What? When? Why?
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09
Aug-2019
Facts Until You Reach Your Construction Repaint Market
Construction Repaint market is a fast-growing market which is to reach a total of USD 77.84 billion by 2023 with a 6.57 % CAGR. The market is mainly driven by the increasing investments in the non-residential constructions as a result of rapid urbanization across the globe.
Introduction:
Construction paints are identified as paints used in homes, commercial applications and institutional applications for maintenance, repair and renovation purposes. In addition, the high disposable income and the growing need for housing developments are factors that drive the paint market for buildings. In addition, the growing demand for housing and rapid urbanization are encouraging factors for the Construction Repaint Market. Government initiatives such as the development of smart cities give a great boost to the building of paint Construction Market.
Growth:
The use of biologically based materials in paints has been considered an important factor that triggers the demand for construction paints worldwide. The paint and coatings industry has been under tremendous pressure from regulators to limit the environmental impact of their products. The use of renewable raw materials in paints can limit the impact on the environment. The use of biological raw materials in paints has significantly reduced the impact on the environment. Resins, natural oils, gums, waxes, and polysaccharides are important components of the coating formulations currently available in the Construction Repaint Market. Better carbon content and higher life cycle performance, better water solubility, higher purity, and low toxicity are driving the demand for biologically based ingredients in paints. It is also believed that these factors favor the paint market in long-term construction.
Recent Developments:
On November 2018, AkzoNobel announced that the challenge of painting was to connect with new disruptive technologies and accelerate innovation in paints and coatings. The challenge is launched in partnership with KPMG
On June 2017, Sherwin-Williams acquires Valspar, the world leader in paints and coatings, Valspar shareholders will receive $113 per share in cash. This will accelerate Sherwin-Williams' global growth strategy and make it the world leader in paints and coatings.
February 20, 2018: With climate change affecting the quality of buildings and construction materials, AkzoNobel recently researched and developed innovative paint solutions to meet customers' construction requirements. The company has developed an extremely water repellent coating with low surface energy and multi-scale surface topography.
Key trends:
Water-based paints are expected to be the most important segment of the world's paint formulations for construction. The guidance of regulators, such as the Environmental Protection Agency and the National Standard for Versions of Volatile Organic Compounds (VOC) GB 18582-2008 stimulates the market for water-based paints, low VOC and without VOC.
Acrylic paints are expected to be the largest segment of resin types in this market. Acrylic paints are water based and are available in the form of lacquers, emulsions, enamels and powders. Acrylic paints are easy to clean, economical and have a low VOC content or are free of VOC, which makes it the most preferred product in the world market for construction paints.
Non-residential construction is expected to record the fastest growth rate in the construction paint market. The increase in investments in non-residential construction, such as infrastructure, urban development, buildings, urbanization, as well as maintenance and repair work, are driving market growth.
Regional analysis:
The report analyzes the global market for repainting construction in terms of geographic reach. The global market for building paints can be segmented into regional markets in North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. Among these countries, Asia Pacific's market share was the largest in recent years and is also expected to grow the fastest in the coming years. In this region, China is expected to be a dominant part of the market, while India is expected to record the fastest growth until the end of the forecast period in 2024.
Key Stakeholders:
- Suppliers of raw materials
- Paint manufacturers
- Traders, distributors and paint suppliers.
- Government and regional agencies, research organizations and investment research companies.
WRITTEN BY: Karthik Thelakula
Karthik Thelakula is a Content Writer in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients
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