The worldwide construction repair market was valued at USD 47.31 billion in 2020 and is predicted to reach USD 93.63 billion in 2025, with a CAGR of 6.8%. Construction paint refers to paint employed for residential, non-residential, commercial, and institutional applications. Construction paints are identified as paints employed in homes, commercial and institutional applications for maintenance, repair and renovation. Additionally, high disposable income and the increasing need for housing development are some of the factors driving the construction paint market. Additionally, growing call for housing and rapid urbanization are encouraging factors for the construction repainting market. Government initiatives such as the development of smart cities are giving the construction paint market a big boost. However, the popularity of glass buildings makes this market difficult. Technological innovations play an important role in product differentiation and in controlling manufacturing costs. The choice of technology is determined by the type of paint and the industrial applications associated with it. Environmental compliance with these methods is an additional requirement for manufacturers.
Market drivers and restraints:
Non-residential construction is predicted to be the fastest growing application in the construction paint market. Increasing investments in the non-residential construction sector, such as infrastructure, buildings, urban development, urbanization, and maintenance and repair work, are driving the construction paint market in this segment. The use of hybrid and bio-based paints is considered as potential green alternatives to solvent-based paints and other high-VOC paints, leading to the expansion of the construction paint market. The increasing use of glass in building construction is holding back the expansion of the construction paint market. In addition, the development of durable paint products increases the life of paints, limiting the paint market. Acrylic paints are predicted to be the largest resin type segment in this market. Acrylic paints are water-based and available in the form of lacquers, emulsions, enamels, and powders. Bio-based paints are considered possible green substitutes in place of solvent-based paints and other high-VOC paints. Additionally, the increasing use of glass in building construction is limiting the expansion of the construction paint market. Additionally, the introduction of newer products, such as durable paint products, increases the life of paints, slowing down market expansion.
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Report segmented as:
· Solvent borne
Asia-Pacific is estimated to account for the largest share, by value, of the construction paint market. The region is predicted to have the highest rate of expansion due to the great appeal of countries like China and India. China is currently the largest construction paint market in the Asia-Pacific region, and is predicted to remain so into 2025. Additionally, the growing appeal of the residential and non-residential sectors is driving the paint market. Asia-Pacific had the largest share of the industry in recent years and is also predicted to be the fastest growing market in the coming years. In this region, China is predicted to be a dominant market share, while India is predicted to post the fastest expansion until the end of the forecast period in 2025.
Important market players:
Suppliers of the construction repaint raw materials are, Arkema (France), Solvay S.A. (Belgium), Nuplex Industries Limited (Australia), BASF S.E. (Germany), Covestro (Germany), DIC Corporation (Japan), DSM Coating Resins (Netherlands), Momentive Performance Materials Inc. (U.S.), Huntsman Corp. (U.S.), The Dow Chemical Company (U.S.), LyondellBasell Industries (Netherlands), and Eastman Chemical Co. (U.S.).
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