Construction Paints and Coatings Market Will Continue to Grow Strongly Through 2013-2019
The global construction paints and coatings market has been steadily painting the world at large in various hues and colors. This market has witnessed a progressive trend in the recent years. The global construction paints and coatings segment comprises building paints, decorative paints, and coatings on exterior and interior walls. The vast array of construction paints and coatings are not just used for adding to the face-value of architectural façade of buildings, but also for protecting the structures from weathering due to exposure to heat, rains, and wind.
The global construction paints and coatings are an integral part of the construction industry. Various types of paints and coatings are used by the construction and building industries for several applications. These include architectural coatings to preserve the outer look of the structure for a longer time. The construction paints and coatings market is segmented into categories such as solvent based coatings, water borne coatings, powder coatings, radiation cured coatings or high solids, and specialty coatings. Water borne coating segment of the global construction paints and coatings market is the largest in terms of manufacturing and consumption.
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Categorizing Construction Paints and Coatings Market :
The global construction paints and coatings market is divided on the basis of products and geography. Following the aforementioned fact, water borne paints and coating segments accounts for nearly the largest share of the global construction paints and coatings market both, in terms of revenue and volume. The second-largest segment is the solvent borne paints and coatings, followed by powder coatings, high solids or radiation cured coatings and then others. Geographically speaking, Europe and Asia-Pacific are the largest markets for construction paints and coatings.
The Future of Global Construction Paints and Coatings Market :
Back in 2012, the global construction paints and coatings market was valued at USD 51,620.2 million. However, it is expected to grow to USD 76,089.2 million by 2019, growing at a CAGR of 5.8% from 2013 to 2019. This demand will be led by water borne paints and coatings segment which are primarily used in architectural applications for aesthetic reasons. Since these products contain low amount of VOC, they generally comply with many environmental regulations, thus resulting in a greener solution to using solvent based paints and coatings. Fluctuating prices of raw materials are the only market restraints for this segment of global construction paints and coatings market.
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The demand for global construction paints and coatings is driven by growing construction activities across the globe. As infrastructural budgets are increased, countries from Asia Pacific, Middle-East, North America, and Latin America are likely to drive up the demand for global construction paints and coatings. In the coming future, the construction paints and coatings industry is also likely to witness large scale forward integration as manufacturers are taking up downstream activities. The forward integration activities are expected to give the key players a clear competitive advantage of better customer retention and greater market demands. Many leading construction paints and coatings manufacturers are eyeing Asia Pacific as a hub to setup units in a bid to increase their production capacities. As the global economy is making a staggering revival, it is expected to boost the global construction paints and coatings market in years to come with several housing and residential projects.
Some of the key market players running the global construction paints and coatings market are PPG Industries, The Sherwin-Williams Company, The Valspar Corporation, Dow Corning, Asian Paints etc. In years to come, the financial strategies, mergers and acquisitions, and innovative products of these companies will decide the future of global construction paints and coatings market.
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