Global Construction Repaint Market: Snapshot
Companies operating in the world construction repaint market could tap into several new avenues of application birthed with the development and innovation of new products through wide-ranging research and development accomplishments. PPG Industries, for instance, unveiled two innovative water-based aerosol ceiling textures under its HOMAX brand. These new products suitable for orange-peel and knockdown repair projects are expected to reduce the repair time of ceilings. This launch is anticipated to help the company gain a strong traction in the world construction repaint market.
In 2016, a majority of players had taken to new product development, acquisitions, and expansions in order to enlarge their product portfolio and improve their international reach in the world construction repaint market. Other strategies that could take shape in the world construction repaint market to help players gain a competitive edge over their competitors include joint ventures and partnerships. Involved in various repaint seminars and projects, Nippon Paint Holdings Co., Ltd. launched Nippon VirusGuard Paint, a new antibacterial and antivirus paint.
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The application of volatile organic compound-free or VOC-free paints is envisioned to dominate at almost all classes of the construction industry, especially in developed nations such as the U.S. Most American consumers are aware of the negative effects of VOCs on the environment and therefore could avoid the use of such paints for their repainting work in residential and commercial sites. Organizations at larger are foretold to invest in the Washington County Operation Clean House and other similar events to collect and safely dispose of VOC paints as per the prescribed regulations.
Global Construction Repaint Market: Overview
Construction repaints are paints used in residential buildings, commercial, and institutional establishments for the purpose of maintenance works, making repairs, and carrying out renovation. They typically consist of varnishes, emulsions, and enamels. The paints are primarily waterborne or solvent-borne formulations. The large number of buildings and constructions across the globe that need renovation and repairs have necessitated the demand for these repaints and kept the construction repaint market fast emerging.
The construction repaints market can be segmented on the basis of resin type, formulation, application, and region. Major resin types that have applications as repaints are acrylic, epoxy, alkyd, polyurethane, and epoxy. Key regions witnessing the growth of the construction repaint market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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Waterborne paints being water soluble are widely used as construction repaints. Acrylic paint, a resin type and having waterborne formulations, occupies a prominent share in the construction repaint market. Acrylic paints are available as emulsions, lacquers, powders, and enamels and are easy to maintain. Being cost-effective and having low volatile organic compounds (VOC), they are preferred over other construction repaints. Stringent environmental regulations related to emission norms of volatile organic compounds laid down by the governments in various countries have led to a significant demand for these construction repaints.
The research report provides a comprehensive insight into the manufacturing processes, current and emerging trends, and the advances in specialty chemicals. The study analyzes the key market dynamics and assesses their impact on the demand for the major types of construction repaints across the globe. Prepared with the help of insights from various industry leaders and market experts, the report evaluates the development of upstream raw material value chain, downstream client survey, and supply chain network, along with their impact on competitive dynamics. The insights help stakeholders track the key trends and enable players to devise impactful strategies to gain a stronghold in the construction repaint market.
Global Construction Repaint Market: Drivers and Restraints
Worn-off paint coatings in a large number of commercial and residential buildings and the damage of paints in various construction structures over time are the key factors driving the demand for construction repaints. Coupled with this, the rising demand for various repair and maintenance activities in the construction sector is anticipated to boost the growth of the construction repaint market. The demand for paints in different end-use industries such oil and gas, petrochemical, mining, and pharmaceutical is expected to stimulate the demand for construction repaints for various applications.
In contrast, volatility in the raw materials prices due to fluctuating crude oil prices and growing popularity of glass buildings are crucial factors expected to hinder the growth of the construction repaints market. The application of durable paints, which has slowed down the decay of paints in buildings, is likely to impede the growth of the construction repaint market to some extent. In addition, the high cost involved in the manufacturing of paints having high performance characteristics is expected to hinder the growth of the market in some regions. However, the demand for bio-based paint materials – driven by stringent environmental regulations by various governments in developed and developing regions – is anticipated to create promising growth opportunities for players in the construction repaint market.
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Global Construction Repaint Market: Region-wise Outlook
The Asia Pacific region is estimated to contribute a major share in the construction repaint industry. The growth in the region is driven by the construction of residential and commercial buildings in countries such as China, Japan, and India, which has spurred the demand for cost-effective construction repaints. Growth of non-residential constructions due to increased urbanization in these countries and the rise in infrastructural spending have stimulated the demand for construction repaints in Asia Pacific. Companies vying for a significant share in these regions need to evaluate the market dynamics and the key development trends to devise business strategies.
Companies mentioned in the report:
Prominent players operating in the construction repaint market include Akzonobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Axalta Coating Systems LLC, RPM International Inc., The Valspar Corporation, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., and Asian Paints Ltd.