The Global Construction Paints and Coatings Market is Riding the Trend of Growing Infrastructure Demand
The global construction paints and coatings market serves to protect buildings from harsh weather conditions and provide aesthetic appeal through decorative finishes. Construction paints provide moisture resistance, thermal insulation, and durability to various structures. Acrylic and epoxy resin-based paints are gaining traction due to their non-toxic, water-based properties. The increasing infrastructure spending as populations grow is spurring demand for these products around the world.
The Global Construction Paints and Coatings Market is estimated to be valued at US$ 201.29 Bn in 2024 and is expected to exhibit a CAGR of 6.64% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the construction paints and coatings market are Akzo Nobel N.V.,
Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung and Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc. The increasing infrastructure development activities are fueling the demand for construction paints and coatings across the globe. Countries such as China, India, Indonesia, Mexico and others are witnessing significant investment in public infrastructure such as roads, railways, airports and more. This is positively impacting the sales of construction paints and coatings. Major players are expanding their geographic presence through acquisitions and partnerships to leverage growth opportunities in developing markets across Asia Pacific, Latin America, Middle East and Africa.
Market Key Trends
Construction Paints and Coatings Market trends show a rising popularity of eco-friendly, low VOC products. With growing awareness about reducing carbon footprint, there is higher demand for water-based, zero or low VOC paints from consumers.
Major players have introduced products with bio-based and recycled content that are safer for the environment. Furthermore, the construction paints and coatings market witnesses increased adoption of advanced technology through development of smart coatings. Smart coatings integrate nanotechnology and help monitor structural integrity through sensors. They provide self-healing properties and optimize energy efficiency of buildings.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for establishing manufacturing facilities and developing distribution networks. Bargaining power of buyers: Buyers have moderate bargaining power as there are many established vendors providing construction paints and coatings. Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as there exist many suppliers for key raw materials like resins, pigments, and solvents. Threat of new substitutes: Threat of substitution is low as construction paints and coatings have no close substitutes that provide similar protective and decorative functions. Competitive rivalry: The market is mature with established global players competing based on product quality, brand image, and customer service.
The Construction Paints and Coatings Market regions analysis shows that North America currently holds the largest share due to increasing infrastructural and residential construction activities. Asia Pacific is expected to witness the highest growth over the forecast period, supported by rising construction spending, urbanization, and growth in disposable incomes across countries like China and India. Major players are expanding their manufacturing capacities in Asia to leverage high growth opportunities.
Europe is another major market for construction paints and coatings owing to growth in the non-residential construction sector including offices, warehouses, educational institutions etc. Latin America and Middle East & Africa are projected to offer attractive business prospects for market participants over the coming years. This can be attributed to ongoing construction of commercial spaces, housing projects and public infrastructure in key economies.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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