by The construction paints and coatings market comprises paints and coatings used in residential and non-residential construction activities. Paints provide protection and beautification, while coatings provide functionalities like insulation and corrosion protection. Rising urbanization and infrastructure development projects especially in Asia Pacific and Middle East & Africa are fueling the demand for construction paints and coatings.
The global construction paints and coatings market is estimated to be valued at US$ 201.29 Bn in 2024 and is expected to exhibit a CAGR of 6.64% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the construction paints and coatings market are Akzo Nobel N.V.,
Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche
Amphibolin-Werke Von Robert Murjahn Stiftung and Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc. Increased investment in infrastructure and commercial projects especially in emerging economies of Asia-Pacific and Middle East and Africa are expected to open significant opportunities in the market. Growing urban population and rising disposable incomes are also fueling the demand for residential construction which is further driving the growth of construction paints and coatings market globally.
Market Drivers
The key driver for Construction Paints and Coatings Market growth is the rapid increase in infrastructure development projects across both developed and developing economies.
Governments across the world are investing heavily in road construction, railways, urban infrastructure such as hospitals, schools, commercial buildings etc. which is subsequently increasing the demand for construction paints and coatings. Other factors such as growing urbanization, rising disposable incomes leading to increased residential construction and renovations are also contributing to the growth of this market over the forecast period.
PEST Analysis
Political: The construction paints and coatings market is influenced by various government regulations and policies related to manufacturing standards and environmental protection. Stringent VOC norms in Europe and North America impact product innovation.
Economic: Changes in GDP, construction spending and industrial production influence the demand for construction paints and coatings from end-use industries like residential, commercial and infrastructure. Global economic slowdowns negatively impact market growth.
Social: Rising consumer awareness about indoor air quality and low VOC paints drives the demand for eco-friendly products. Sustainable construction practices are gaining prominence.
Technological: Manufacturers focus on developing innovative product formulations for improved durability, scratch and stain resistance. Waterborne and powder coatings help reduce VOC emissions. New application technologies increase efficiency.
Construction Paints and Coatings Market regions analysis shows that the value share is concentrated in the Asia Pacific region due to strong growth in construction activities in China, India, and other developing countries. North America and Europe are also sizable markets, supported by ongoing refurbishment and renovation projects.
The construction paints and coatings market in the Middle East and Africa region is witnessing the fastest growth due to expanding infrastructure, commercial and housing sectors. Government initiatives to diversify economies through real estate and tourism development attract investments in construction activities.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
