Interior Architectural Coatings Market Bolstered by Increasing Construction Projects Worldwide

According to IMARC Group, the global interior architectural coatings market size reached a value of US$ 39.8 Billion in 2018. Interior architecture refers to the design and maintenance of the interior space of a building. It involves taking into consideration every technical aspect such as electrical requirements, plumbing, lighting, ventilation, along with optimum utilization of the available space. Interior architectural coatings generally include organic finishes which aid in protecting the surface of the walls and roofs from any potential damage such as water spotting and staining. While at the same time, it also involves making the interior of a building safe, decorative and long-lasting.

With a significant rise in the number of residential, commercial and infrastructural projects, especially in developing economies, there has been an increase in the manufacturing of architectural coatings. Also, owing to the inflating income levels, consumers nowadays are willing to spend more on improving the aesthetics and transforming the interior of their homes. They have also become more aware about choosing premium quality products due to which manufacturers are introducing specialty paint and wood stain products in the market. Apart from this, governments in numerous countries are implementing strict regulations concerning the environmental impact of these coatings, which has led to the introduction of products with low- and zero-VOC coalescent structure. Looking forward, the global interior architectural coatings market is projected to reach a value of US$ 57.8 Billion by 2024, expanding at a CAGR of 6.4% during 2019-2024.

Market Segmentation: Based on Resin Type, Technology, Distribution Channel, Type of Consumer and End Use Sector

• On the basis of the resin type, the market has been classified into acrylic, polyester, alkyd, epoxy, polyurethane and others. Amongst these, acrylic represents the most popular resin type in the market. This can be attributed to its color retention properties and resistance offered against hydrolysis and harsh weather conditions. Moreover, it is employed in organic solvent- and water-borne, powder and radiation-curable coatings.
• Based on the technology, the market has been bifurcated into water-borne and solvent-borne coatings. Presently, water-borne coatings hold the dominant share on account of the growing inclination toward environment-friendly products.
• On the basis of the distribution channel, the market has been segregated into company-owned stores, independent distributors and large retailers and wholesalers. Company-owned stores currently account for the majority of the total market share as they offer 100% original products.
• The market has been segmented on the basis of the type of consumer into professional and DIY consumers. At present, professional consumers exhibit a clear dominance in the market.
• Based on the end use sector, the market has been divided into the residential and non-residential segment. The residential sector currently represents the leading segment in the global market.

Asia Pacific Holds the Dominant Market Share

Asia Pacific presently holds the dominant market share owing to the growing economy, emerging middle-class population and increasing number of construction activities in different parts of the region. The market growth can further be attributed to the burgeoning automotive, petrochemicals and civil engineering industries in the region. Other major markets include Europe, North America, Latin America, and Middle East and Africa.

The competitive landscape of the interior architectural coatings market has been analyzed with the detailed profiles of the major players operating in the industry. Some of the players operating in the industry include AkzoNobel, Axalta Coatings Systems, Asian Paints, BASF SE, Nippon Paints, Kansai Paint Co., Ltd., PPG Industries, Inc., RPM International Inc., The Sherwin-Williams Company and The Valspar Corporation.

Other Report by IMARC Group

Exterior Sheathing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the interior architectural coatings industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development

Imarc Group is a leading market research and consulting company that offers management strategy and market research worldwide.