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Nordic Countries Architectural Coatings Market Size

The Nordic Countries Architectural Coatings Market is projected to experience growth over the forecast period, driven by various segments. The residential sector is the largest end-user, benefiting from the increasing floor area and new housing developments in urban areas. Waterborne technology dominates the market share, influenced by stringent VOC emission regulations and product labeling requirements. Acrylic resin leads the market due to its compliance with Nordic ecolabel standards and low VOC emission limits.

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Market Size of nordic countries architectural coatings Industry

Nordic Countries Architectural Coatings Market
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svg icon Study Period 2016 - 2028
svg icon Market Size (2024) USD 1.18 Billion
svg icon Market Size (2028) USD 1.33 Billion
svg icon Largest Share by Sub End User Residential
svg icon CAGR (2024 - 2028) 3.04 %
svg icon Fastest Growing by Sub End User Residential

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Nordic Countries Architectural Coatings Market Analysis

The Nordic Countries Architectural Coatings Market size is estimated at USD 1.18 billion in 2024, and is expected to reach USD 1.33 billion by 2028, growing at a CAGR of 3.04% during the forecast period (2024-2028).

  • Largest Segment by End-user - Residential : The steady growth of floor area in urban regions and the consistent addition of new housing stock boost the consumption of architectural coatings in the residential sector.
  • Largest Segment by Technology - Waterborne : The waterborne coatings segment holds the major market share due to the long-prevailing VOC emission regulations in the region and labeling VOC limits on products.
  • Largest Segment by Resin - Acrylic : Acrylic is a leading type of resin as it easily qualifies for the requirements listed under the Nordic ecolabel standards and EU Reach with its low VOC emissions limits.
Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.

This section covers the major market trends shaping the Nordic Countries Architectural Coatings Market according to our research experts:

Residential is the largest segment by Sub End User.

  • In NORDIC countries, architectural paint consumption during 2016-2019 increased by a CAGR of . A major rise was observed in 2016 and 2017 due to the increase in investment in both the new residential and commercial construction sectors in all NORDIC countries.
  • The slow growth in the architectural coating consumption in 2020 due to the spread of COVID-19 was followed by the recovering growth in construction in 2021. The DIY segment was continuously fueling the demand for paints and coatings in 2020 and 2021, especially from the residential sector.
  • The increase in consumption is expected to continue till 2023 before normalizing from 2023 to 2028 due to positive growth prospects in both the residential and commercial sectors in Sweden, Norway, and Finland.
Nordic Countries Architectural Coatings Market

Nordic Countries Architectural Coatings Industry Segmentation

Commercial, Residential are covered as segments by Sub End User. Solventborne, Waterborne are covered as segments by Technology. Acrylic, Alkyd, Epoxy, Polyester, Polyurethane are covered as segments by Resin.
Sub End User
Commercial
Residential
Technology
Solventborne
Waterborne
Resin
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Other Resin Types
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Nordic Countries Architectural Coatings Market Size Summary

The Nordic Countries Architectural Coatings Market is experiencing a steady expansion, driven by the growth in urban residential areas and the addition of new housing stock. The market is characterized by a significant demand for waterborne coatings, which dominate due to stringent VOC emission regulations in the region. Acrylic resins are particularly favored, aligning with Nordic ecolabel standards and EU Reach requirements due to their low VOC emissions. The market's growth trajectory was initially impacted by the COVID-19 pandemic, leading to a temporary slowdown in 2020. However, recovery was swift in 2021, fueled by increased construction activities and a surge in DIY projects, particularly in the residential sector. This trend is expected to continue, with positive growth prospects in Sweden, Norway, and Finland.

The market landscape is fairly consolidated, with a few key players holding a substantial share. Companies such as AkzoNobel N.V., DAW SE, Flügger group A/S, PPG Industries, Inc., and Teknos are prominent in this space. These companies are actively enhancing their product offerings and manufacturing capabilities to maintain their competitive edge. For instance, AkzoNobel N.V. introduced Hammerite Ultima, a water-based exterior paint, to expand its customer base. Additionally, investments in increasing powder coating capacity reflect a strategic focus on sustainable manufacturing practices. This consolidation and strategic innovation underscore the dynamic nature of the Nordic architectural coatings market, poised for continued growth in the coming years.

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Nordic Countries Architectural Coatings Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION

    1. 1.1 Sub End User

      1. 1.1.1 Commercial

      2. 1.1.2 Residential

    2. 1.2 Technology

      1. 1.2.1 Solventborne

      2. 1.2.2 Waterborne

    3. 1.3 Resin

      1. 1.3.1 Acrylic

      2. 1.3.2 Alkyd

      3. 1.3.3 Epoxy

      4. 1.3.4 Polyester

      5. 1.3.5 Polyurethane

      6. 1.3.6 Other Resin Types

Nordic Countries Architectural Coatings Market Size FAQs

The Nordic Countries Architectural Coatings Market size is expected to reach USD 1.18 billion in 2024 and grow at a CAGR of 3.04% to reach USD 1.33 billion by 2028.

In 2024, the Nordic Countries Architectural Coatings Market size is expected to reach USD 1.18 billion.

Nordic Countries Architectural Coatings Report Snapshots

Nordic Countries Architectural Coatings Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2028