ARCHITECTURAL COATINGS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Architectural Coatings Market Size and Trends

The architectural coatings market is estimated to be valued at USD 79.01 Bn in 2024 and is expected to reach USD 116.47 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

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The demand for architectural coatings is expected to rise steadily over the next decade. The growth of the construction industry, along with increasing investments in infrastructure development projects across major countries worldwide, will drive the demand for architectural coatings. Rapid urbanization, rising disposable income, and changing architectural styles are also contributing to the increased consumption of architectural coatings. Furthermore, advancements in coating technologies that allow for lower VOC emissions and self-cleaning properties are expected to boost the market growth during the forecast period. New product launches focusing on sustainability and performance improvement will further aid the architectural coatings industry in garnering greater revenue share.

Expanding Global Construction Industry

The global architectural coatings market is primarily driven by the rapid growth of the construction industry worldwide. For instance, according to data published by Invest India in 2023, the construction industry in India is expected to reach US$1.4 Tn by 2025. There has been a massive increase in the number of infrastructure projects, such as roads, bridges, airports, and commercial buildings being constructed globally, both in developed and developing regions. This is propelling the demand for coating materials that are used to protect and beautify the surfaces of these structures from wear and tear. The residential construction sector is also thriving due to rising disposable incomes, growing urbanization, and increasing home ownership, especially in Asia Pacific and Middle Eastern countries. This has augmented the sales of paints, varnishes, and other coatings that are applied on interior and exterior surfaces of houses, apartments and other residential spaces. 

Rapid Urbanization and Growing Home Improvement Activities

Another key driver for the architectural coatings market growth worldwide has been the swift pace of urbanization. As more people migrate to cities in pursuit of education and employment opportunities, the demand for housing and commercial infrastructure grows exponentially. This phenomenon is very prominent in developing regions where over 50% of the population now resides in urban areas. The aging building stocks in mature cities also require regular maintenance through painting, wallpapering, and other remodeling activities. On the residential front, home improvement has become a huge industry driven by changing aesthetics and rising disposable incomes. People are frequently upgrading and beautifying their homes through interior and exterior painting work. The do-it-yourself culture is inspiring homeowners to handle minor painting jobs themselves, which is propelling the sales of architectural coatings through retail channels. Architects and builders also recognize that regular coats of top-quality paints, stains, and other facade products can protect the exteriors as well as enhance curb appeal of buildings significantly.