The global interior architectural coatings market reached a value of US$ 39.8 Billion in 2018. Interior architecture includes technically and scientifically managing the interior space of a building while considering several construction aspects, such as finishes, plumbing, lighting, materials, electrical requirements, and smart use of the available space. Architectural coatings typically consist of organic finishes, which are used for beautifying and protecting the interior surfaces of the building. At the time of selection, consumers look for various aesthetic and performance properties and characteristics, including hiding power, ease of application, flow and leveling, low volatile organic compound (VOC) emissions, user protection from toxins, stain resistance, environment friendliness, and low odor. Presently, there are different types of coatings available in the market, which consist of items like varnishes, sealers, wall paints, primers, ceramics and among others.
Over the past few years, both the commercial and residential sectors have witnessed a rise in construction activities, which is impelling the growth of the market. Also, consumers across the globe have become aware of the availability of premium quality coatings that can provide appropriate beautification and protection to their houses. Other than this, many emerging countries, like Korea, India, Japan and China, are currently going through a transition, which has led to a rise in infrastructural activities with the escalating demand for improved coatings for interior architecture. Moreover, rising concerns regarding environmental degradation have prompted manufacturers to produce coatings that are highly sustainable and offer eco-friendly protection. According to IMARC Group, the market is projected to reach US$ 57.8 Billion by 2024, exhibiting a CAGR of 6.4% during 2019-2024.
Breakup by Resin Type:
Acrylic resins are most commonly used for producing interior coatings. They offer better water resistance, adhesion, resistance to alkali cleaners, stain protection, and resistance to cracking and blistering.
Breakup by Technology:
Currently, water-borne coatings technology is most widely utilized in the industry owing to the rising demand for environmentally sustainable and high-performing coatings.
Breakup by Distribution Channel:
Amongst these, company-owned stores are the largest distribution channel.
Breakup by Type of Consumer:
At present, professional consumers exhibit dominance in the market.
Breakup by End Use Sector:
Presently, most of the coatings are used in the residential sector.
Breakup by Region:
On the geographical front, Asia Pacific is the biggest market, holding the majority of the share. The growth can be attributed to the rapid development of rail and road infrastructure and rising construction activities in China, along with increasing investments in overseas infrastructure projects in Japan.
The competitive landscape of the market has also been examined 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.
Key Questions Answered in This Report:
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