Global Construction Repaint Market: Overview
Construction repaint refers to paint used for residential, non-residential, commercial, and institutional applications. This includes varnishes, enamels, and emulsions among others that are used for the purpose of repairs, renovation, and maintenance works.
The construction repaint market can be segmented on the basis of resin type, formulation, application, and region. In terms of resin type, the market can be sub-segmented into acrylic, epoxy, polyester, alkyd, polyurethane, and others. On the basis of formulation, the market can be segmented into waterborne paints, solvent-borne paints, and other formulations. In terms of application, the market can be sub-segmented into residential and non-residential.
Global Construction Repaint Market: Trends and Opportunities
Waterborne paints are expected to be the largest segment among formulations in the global construction repaint market. Directives by regulatory bodies such as the Environmental Protection Agency and National Standard GB 18582-2008 for the discharge of volatile organic compounds (VOCs) is propelling the market for waterborne, VOC-free, and low-VOC content paints.
Acrylic paints are the expected to be the largest resin type segment in this market. Acrylic paints are waterborne and are available as lacquers, emulsions, enamels, and powders. Acrylic paints are easy to clean, inexpensive, and either have low VOC content or are VOC-free, which makes them the most preferred in the global construction paint market.
Non-residential construction is expected to display the fastest growth rate in the construction repaint market. Increasing investments for non-residential construction such as infrastructural structures, city development, buildings, urbanization, and maintenance and repair works are fuelling the market’s growth.
Bio-based paints are considered as potential eco-friendly substitutes in place of solvent borne and other paints with high VOC content. Moreover, the increasing utilization of glass in building construction is limiting the growth of the construction repaint market. Also, the introduction of newer products such as durable paint products augments the life of paints, thereby restraining the market’s growth.
Global Construction Repaint Market: Regional Outlook
The report analyzes the global construction repaint market in terms of its geographical reach. The global construction repaint market can be segmented into the regional markets of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Asia Pacific held the largest share of the market in recent years and is also projected to be the fastest-growing market in the coming years. In this region, China is expected to account for a dominant share of the market, while India is expected to register the fastest-growth until the end of the forecast period in 2024.
Global Construction Repaint Market: Competitive Outlook
Some of the leading companies in the construction repaint market are AkzoNobel N.V., The Sherwin-Williams Company, Asian Paints Ltd, The Valspar Corporation, Kansai Paint Co. Ltd., PPG Industries Inc., RPM International Inc., Nippon Paint Holdings Co. Ltd., Axalta Coatings Systems, and Jotun A/S.
Companies in this market are focused on new product development, partnerships, joint ventures, and mergers and acquisitions to expand their market shares in the global construction repaint market. Extensive research and development activities for innovation and development of new products for newer growth avenues are also the focus of these companies. For instance, PPG Industries introduced two novel water-based aerosol ceiling textures for knockdown and orange-peel repair projects. The development of this new product would not only help reduce the time taken for the repair of ceilings and would also provide a competitive advantage over others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.