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.
Global construction paints and coatings market was valued at US$ 9294.1 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.3% during the forecast period (2022 to 2030).
Drivers
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 volatile organic compounds 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. Moreover, rapid growth in the manufacturing industries around the globe is expected to augment the market growth of the construction paints and coatings.
In 2021, According to Coherent Market Insight’s analysis, around 33% of the U.S. building materials is imported from China but due to factories shutdown in China in the Quarter 1 (2020), it has impacted construction activity in the U.S. The same impact has been faced on the demand side also, the privately commissioned projects have been delayed and future spending have 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.
Figure 1. Global Construction Paints and Coatings Market Value Share (%), By Region, 2021
Market Restraints
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. In October 2022, According to Economic Times, 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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 9294.1 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 5.3% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Companies covered: |
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 |
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| Restraints & Challenges: |
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Market Trends
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. Use of construction paints and coatings in civil projects Increasing renovation of the housing across emerging 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, use of construction paints and coatings in civil projects across emerging regions such as China and India is further anticipated to propel the market growth of construction paints &coatings.
Figure 2. Global Construction Paints and Coatings Market Value Share (%), By Application, 2021
On the basis of application in 2021, the others segment has accounted the largest market share of 59% in terms of value, followed by architectural paints.
Recent Developments
In August 2021, PPG, global supplier of paints, coatings, and specialty materials introduced PPG ENVIROCRON PCS P4 powder coating for furniture, home décor and architectural applications. This latest generation of powder coatings will offer the increased demand for matte and premium-textured surfaces for applications ranging from aluminum and steel substrates for construction and office furniture.
In June 2021, AkzoNobel, a Dutch multinational company creating paints and performance coatings for both industry and consumers worldwide acquired paints and coating maker Grupo Orbis. With this acquisition AkzoNobel can expand its market in South and Central America.
In April 2020, BioLogiQ, a manufacturer of low cost, high performance Bioplastic resins made from sustainable and renewable resources signed an agreement with Nexeo Plastics, a global thermoplastic resins distributor, to support the proliferation of their specialty biopolymers in the construction industry.
Competitive Section
Major players operating in the global construction paints and coatings market include 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
Construction paints and coatings are varnishes materials that are available in the form of powder and liquid. It increases the resistance of the various surface and prevent rusting. Solvent-borne coatings, powder coatings, radiation cured coatings, waterborne coatings, and specialty coatings are some of the major types of construction paints and coatings.
Market Dynamics
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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