The latest report by IMARC, titled “Interior Architectural Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global Interior architectural coatings market size reached US$ 46.6 Billion by 2022. Interior architecture refers to technically managing and designing the interior space of a building, keeping several factors in mind, including plumbing, finishes, materials, lighting, electrical requirements, and smart use of the available space. Interior architectural coatings are designed to protect the surface of an interior wall from water staining and spotting. In recent years, interior architectural coatings have gained momentum due to the popularity of water-borne coatings, as they generate low VOC emissions and are more economical as compared to their solvent-based counterparts.
Global Interior Architectural Coatings Market Trends:
One of the primary factors driving the market is the significantly rising construction activities in both residential and commercial sectors. Additionally, the rising awareness among the masses regarding the safety and VOC emissions from architectural coatings is creating a positive market outlook. Other than this, the widespread adoption of green coatings due to the stringent regulations imposed by governments of various nations against the harmful VOCs emitted by certain interior architectural coatings is positively influencing the market growth. Besides this, the augmenting demand for interior architectural coatings from the general and construction industrial sectors is propelling the market growth. In line with this, the increasing number of individuals moving to urban areas is driving the market growth. Moreover, with the inflating income levels of the masses and the rising expenditure on home renovation, key players are introducing premium-quality and specialty paint and wood stain products with a wider variety of colors, and enhanced consistency and durability. Furthermore, the leading manufacturers are also developing eco-friendly, higher-quality architectural coatings, thus creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 59.3 Billion by 2028, expanding at a CAGR of 4.3% during 2023-2028.
- Based on the resin type, the market has been divided into acrylic, polyester, alkyd, epoxy, polyurethane, and others. At present, acrylic resins are widely used for producing interior coatings.
- On the basis of technology, water-borne coatings technology holds the majority of the overall market share.
- Based on the distribution channel, the market has been segregated into company-owned stores, independent distributors, and large retailers and wholesalers. Currently, the majority of the interior architectural coatings are distributed through company-owned stores.
- On the basis of the type of consumer, professional consumers exhibit a clear dominance.
- Based on the end use sector, the market has been segmented into residential and non-residential. Amongst these, architectural coatings are mostly used in the residential sector.
- Region-wise, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, Latin America.
- The competitive landscape of the market has been analyzed, with some of the key players being Akzo Nobel N.V., Axalta Coatings Systems LLC, Asian Paints Limited, BASF SE, Nippon Paint/Nipsea Group, Kansai Paint Co. Ltd., PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, and The Valspar Corporation.
|Base Year of the Analysis
||Resin Type, Technology, Distribution Channel, Type of Consumer, End-Use Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Akzo Nobel N.V., Axalta Coatings Systems, LLC, Asian Paints Limited, BASF SE, Nippon Paint/ Nipsea Group, Kansai Paint Co. Ltd., PPG Industries, Inc., RPM International Inc., The Sherwin-Williams Company, and The Valspar Corporation
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