Global Texture Paints Market – Overview
The global market for texture paints has been studied by Market Research Future (MRFR) to understand how much the market is expected to gain in the coming years. Among the primary reasons, better demand for aesthetic upliftment would ensure the market gains quality backup.
Various factors have been discussed by MRFR to gauge what could give the Texture Paints Market the much-needed leverage for growth. Construction and renovation activities can set the market for a prosperous beginning. This would enjoy backing from government funding. Growth in urbanization is providing tailwinds to such activities. In addition, the rise in disposable income is creating ripples in the housing sector, which would directly affect the intake pattern of the texture paints. The growing involvement of companies to help customers with patterns and other ideas would increase the boundary for market growth. However, these paints are more expensive than the traditional ones, which would hold back the market growth in the coming years.
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Global Texture Paints Market – Prominent Players
Asian Paints (India),,Nippon Paint Holdings Co., Ltd. (Japan),,Berger Paints India Limited (India),,PPG Industries, Inc. (U.S.),,The Sherwin-Williams Company (U.S.),,Hempel A/S (Denmark),,Kansai Paint Co., Ltd (Japan),,Jotun A/S (Norway),,Axalta Coating Systems Ltd. (U.S.),,The Valspar Corporation. (U.S.),,S K Kaken Co., Ltd. (Japan),,Kelly-Moore Paints (U.S.),,(Australia),,Anvil Paints & Coatings, Inc. (U.S.),,Crown Paints (UK), and,Specialized Coating Systems (Pty) Ltd (South Africa)..
Drivers and Constraints Impacting the Market
Additionally, increasing usages of texture paints to add aesthetic and functional values is expected to drive market growth phenomenally, boosting the growth of the home interior designing industry. Growing construction and renovation activities in residential and non-residential sectors across the globe are estimated to create a vast market demand during the forecast period. The high flexibility that texture paints offer over wallpapers is further increasing the demand in various residential and non-residential applications.
To increase their customer base, texture paints companies are keeping their customers well informed about patterns, color, and paint selection, which is paying off a big deal in increasing their sales as well as market presence. However, texture paints are more expensive than conventional paints, which may hamper the market growth during the forecast period. Also, texture paints require more time and skilled labor for efficient application than conventional paints, which also acts as a major headwind for the growth of the market.
On the flip side, fluctuation in the prices of Texture Paints along with slow growth in the industrial sectors is expected to inhibit the market growth during the assessment period. Moreover, rise in the protection by some of the regions might encourage local consumption and production, which is likely to hamper the marine industry and inhibit the market growth over the forecast period.
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Texture Paints Market – Segments:
The global Texture Paints Market has been segmented on the basis of substrate type, resin type, application, application method, end-use industry, and region.
By mode of resin type, the market has been segmented into vinyl ester, epoxy, polyester, and others. The polyester segment is further sub-segmented into bisphenol and isophthalic polyester. Epoxy is sub-segmented into hybrid and pure epoxy. Hybrid epoxy is sub-segmented into polyamide cured epoxy and polyamine cured epoxy. Among these, the epoxy segment is anticipated to lead the market as they are one of the most versatile materials available in marine environment.
By mode of substrate type, the market has been segmented into concrete and steel. Among these, the steel segment is estimated to exhibit the highest growth rate owing to the growing use of Texture Paints to coat steel which is used in constructing medium and large ships, storage tanks, onshore and offshore platforms, and pipelines.
By mode of application method, the market has been segmented into conventional spray, brush/roller, and airless spray.
By end-user industries, the market has been segmented into construction, oil and gas, chemical, marine, and others. The segment for oil and gas is further sub-segmented into onshore and offshore. Among these, the marine segment is expected to showcase the highest growth during the review period owing to the growth in global trading which has led the marine industry to invest in several shipbuilding projects.
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Texture Paints Market – Regional Analysis:
The Asia Pacific region dominates the global texture paints market. The largest market share attributes to the rapidly growing construction and real estate industries. Growing economy in major APAC countries is providing lucrative opportunities in residential as well as non-residential applications. China and India’s contribution to the overall market have created several opportunities for the local as well as global players. The APAC global texture paint market is expected to grow at the fastest CAGR during the forecast period.
North America and Europe would stand second and third, respectively, in the global texture paints market in terms of value & volume. These relatively matured markets are projected to witness a steady demand during the review period. Additionally, significant growth in renovation activities is contributing to market growth. Eastern Europe would contribute to the positive development of the texture paints industry, witnessing the rising demand. The rather saturated markets in Western Europe and North America have gradually returned onto a growth path after the losses that they had suffered over the past decade.
Industry/Innovation/Related News
June 05, 2020 — Techno Paints (India), a subsidiary of Fortune Group that makes decorative, interior-exterior, and texture coating paints, announced setting up a new paint manufacturing unit in Hyderabad with an investment of Rs. 2.5 crore (approx. USD 3,36,916.00). Techno Paints caters through its painting-as-a-service for big real estate projects. The company also mentioned that it is now working on bringing new textures that can mimic granite. Research is on to bring this new texture to the market in August 2020.
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