Technavio, a tech-focused market research firm, has published a new report on the global construction paints and coatings market, which is expected to experience a slow but steady growth rate with a CAGR of almost 6% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global construction paints and coatings market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global construction paints and coatings market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global construction paints and coatings market for 2015 (market share %)
|
APAC |
39.90% |
|
EMEA |
34.20% |
|
Americas |
25.90% |
Source: Technavio
Construction paints and coatings market in APAC
In 2015, the APAC region accounted for around 40% of the global construction paints and coatings market, and is the largest and one of the fastest growing regions in the overall market. The factors determining growth in this market are the constantly growing housing market, high market fragmentation, increased demand from countries like China and India, lack of well-defined regulations leading to sustained demand for solvent-based coatings, high requirement for water-based wood coatings, and rising production and export of commercial architectural coatings. The key revenue generators to the market in this region are China, Japan, and India, where China accounts for around 24% of the total market and is the largest producer and consumer of paints and coatings.
According to Ajay Adhikhari, a lead analyst at Technavio, specializing in research on paints, coatings, and pigments ,“The economic fundamental in the APAC region remain strong despite the global economic slowdown. Such market conditions will make APAC the fastest growing region in the market during the forecast period. The investment in infrastructure and construction expenditure on non-residential sector was the highest in the developed economies of Japan, South Korea, and Australia. Most of the revenue generated through the construction segment comes from infrastructure, residential, and non-residential sectors.”
Apart from these countries, the construction market of other developing economies such as India, China, Indonesia, Vietnam, and Singapore are also witnessing impressive growth. China’s construction market is mainly driven by investments in both infrastructure and non-residential sectors. In India, multiple factors determine the growth of the construction market such as increase in foreign capital inflows and fast growing young population, which will positively aid in the growth of the construction paints and coating market in the coming years.
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Construction paints and coatings market in EMEA
EMEA accounted for around 34% of the global construction paints and coatings market in 2015 and is anticipated to witness a steady growth during the forecast period. The key revenue generators of this region are Russia, France, Germany, UK, and Italy. In 2015, the paints and coatings market for decorative applications accounted for the largest share of approximately 40% of the total paints and coatings market. With huge expenditure on building maintenance, including paint and coatings, the UK led the demand for paints and coatings in the construction segment. The energy infrastructure and non-residential sectors will play a crucial role in sustaining the overall development of the construction market in Europe. The construction market is predicted to boost in the Middle East region over the next four years. The construction industry is one of the largest industries in the Middle East with increased investment in construction activities in the six countries of the Cooperation Council for the Arab States of the Gulf (GCC). The maximum investments are in the social, housing, education, and healthcare sectors, due to the growth in population.
Construction paints and coatings market in the Americas
In 2015, the Americas accounted for around 26% of the global construction paints and coatings market. In the US, the construction industry is growing at fast rate leading to the growth in the demand for paints and coatings. The growing expenditure on non-residential construction is the driving factor for the US construction market. The total spending in the construction industry in the US increased in each quarter in 2014 as well as 2015. Technavio anticipates that the rising emphasis on import and decline in housing in the US will decrease the costs of housing materials, including paints and coatings. In the region, other than US, countries like Paraguay and Brazil, are also experiencing a high rate of industrialization. It is expected that the rate of industrialization in these countries will be faster than the average global industrialization rate, which will further contribute to the growth of the construction paints and coatings market in the Americas.
The top leading vendors operating in the global construction paints and coatings market are:
- AkzoNobelAxalta
- Coating Systems
- BASF
- PPG Industries
- Sherwin-Williams
Other prominent vendors in the construction paints and coatings market include RPM, Nippon, Kansai Paint, Sika, and Jotun.
A more detailed analysis is available in the Technavio report tilted, ‘Global construction paints and coatings Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Dyes and Pigments Market 2016-2020
- Global Commercial Architectural Coatings Market 2015-2019
- Global Decorative Paints and Coatings Market 2015-2019
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