LONDON--(BUSINESS WIRE)--The global architectural coatings market is expected to grow at a CAGR of more than 7% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global architectural coatings market by resin type, including acrylic resins-based architectural coatings, alkyd resins-based architectural coatings, epoxy resins-based architectural coatings, polyurethane resins-based architectural coatings, and polyester resins-based architectural coatings. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand for waterborne coatings
Waterborne coatings exhibit low toxicity and flammability because of reduced emissions of VOC and HAP emissions. They have good heat, excellent adhesion, and abrasion resistance. They aid in reducing the overall cost when compared with solvent-borne coatings as there is less or no requirement for additional additives, thinners, or hardeners. These coatings are also known to have a long pot life, allowing the preservation of waterborne coatings for future use. Additionally, in cases where the solvent-borne coating reacts with the substrate, waterborne coatings are the ideal choice. The maintenance of paint guns used for waterborne coatings is trouble-free since water or water-based solutions can be used for cleaning purposes.
According to a senior analyst at Technavio for specialty chemicals research, “The manufacturers of paint are rapidly shifting their focus on powder and waterborne low-VOC technologies because of their increasing prominence and innovative opportunities. This has broadened the scope for the developments of processes and products in the field of sustainable coatings.”
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Market trend: introduction of fluoropolymer topcoats
The durability of commercial coatings is a vital challenge for vendors in the market. Thus, vendors are focusing on the introduction of products for commercial applications such as facades. Fluoropolymer topcoats provide an extended service life of 15-30 years as compared with that of polyurethane coatings (5-10 years). Fluoropolymer facade coatings demonstrate superior mechanical properties and weather resistance. There has been continual innovation in this technology as vendors have increased their expenditure on R&D to develop high-performance coatings. The increase in the preference for fluoropolymer topcoats is expected to influence the market growth positively during the forecast period.
Market challenge: fluctuation in the prices of crude oil
The cost of paints and coating products depends on the fluctuation in the prices of crude oil that was at an 11-year low in 2016. The price of benzene in the Asian markets dropped sharply because of the weak demand. The volatility in the prices of crude oil is expected to lead to fundamental changes in the demand and supply dynamics in the global paints and coatings market. The oversupply of oil has led to a supply-demand imbalance that translated to the low price of oil.
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