Construction coatings market expected to reach $82.4 billion by 2023

The global market value of architectural coatings reached $65 billion in 2018 and is expected to reach $82.4 billion by 2023, with a compound annual growth rate of about 4.9 percent, according to a new studyThe study points out that the global building coatings market is growing at a high rate due to increased demand for applications in the Asia-Pacific region and the drivers of technological innovationIn addition, economic growth in developing countries and regions, ongoing investment in infrastructure, increasingly stringent environmental regulations, rising purchasing power and the need for green coatings are also important factors in market developmentdata show that acrylic resin is the largest raw material resin variety in the field of architectural coatingsAcrylic resin has good weather resistance and antioxidant properties, and has good color protection performance, can provide good protection for the substrate exposed to rain, wind, uv and ultraviolet environment, so that it has good durabilityresearch points out that the Asia-Pacific region is the fastest growing region in terms of production and market value of architectural coatings and the largest proportion in the worldGrowth and economic growth in the Asia-Pacific region are the main drivers of the construction coatings market, and the residential and engineering construction industries in China and India are expected to further develop, thereby driving demand for building coatings applicationsmajor manufacturers of architectural coatings worldwide include: the United States
PPG
, AkzoNobel of the Netherlands, Kansai Coatings of Japan, India Asia Coatings, Japan Libang Coatings, Xuanwei of the United States, BASF in Germany, Masco of the United States, Jotun, Norway, Lipame, USA, etc