The global construction paints and coatings market size is anticipated to witness significant growth from 2015 to 2022 owing to increased demand of protective and durable paints in new as well as building and infrastructure developments over the forecast period. Rapid urbanization coupled with increasing consumer disposable income is expected to drive the demand over the forecast period.
Paints and coatings have gained significant demand largely in residential and commercial complexes. Paints usage in enhancing decor has gained surging demand owing to recent innovations induced by architectural buildings. Immense popularity of plastic emulsion paints in this sector can be attributed to its constituents that have lesser VOCs and odor.
Added benefit of using paints in infrastructure includes the protection of walls and equipment that are exposed to continuous heat and rain. Besides adding gloss and color to the surface, the paints also provide a durable finish; thus, enhancing its resilience to extremities of the external environment.
On the basis of formulation, waterborne paints & coatings are expected to dominate the industry accounting for over 35% of the global construction paints and coatings market volume share. Water-based products have gained significant share owing to their excellent leveling properties and adherence to environmental regulations.
Solvent-based coatings along with powder, radiation cure, and specialty coatings have also marked their presence in the construction paints and coatings industry. Solvent-based paints are expected to witness a declining demand owing to its VOC released during application and negative impact on the environment.
Stringent regulations regarding VOC content in finished products are expected to negatively impact solvent-based paints & coatings demand in the future. High commercialization rates of waterborne alternatives having limited VOC content are estimated to provide lucrative opportunities for the industry participants.
Shifting consumer preference towards less toxic paints and coatings providing high-quality performance are expected to drive the R&D initiatives in the construction paints and coatings industry. Recent advances in paint technology are expected to drive high-quality water-based paints and coatings demand over the forecast period.
Technological innovations play a major role in product differentiation and controlling manufacturing costs. Choice of technology is determined according to the type of paints and the industrial applications associated with it. Environmental compliance of these methods is an added requirement for the manufacturers.
Increasing infrastructure spending has been central to economic development of major economies such as India, China, Indonesia, Brazil, and UAE. Increasing consumer disposable income is also expected to drive investments in residential establishments. Increasing consumer awareness about architectural paintings is expected to drive the non-toxic paints and coatings demand in residential and commercial applications.
While low borrowing costs and fewer risks are expected to play a major role in driving the demand in the housing sector in Germany, ongoing civil projects are expected to drive the construction industry in other European regions such as Turkey, France, and Italy. The presence of a large number of participants coupled with financial incentives offered by the government is expected to stimulate the civil projects in Middle East.
Surging high-quality color paints demand coupled with increasing residential infrastructure development particularly in BRICS economies is expected to positively affect the industry expansion. Revised economic policies for increasing lifespan of already-established buildings are also expected to steer the product demand over the forecast period.
AkzoNobel N.V., Asian Paints, BASF SE, PPG Industries, and Sherwin-Williams Company dominated the global industry accounting for over 60% of the construction paints & coatings market share. Other companies that have marked their presence in the industry are Valspar, 3M Company, Axalta, Hempel, Nippon Paint, and Jones Blair.
Various organizations including Mythic Paint, Resene Paints, and Porter’s Paints have ventured in to manufacture & supply VOC free paints to commercial and industrial sectors. This is estimated to provide them a competitive advantage over other existing companies in the construction paints and coatings market.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.