Global Interior Architectural Coatings Market to Reach US$ 57.8 Billion by 2024
The latest report by IMARC Group, titled “Interior Architectural Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global interior architectural coatings market reached a value of US$ 39.8 Billion in 2018. Interior architectural coatings are designed to protect the surface of an interior wall from water spotting and staining. With a rise in the income levels, consumers are spending more on remodeling and improving the aesthetics of their homes. As a result, the manufacturers are developing premium-quality and specialty paint and wood stain products. In recent years, waterborne coatings have also gained popularity across the globe as they produce low VOC emissions and are more cost-efficient as compared to their solvent-based counterparts.
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Market Trends:
The changing lifestyles and rising standards of living have encouraged consumers to use premium quality products to beautify their homes. Besides this, due to increasing infrastructural projects in developing countries, there has been a rise in the manufacturing and imports of architectural coatings in these regions. Moreover, governments around the world are introducing strict regulations regarding the environmental impact of these coatings. In order to comply with the new guidelines, the manufacturers have developed products with low- and zero-VOC coalescent structure to provide which are eco-friendly, offer greater end user appeal and deliver high performance. Looking forward, the market size is projected to exceed US$ 57.8 Billion by 2024, expanding at a CAGR of 6.4% during 2019-2024.
Market Segmentation:
Market Breakup by Resin Type
1. Acrylic
2. Polyester
3. Alkyd
4. Epoxy
5. Polyurethane
6. Others
Based on the resin type, the report finds that acrylic is the most popular resin and dominates the market. Other major resin types include polyester, alkyd, epoxy, polyurethane and others.
Market Breakup by Technology
1. Water-Borne Coatings
2. Solvent-Borne Coatings
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Based on the technology, the market has been segregated into water-borne coatings and solvent-borne coatings. At present, water-borne coatings are majorly used in interior architectural coatings.
Market Breakup by Distribution Channel
1. Company-Owned Stores
2. Independent Distributors
3. Large Retailers and Wholesalers
The market has also been classified based on the distribution channel into company-owned stores, independent distributors, and large retailers and wholesalers. Amongst these, company-owned stores are the biggest distribution channel, holding the largest market share.
Market Breakup by Type of Consumer
1. Professional Consumers
2. DIY Consumers
On the basis of the type of consumer, the market has been segmented into professional and DIY (Do-it-yourself) consumers. Professional consumers currently dominate the market, accounting for the majority of the market share.
Market Breakup by End-User
1. Residential
2. Non-Residential
On the basis of the end user, the market has been divided into residential and non-residential sectors. At present, the residential sector enjoys a leading position in the global market.
Market Breakup by Region
1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America
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Region-wise, Asia Pacific exhibits a clear dominance in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being Axalta Coatings, AKZO Nobel, BASF SE, Asian Paints, Kansai Paint Co., Nippon Paints, RPM International Inc., PPG Industries, The Valspar Corporation and The Sherwin- Williams Company.
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