Global construction paints and coatings market size is anticipated to witness a significant growth from 2015 to 2022 owing to increased demand of protective and durable paints in new as well as building and infrastructure developments over the forecast period. Rapid urbanization coupled with increasing consumer disposable income is expected to drive the demand over the forecast period.
Paints and coatings have gained significant demand largely in residential and commercial complexes. Paints usage in enhancing decor has gained surging demand owing to recent innovations induced by architectural buildings. Immense popularity of plastic emulsion paints in this sector can be attributed to its constituents that have lesser VOCs and odor.
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Added benefit of using paints in infrastructure includes protection of walls and equipment that are exposed to continuous heat and rain. Besides adding gloss and color to the surface, the paints also provide a durable finish; thus, enhancing its resilience to extremities of the external environment.
On the basis of formulation, waterborne paints & coatings are expected to dominate the industry accounting for over 35% of the global market volume share. Water-based products have gained significant share owing to their excellent leveling properties and adherence to environmental regulations.
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Solvent-based coatings along with powder, radiation cure, and specialty coatings have also marked their presence in the industry. Solvent-based paints are expected to witness a declining demand owing to its VOC released during application and negative impact on the environment.
Stringent regulations regarding VOC content in finished products are expected to negatively impact solvent-based paints & coatings demand in future. High commercialization rates of waterborne alternatives having limited VOC content are estimated to provide lucrative opportunities for the industry participants.
Shifting consumer preference towards less toxic paints and coatings providing high-quality performance are expected to drive the R&D initiatives in the industry. Recent advances in paint technology are expected to drive the high-quality water-based paints and coatings demand over the forecast period.
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