How Is The Global Exterior Paint Market Defined?
Exterior paint is a type specifically formulated for application on surfaces exposed to outdoor elements such as sunlight, rain, wind, and temperature fluctuations. This paint is used to withstand harsh environmental conditions and provide long-lasting protection for exterior surfaces.
Exterior Paint Global Market Report 2024 provides data on the global exterior paint market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The exterior paint market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Exterior Paint Market Size Expected To Change, And What Are The Growth Rate Projections?
The exterior paint sector has experienced notable growth, increasing from $13.49 billion in 2023 to $14.78 billion in 2024 at a CAGR of 9.6%. Historical growth has been shaped by environmental regulations, evolving architectural preferences, awareness of eco-friendly products, intense industry competition, and increased aesthetic considerations. The market is expected to grow to $21.54 billion by 2028 at a CAGR of 9.9%, driven by construction activities, renovation projects, diverse distribution channels, demand for high-performance coatings, and shifting consumer color preferences. Trends include sustainable formulations, nanotechnology advancements, smart coatings, customized solutions, and digital innovations.
Which Drivers Are Accelerating Growth In The Exterior Paint Market?
The growing investment in infrastructure is anticipated to boost the exterior paint market in the future. Infrastructure, encompassing transportation, utilities, communication, and public services, is a cornerstone of societal development. Increasing urban populations, climate-related challenges, and global trade connectivity are some of the key drivers of infrastructure growth. Exterior paints are vital in infrastructure projects, offering protection, preservation, and aesthetic improvements. For example, in April 2024, the World Bank reported a 23% increase in private participation in infrastructure commitments, totaling $91.7 billion across 263 projects compared to 2021. Consequently, rising infrastructure investments are driving the demand for exterior paints.
Get Your Free Sample of the Global Exterior Paint Market Report
What Are The Core Segments Of The Global Exterior Paint Market?
The exterior paint market covered in this report is segmented –
1) By Type: Silicone, Epoxy, Acrylic, Polyurethane, Other Types
2) By Product Type: Water-Based Paints, Solvent-Based Paints, Other Products Types
3) By Applications: Residential Buildings, Commercial Buildings, Industrial Buildings, Other Applications
Which Emerging Trends Are Reshaping The Exterior Paint Market?
Companies in the exterior paint market are developing innovative products with advanced technologies, such as water-beading technology, to enhance their offerings. Water-beading technology in exterior paint repels water, preventing moisture damage. In March 2022, Valspar Corporation, a US-based paint company, launched Valspar Defense, a new line of exterior paint and primer featuring water-beading technology. It provides strong protection against water, fading, cracking, and peeling, offering superior coverage that conceals stains with just one coat.
What Is The Largest Region In The Exterior Paint Market?
Asia-Pacific was the largest region in the exterior paint market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the exterior paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
