Global Construction Repaint Industry is slated to surpass market size of USD 90 billion by the end of forecast period with CAGR of approximately 6%.
Construction repaint refers to paints that are used for maintenance, repairs, and restoration in residential, industrial, and institutional settings. Furthermore, increasing demand for housing development and high disposable income are some of the factors driving the construction repaint market. Furthermore, rising housing demand and rapid urbanization are both positive factors for the construction repaint industry. Government programs, such as the creation of smart cities, are boosting the construction repaint market. The popularity of glass buildings, on the other hand, acts as a barrier to this market.
In addition, increasing remodelling, renovation, and repair activities have increased demand for construction repaints, especially among developing businesses. The construction repaint market will see even more lucrative growth opportunities as new entrants enter the market and partnerships develop. Paint damage caused by ageing buildings would have a direct and positive impact on the market for construction repaints. The construction repaint market's growth rate will be bolstered once more by rising research and development capabilities to launch creative and eco-friendly goods. The business growth rate has also been bolstered by increased private and government investments in this direction. Indirect demand growth would be influenced by rising personal disposable income.
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The rate of growth of the construction repaint market will, however, be hampered by fluctuations or uncertainty in the prices of crude raw materials. The market's growth would be limited by the growing popularity of glass buildings, as well as rising westernization and evolving lifestyles. Durable paints with longer shelf lives have been introduced as a result of rapid innovation. As a result, the construction repaint market's growth will be limited.
By resin type, the market is segmented into acrylic, polyester, epoxy, and others. Acrylic paints are predicted to be the most common resin form in this market. Acrylic paints come in a variety of forms, including lacquers, emulsions, enamels, and powders. Acrylic paints are the most common in the global construction paint market because they are easy to clean, inexpensive, and either have low VOC content or are VOC-free.
The market has been divided into residential and non-residential segments based on application. In the construction repaint market, non-residential construction is expected to rise at the fastest pace. Non-residential construction investments, such as infrastructural structures, city growth, buildings, urbanization, and maintenance and repair works, are driving the market forward.
In terms of size, Asia Pacific is expected to have the largest share of the construction repaint market. This is due to an unprecedented increase in construction, rebuilding, remodelling, maintenance, repair, and renovation activities, especially in developing economies like India and China. Increased private and government investment in infrastructure development and urbanization would help the construction repaint market expand even more profitably. Other indirect consumer growth determinants would be rising technical advances and rising personal disposable income. The construction repaint market will develop as key players concentrate more on establishing manufacturing facilities in this area. Due to high demand from countries like China and India, the region is expected to rise at the fastest pace. China is the largest market for construction repaint in the Asia-Pacific region at the moment, and it is projected to remain so until 2022. Furthermore, the construction repaint market in these countries is driven by rising demand from the residential and non-residential sectors.
The major player operating in the market of global construction repaint are Akzonobel N.V, Asian Paints Ltd. , Axalta Coating Systems LLC, Joint Ventures, Jotun A/S,Kansai Paint Co., Ltd., New Product Launches, Nippon Paint Holdings Co., Ltd.,PPG Industries Inc.,RPM International Inc., The Sherwin-Williams Company, and The Valspar Corporation. To increase their market shares in the global construction repaint market, companies in this market are focusing on new product creation, alliances, joint ventures, and mergers and acquisitions. These businesses are also focused on extensive research and development initiatives for innovation and the development of new products for newer growth avenues. For knockdown and orange-peel repair ventures, PPG Industries, for example, has launched two new water-based aerosol ceiling textures. The introduction of this new product would not only help cut down on the time it takes to fix ceilings, but it would also give the company a strategic edge over the competition.
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