyurethane. Technologies encompass solvent-borne, powder, and waterborne coatings. User types are categorized into DIY and professional. Coating types are divided into interior and exterior, while products include primers, emulsions, and enamels. Applications are further segmented into residential and non-residential, with both categories encompassing new constructions and repainting projects.

The demand for exterior architectural coatings is driven by rapid urbanization, modernization, and government initiatives such as the development of smart cities and infrastructure projects in emerging economies like China, India, and Brazil. For instance, Brazil’s construction industry increased by 8.99% from July 2020 to July 2021, contributing to over 1.2 million jobs and the construction of more than 530,000 new residential units.

Geographical Insights

Asia-Pacific currently holds the largest share of the exterior architectural coatings market and is expected to continue dominating during the forecast period. This is attributed to factors such as the rapidly increasing construction industry in emerging economies like China, India, and Vietnam. For example, in July 2022, CapitaLand Development acquired a prime mixed-use site in Ho Chi Minh City, Vietnam, with an estimated gross development value of USD 720 million. The project will include over 1,100 high-end residential units and shophouses to meet the city’s residential demand.

North America is also witnessing significant growth in the exterior architectural coatings market due to the easy availability of raw materials and increasing demand for organic composite solvents, especially in the U.S. For instance, the United States was the second-largest exporter of organic composite solvents globally, with total exports recorded at USD 194 million in 2020.

Key Industry Players

Major players in the exterior architectural coatings market include BASF Coatings GmbH, PPG Industries Inc., AkzoNobel N.V., Kelly-Moore Paint Company, Inc., The Sherwin-Williams Company, The Valspar Corporation, Nippon Paint Co. Ltd, RPM International Inc., Kansai Paint Co. Ltd, and Asian Paints Ltd. These manufacturers are actively engaging in R&D initiatives, product and technology innovations, and industrial collaborations to enhance their product offerings and expand their geographical reach.

Emerging Trends

• Sustainability Initiatives: There is a growing emphasis on developing eco-friendly coatings with low volatile organic compounds (VOCs) and enhanced durability. For instance, in September 2020, Allnex launched a new eco-friendly phenolic resin, ‘Phenodur,’ which offers excellent balance between hardness and flexibility and provides a smooth cured coating surface.
• Technological Advancements: Advancements in coating formulations and application techniques are enhancing the performance and aesthetics of exterior architectural coatings. For example, the development of nanostructured titanium dioxide coatings provides superior resistance against abrasive and erosive wear.
• Customization and Aesthetics: Homeowners and builders are increasingly opting for coatings that offer a variety of colors, finishes, and textures to reflect individual style preferences. This trend is particularly prominent in the non-residential sector, including commercial buildings, industrial facilities, educational institutions, and healthcare facilities.

Conclusion

The global exterior architectural coatings market is poised for significant growth, driven by urbanization, infrastructure development, and a shift towards sustainable and customizable solutions. As industries continue to evolve and demand more advanced materials, exterior architectural coatings are expected to play a crucial role in enhancing the durability, aesthetics, and environmental performance of buildings. Companies that invest in research and development, sustainability initiatives, and regional expansion will be well-positioned to capitalize on the opportunities in this growing market.

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