How Has The Construction Paints And Coatings Market Size Evolved In Recent Years?
The construction paints and coatings market has seen considerable growth due to a variety of factors.
•The market size for construction paints and coatings has witnessed significant growth in the last few years. It's projected to expand from $60.16 billion in 2024 to $63.36 billion in 2025, with a compound annual growth rate (CAGR) of 5.3%.
Factors such as increasing construction activities, urbanization trends, regulatory compliance, economic stability, and raw material costs can be accredited for the growth observed in the past.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Construction Paints And Coatings Market?
The construction paints and coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the construction paints and coatings sector is anticipated to demonstrate robust expansion in the upcoming years, reaching "$81.89 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%.
This projected growth throughout the forecast period is mainly due to the international recovery after the pandemic, attention to sustainability, investment in infrastructure, rising demand in residential and commercial real estate, and challenges in the supply chain. Key tendencies expected to dominate this forecast period incorporate smart coatings and nanotechnology, the introduction of digitalization in construction, technological progression in digital transformation, and amplified R&D for enhancing performance.
Which Key Drivers Are Propelling The Construction Paints And Coatings Market's Growth?
Growth in construction paints and coatings market is anticipated to be fuelled by the increasing number of new construction projects. These projects entail the systematic undertaking of building, refurbishing, retrofitting, or modifying a structure or other infrastructure assets like tunnels or bridges. Paints and coatings are forecasted to play a crucial role in these projects as they prevent water seepage, corrosion, decay, and damage. For example, Zippia, a US-based technology, information, and internet company, reported in March 2023 that 1.4 million new construction works were finalized in January 2023, witnessing a rise of 12.8% compared to January 2022. Hence, this increment in new construction projects is catalyzing the growth of the market for construction paints and coatings.
What Are The Key Segments Within The Global Construction Paints And Coatings Market?
The construction paints and coatings market covered in this report is segmented –
1) By Product Type: Solvent-Borne Technologies, Water-Borne Coating, Power Coating, High Solids/ Radiation Cure, Other Product Types
2) By Resin Type: Polyurethane, Acrylic, Epoxy, Polyester, Alkyd
3) By Application: Residential, Commercial, Automotive And Aviation, Medical And Healthcare
Subsegments:
1) By Solvent-Borne Technologies: Alkyd Coatings, Epoxy Coatings, Polyurethane Coatings
2) By Water-Borne Coating: Acrylic Coatings, Vinyl Acetate Coatings, Styrene-Acrylic Coatings
3) By Powder Coating: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
4) By High Solids Or Radiation Cure: High Solids Solvent-Borne Coatings, UV-Curable Coatings
5) By Other Product Types: Specialty Coatings, Antimicrobial Coatings, Intumescent Coatings
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How Are New Trends Impacting The Size Of The Construction Paints And Coatings Market?
The trend of technological progress is increasingly prominent in the market for construction paints and coatings. To maintain their market standing, companies in this sector are embracing cutting-edge technology. For example, Dow, an American plastics and chemical manufacturer, unveiled a novel digital paint formulation platform in March 2023. This innovative platform uses modern digital tools to hone advanced skills, driving innovation and offering sustainable value to markets and consumers. It provides data-analytical features designed to expedite advancements in the paints and coatings industry and streamline the formulation procedure.
Who Are the Key Players in the Construction Paints And Coatings Market?
Major companies operating in the construction paints and coatings market include:
• PPG Industries Inc.
• Badische Anilin- und Sodafabrik
• Akzonobel N.V.
• Sherwin Williams Company
• Asian Paints Ltd.
• Axalta Coating Systems Ltd.
• Valspar Corporation
• Helios Group
• Tikkurila Oyj
• Beckers Group
• DyStar Singapore Pte Ltd.
• Republic Powdered Metals International Inc.
• Jotun Chemicals
• Dow Chemicals
• Nippon Paint Holdings Co. Ltd.
• Kansai Paint Co. Ltd.
• Benjamin Moore & Co.
• Berger Paints Ltd.
• Hempel A/S
• Brillux GmbH & Co. KG
• DAW SE
• H.B. Fuller Company
• Dunn-Edwards Corporation
• Kelly-Moore Paint Company Inc.
• Rust-Oleum Corporation
• Toa Kensetsu Kogyo Corporation
• Diamond Vogel Paints
• Tnemec Company Inc.
• National Paints Factories Co. Ltd.
• Farrow & Ball Ltd.
What are the Regional Insights into the Construction Paints And Coatings Market?
North America was the largest region in the construction paints and coatings market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global construction paints and coatings market report during the forecast period. The regions covered in the construction paints and coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
