What Is The Scope Of The Global Water Resistant Paint Market?
Water-resistant paint refers to a type of paint that is designed to repel water and resist moisture penetration. This type of paint is commonly used in areas that are frequently exposed to moisture, such as bathrooms, kitchens, and exterior surfaces.
Water Resistant Paint Global Market Report 2024 provides data on the global water resistant paint market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The water resistant paint market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Water Resistant Paint Market?
The water-resistant paint market has shown substantial growth in recent years. It is expected to grow from $3.43 billion in 2023 to $3.62 billion in 2024, at a CAGR of 5.8%. The growth can be attributed to the increasing demand for long-lasting coatings, strict environmental regulations, a shift from solvent-based to water-based formulations, higher disposable incomes, and innovations in raw materials. The market is expected to continue growing, reaching $4.56 billion by 2028, with a CAGR of 5.9%. This growth is driven by the demand for sustainable solutions, the expansion of the automotive sector, increasing industrial applications, a focus on energy efficiency, and concerns over urban air quality. Major trends will include the growth of the construction industry, rising awareness of waterproofing solutions, innovations in formulations, the expansion of retail channels, and urbanization and infrastructure development.
What Are The Core Factors Supporting Growth In The Water Resistant Paint Market?
The automotive industry's growth, fueled by personal mobility needs, stable semiconductor supplies, and urbanization, is propelling the water-resistant paint market. This type of paint protects vehicle exteriors from water damage and corrosion, ensuring durability. In December 2022, the UK Driver and Vehicle Licensing Agency reported that the number of licensed vehicles reached 40.7 million, reflecting a 1.0% annual increase, highlighting the rising demand for automotive protective coatings.
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What Are The Major Segments Within The Global Water Resistant Paint Market?
The water resistant paint market covered in this report is segmented –
1) By Type: Acrylics, Polyurethane, Other Types
2) By Distribution Channels: Direct Sales, Hypermarkets Or Supermarkets, Specialty Stores, Online Retailing, Other Distribution Channels
3) By Application: Interior Wall, Exterior Wall, Bathroom, Metal, Furniture, Roof, Other Applications
4) By End User: Commercial Construction, Industrial Facility, Other End Users
Which Trends Are Expected To Transform The Water Resistant Paint Market?
Companies in the water-resistant paint market are innovating with synthetic fiber-based waterproof coatings, such as elastomeric liquid waterproofing membranes, to meet the demand for advanced waterproofing solutions. These fiber-reinforced membranes combine the flexibility of elastomers with the strength of fibers, providing a durable and reliable water barrier. In February 2023, Kamdhenu, an India-based company, launched Kamo Damp Proof, a product designed to protect buildings from water-related damage. This innovative waterproofing solution helps prevent dampness and seepage, ensuring the longevity and durability of building structures by offering protection from rain, algae, fungi, and other environmental elements.
What Is The Fastest Growing Region In The Water Resistant Paint Market?
North America was the largest region in the water resistant paint market in 2023. The regions covered in the water resistant paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
