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.
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.
Rapidly growing urban population around the globe is propelling the market growth of the construction paints and coatings. According to the United Nations, currently 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. It has been projected that increasing shifting of population from rural to urban areas along with the overall growth in the word the population may add another 2.5 billion people to urban areas by 2050.
The growing development of bio-based coatings for the construction industry is expected to bring new market opportunities over the forecast period. For instance, in March 2017, PPG launched a new bio-based wall paint for the professional and consumer market: Sigma Air Pure, Sigma Air Pure is a bio-based wall paint with an air purification effect. It enhances the indoor air climate of homes, offices, and schools by reducing up to 70 percent of the harmful formaldehyde from the indoor air.
Strict environmental regulations associated with the VOC content are expected to hamper the demand for the paint and coatings. VOCs emissions are responsible for various environmental as well as health issues. For instance, there are few amendments to the Clean Air An act that includes stricter rules for VOC emissions in architectural coatings which have forced producers to develop new low to zero VOC coatings.
Waterborne coating segment dominated the global construction paints and coating market in 2019, accounting for 30% share in terms of value, followed by powder coating and high solids coating, respectively
Others segment dominated the global construction paints and coating market in 2019, accounting for 59% share in terms of value, followed by architectural
Shifting inclination of the manufacturer towards advertising and marketing their product in the market is a key trend. For instance, in February 2019, PPG announced that it has entered into a multiyear corporate marketing agreement with the current Oakland Raiders. The agreement has made PPG paint brands the Official Paint of the Raiders. Increasing such initiatives by key players as a business strategy will favor the market growth of the construction paints &coatings.
The growing use of fluoropolymers in the building & construction industry is one of the current trends in the market. Fluoropolymers offer high durability, resistance to UV, and anti-corrosion properties to the architectural structure. They are used in the construction of large roofs and provide weatherability and durability while maintaining aesthetical appeal to the surface. Hence, the growing use of fluoropolymers in the construction industry is expected to foster market growth.
Global Construction Paints and Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic has highly impacted the construction engineering industry, resulting in a 9% decline in the revenues, estimated for year 2020, according to Coherent Market Insights (CMI). The construction engineering industry is expected to be valued around US$ 12,380.0 billion in 2020 from 13,600.0 billion in 2019. Countries such as the U.S., China, India, and UK which are major markets for construction industry, were locked down as a measure to combat the pandemic which halted all the ongoing construction projects. Amidst challenging environment in the construction industry owing to regulatory restraints under the Environment Laws and Real Estate Act, 2016, COVID-19 has added fuel, further hampering the market growth.
Few Recent Developments