Texture Paints Market: information by product type (Interior, Exterior), application (residential, non-residential), region—Forecast till 2025
The increasing demand for the paints and home decoration in the developing economies is one of the major drivers of the market. Furthermore, the high appealing value of texture paints at affordable cost is boosting the product demand. Additionally, growing consumer preferences for interior designing, especially home interior, is expected to fuel the market growth to some extent. However, easy availability of alternatives in the market is restraining the market growth and is likely to continue the same during the forecast period, 2018–2023.
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The global texture paints market is segmented by product type, application, and region.
On the basis of the product type, the market is segmented into interior and exterior. The interior texture paint segment is expected to lead the global market in terms of both value and volume during the forecast period, 2018–2025. The rising use of texture paints for home interior decoration is one of the major factors driving the segmental growth.
On the basis of the application, the market is segmented into residential and non-residential.
Geographically, the global market is segmented into four regions: North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
APAC is estimated to hold the largest market share owing to fast economic development coupled with growing disposable incomes in countries such as China, Thailand, India, and Malaysia. Increasing middle-class population coupled with increasing spending on home decoration is driving the market growth further. The expansion of construction sector in China is expected to drive the APAC market further during the forecast period, 2018–2025.
Europe is estimated to drive the market due to well-developed infrastructure and growing trend in commercial and residential building. The improving economic conditions have motivated the commercial clients to invest in painting services.
Rapid industrialization and increasing purchasing power of consumers in especially in U.S. and Canada is expected to drive the market in North America region. Increasing standard of living of individuals is also one of the major factor driving the market in this region.
LAMEA has a steady growth due to poor economic conditions, ongoing infrastructural development, and poor government policies.
Some of the key players in the global market are 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.), Haymes. (Australia), Anvil Paints & Coatings, Inc. (U.S.), Crown Paints (UK), and Specialized Coating Systems (Pty) Ltd (South Africa).
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• Expansion of Production Capacity
In January 2018, Asian Paints—by setting up plants in South India—announced to increase the production capacity by 11 million kiloliters in 18 months
In May 2017, Berger Paints acquired Chandigarh-based niche paint maker Saboo Coatings for USD 1.26 million in cash and planned to strengthen its industrial paints business
Texture Paints Market Segmentation
By Product Type:
o North America
Rest of Europe
Rest of Asia Pacific
Rest of LAMEA
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