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.
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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.
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