Construction paints and coatings are varnishes materials such as liquids and powder used on the building exteriors to protect it from harsh environmental factors. Also, construction paints and coatings are used for decorative purposes, and the surface from rust and weathering. Therefore, construction paints and coatings offer protection of walls and equipment exposed to harsh environments.
The global construction paints and coatings market accounted for US$ 76,089.2 Mn in terms of value and 26,821.6 Kilo Tons in terms of volume in 2019.
Increasing construction activities around the globe is a prime factor fueling the market growth of the construction paints and coatings. These coatings provide protection layers to the buildings and prevent it from damages, corrosion, and other weather conditions. An increase in the population around the globe coupled with the rise in the urban populations is creating demand for infrastructure which in turn is expected to foster the market growth of the construction paints and coatings.
The growing use of paints in improving the decor of the architectural buildings is surging demand for paints and coatings. Moreover, the growing popularity of the plastic emulsion paints is again expected to foster the market growth of the construction paints and coatings. Furthermore, increasing use of paints to add gloss and color to the surface of the equipment and improve resistance to extremely harsh weather conditions is again expected to accelerate the market growth of the construction paints and coatings over the forecast period.
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The increasing adoption of green buildings and products such as green coatings and nano-coatings is projected to bring new market opportunities. This is attributed to growing environmental concerns and innovation in coatings technology. Shifting consumer’s preferences for less toxic paints and coatings that offer high performance and high durability is further driving demand for green coatings. Thus, the growing adoption of the green coatings products is expected to foster the market growth of the construction paints and coatings.
The growing popularity of waterborne paints & coatings due to their eco-friendly nature is expected to offer lucrative growth opportunities in the near future. Waterborne paints & coatings have less environmental impacts as it has less VOC content due to which they are gaining huge demand from the construction industry. Also, advancement in the coatings technology is creating demand for high-quality water-based paints and coatings which is fueling the market growth of the construction paints and coatings.
Increasing consumer spending on the home interior due to growing disposable income is one of the current trends in the market. Technological advancement for product differentiation and growing industrial applications is expected to foster the market growth of the construction paints and coatings. Moreover, increasing investment by the key manufacturer in the development of the novel and innovative coatings products are further expected to propel the market growth of the construction paints and coatings over the forecast period.
Source: Coherent Market Insights
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