International. Allied Market Research forecasts that the global architectural coatings market, which was valued at $57.27 billion in 2015, is projected to reach $81.861 billion in 2022, growing at a CAGR of 5.6% between the period 2016 - 2022. Based on function, ceramics occupied more than one-sixth of the total market in 2015.
The major factors driving the global architectural coatings market are the growth of the construction industry and increasing investments for infrastructure maintenance. Developing economies have also experienced an increase in civil construction activities.
The use of toxic chemicals in coating formulations is forecast to hinder the growth of the market during the forecast period. The introduction of new green coating solutions as a result of the toxic effects of architectural coatings is creating numerous growth opportunities for architectural coatings from market players. In addition, growing applications of nanocoatings will also provide growth opportunities during the forecast period.
The acrylic resin segment accounted for the largest share of the architectural coatings market share in 2015 due to the excellent color retention and inertia it provides when exposed to outdoor conditions.
