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Construction Repaint Market Overview to 2022:Market Research Future (MRFR) speculates that the global construction repaint market is estimated to garner USD 90 billion, grabbing a CAGR of 6% during the forecast period (2016-2022). The development of smart cities is offering a major boost to the market. Construction repaint can be defined as the paints which are used in commercial, homes, and institutional applications for repair, maintenance, and renovation purposes. They include emulsions, varnishes, and enamels and helps to prevent the surface from rusting and weather besides increasing the resistance of multiple surfaces.
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Market Potential and Pitfalls
The surging need for accommodation development and increased disposable income has encouraged the construction repaint market during the appraisal period. With rapid urbanization across the globe coupled with the increased demand for housing, the construction repair market is gaining impetus. Initiatives undertaken by the government such as the development of smart cities are further contributing to the growth of the market.
The use of bio-based materials in paints has been considered a major factor triggering the demand for construction repaint across the globe. The paints and coatings sector has been under tremendous pressure from the regulatory authorities in order 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 bio-based raw materials in paints have reduced the impact on the environment to a large extent. Resins, natural oils, gums, waxes, and polysaccharides are some of the important components of coating formulations currently available in the market. Better carbon and enhanced life-cycle performance coupled with improved water solubility, greater purity, and low toxicity are triggering the demand for bio-based ingredients in paints. Such factors are further estimated to foster the construction repaint market in the long run.
Companies operating in this market are into innovation and development of new products through R&D accomplishments. For instance, PPG Industries unveiled two innovative water-based aerosol ceiling textures under the HOMAX brand. These products are ideal for knockdown repair and orange-peel projects and can reduce the repair time of ceilings. The launch of such innovative products is predicted to help the company gain strong traction in the global market.
On the contrary, glass buildings are becoming popular across the globe which is predicted to vitiate the market growth in the coming years. Moreover, the fluctuating prices of raw materials, rising policies to minimize the emissions of volatile organic compounds are estimated to dampen the market growth in the long run.
Global Construction Repaint Market: Segmental Analysis
The global construction repaint market has been segmented on the basis of resin type and application.
By mode of resin type, the global construction repaint market has been segmented into acrylic, epoxy, polyester, and others. Among these, the acrylic segment is likely to gain prominence as these paints are water-borne paints and are eco-friendly, ware-soluble, economical, and easy-to-clean. The segment is likely to propel with the increased environmental mandates on VOC emissions.
By mode of application, the global construction repaint market has been segmented into residential and non-residential. Among these, the residential construction segment is considered to command the largest share owing to the surging demand for repair and maintenance, aging paints in the existing buildings, and fostering construction industry.
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Regional Insights
Geographically, the construction repaint market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is considered to command the largest market share, in terms of value. The region is predicted to occupy the highest rate owing to the surging demand for construction repaint from nations like India and China. China is estimated to occupy the largest share in this region owing to the rising demand from the residential and non-residential sectors. The market is likely to expand in India owing to the increased demand from aging buildings, rising use of waterborne coatings in paints, and growth in infrastructure repairs.
Industry Updates
February 20, 2018: With climate change impacting the quality of construction buildings and materials, AkzoNobel has recently researched and developed innovative paint solutions in order to meet the construction demands of the customers. The company has developed an extremely water-repellent coating with low surface energy and multi-scale surface topography.
Competitive Dashboard
The prominent players operating in the construction repaint market comprises Joint Ventures, New Product Launches, RPM International Inc., PPG Industries Inc., The Valspar Corporation, The Sherwin-Williams Company, Akzonobel N.V, Nippon Paint Holdings Co. Ltd., Axalta Coating Systems LLC, Asian Paints Ltd., and Jotun A/S, Kansai Paint Co. Ltd.
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