Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Construction paints and coatings are coatings used in the construction industry for protecting the infrastructure from corrosion and harsh weather conditions. This paints increase the resistance of the various infrastructure surface and prevent it from degradation. Moreover, its application also enhances the aesthetic of construction and building.
The global construction paints and coating market is estimated to account for US$ 76,089.2 Mn in terms of value and 26,821.6 Kilo Tons in terms of volume by the end of 2019.
The growing importance of waterborne solvent-based paints is expected to drive the market growth of the construction paints and coatings. Rising environmental concern coupled with the implementation of the new rules and regulations has further created a demand for waterborne solvents paint as these paints contain low amount of VOC’s and hence offer better environmental benefits to the traditional paints and coatings.
Growth in the construction activities around the globe is projected to drive the market growth of the construction paints and coatings. Increasing population is also creating demand for residential infrastructure which in turn is boosting demand for paints and coatings. Also, rapid growth in the manufacturing industries around the globe is again expected to augment the market growth of the construction paints and coatings.
Figure 1. Global Construction Paints and Coating Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global construction paints and coating market in 2019, accounting for 44% share in terms of value, followed by Europe and North America, respectively.
The fluctuating price of the raw materials used in the paints and coatings is expected to hinder the market growth. Raw materials are derived from crude oil which is highly susceptible to volatility in price. Also, recently crude oil has seen a sharp rise in price which increases the overall price of the raw materials. This instability in the price of the raw materials is expected to hinder the market growth.
Difficulties in obtaining a thin layer in powder coating and longer drying time in the water-based coating is expected to hamper the demand for paints &coatings. This factor is expected to hinder the market growth.
Construction Paints and Coating Market Report Coverage
||Market Size in 2019:
||US$ 76,089.2 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 11,945.1 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
- By Product Type: High Solids/Radiation Cured, Powder Coating, Water Borne, Solvent Borne and Others (Special Purpose Paints).
- By Application: Architectural Paints, Others (Special Purpose Paints).
PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., The Valspar Corporation, Helios Group, Dow Coating, Asian Paints, Deutsche Amphibolin- Werke Von Robert Murjahan Stiftung & Company, Axalta Coating Systems, Berger Paints India Limited and Tikkurila Oyj
- The growing penetration of waterborne solvent-based paints is expected to drive the market growth
- Growth in the construction activities around the globe is projected to drive the market growth of the construction
|Restraints & Challenges:
- The fluctuating price of the raw materials used in the paints and coatings is expected to hinder the market growth
Growth in the construction industry in the Middle East and North Africa is providing potential market opportunities. This is creating demand for paints &coatings which is expected to propel the market growth. Increasing development of airports in the region coupled with the rising investment by the regional government for infrastructure development is again anticipated to foster the market growth of the paints &coatings over the forecast period.
Increasing focus of manufacturers to enhance the production capacity of the paints &coatings is expected to offer lucrative market opportunities in the construction paints &coatings. For instance, in May 2020, Hempel opened a new factory in Yantai Chemical Industrial Park, China. The new factory will help meet the increasing demand for more sustainable and innovative coating solutions in the region.
Figure 2. Global Construction Paints and Coating Market– Opportunity Analysis
Market Trends/Key Takeaways
Decorative paints are gaining popularity in enhancing the aesthetic of the walls or surface. Increasing consumer spending on home decor products due to growing disposable income along with the improving living of standard is boosting demand for decorative paint. Shifting preferences of consumers towards trendy and stylish wall painting is further augmenting the market growth of the construction paints &coatings over the forecast period.
Increasing renovation of the housing across developing as well as developed regions is a growing trend in the market. Growing consumers' spending on the paintings of the infrastructure due to growing awareness regarding the architectural paintings is expected to foster the market growth. Moreover, ongoing various civil projects across developing regions such as China and India is further anticipated to propel the market growth of construction paints &coatings.
Figure 3. Global Construction Paints and Coating Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the others segment has accounted the largest market share of 59% in terms of value, followed by architectural paints.
Global Construction Paints and Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insight’s analysis, around 33% of the U.S. building materials is imported from China. Factories shutdown in China in the Quarter 1 (2020) has impacted construction activity in the U.S. The scenario is no different on the demand side, as the privately commissioned projects have been delayed, and future spending has been reduced. Construction engineering companies such as Matrix Service., Saipe, WorleyParsons, and TechnipFMC catering to the oil and gas and chemical industry are struggling due to the compounding effect of declining oil prices. Hence expected to hinder the growth of the construction paints and coatings market.
- PPG Industries Inc.
- Sherwin-Williams Company
- RPM International Inc.
- The Valspar Corporation
- Helios Group
- Dow Corning
- Asian Paints
- Deutsche Amphibolin- Werke Von Robert Murjahn Stiftung & Company
- Axalta Coating Systems
- Berger Paints India Limited
- Tikkurila Oyj
Few Recent Developments
In June 2017, Berger Paints has completed the acquisition of 100% of the paid-up equity share capital of Saboo Coatings. As a result, Saboo Coatings is now a 100% subsidiary of Berger Paints India.