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Construction Paints And Coatings Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Construction Paints And Coatings Global Market Report 2024
According to The Business Research Company's, The construction paints and coatings market size has grown strongly in recent years. It will grow from $57.56 billion in 2023 to $60.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to growing construction activities, urbanization trends, regulatory compliance, economic stability, raw material costs.
The construction paints and coatings market size is expected to see strong growth in the next few years. It will grow to $75.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to global recovery post-pandemic, sustainability focus, infrastructure investments, residential and commercial real estate demand, supply chain challenges. Major trends in the forecast period include smart coatings and nanotechnology, digitalization in construction, technological advancementsdigital transformation, increased r&d for performance enhancements.
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Market Drivers and Trends:
The rising new construction projects is expected to propel the growth of the construction paints and coatings market going forward. Construction projects refer to the systematic process of constructing, repairing, refurbishing, retrofitting, or adapting a building, or other built asset such as a tunnel or bridge. In construction projects, paints and coatings are projected to be important to prevent water from penetrating, to prevent corrosion, rotting, and deteriorating. For instance, in March 2023, according to Zippia, a US-based technology, information, and internet company, in January 2023, 1.4 million new construction projects were completed, which is a 12.8% increase, compared to January 2022. Therefore, the rising number of new construction projects is driving the growth of the construction paints and coatings market.
Technological advancements are a key trend gaining popularity in the construction paints and coatings market. Companies operating in the construction paints and coatings market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Dow, a US-based plastics and chemical manufacturing company launched a new digital paint formulation platform. The digital coating formulation platform uses new digital tools to develop cutting-edge skills that will push the boundaries of innovation and deliver lasting value to markets and consumers. This technology delivers data-driven capabilities intended to speed up innovation in the paints and coatings sector and simplify the formulation process.
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Major Key Players of the Market:
PPG Industries Inc.; Badische Anilin- und Sodafabrik; Akzonobel N.V.; Sherwin Williams Company; Asian Paints Ltd.; Axalta Coating Systems Ltd.; Valspar Corporation; Helios Group; Tikkurila Oyj; Beckers Group; DyStar Singapore Pte Ltd.; Republic Powdered Metals International Inc.; Jotun Chemicals; Dow Chemicals; Nippon Paint Holdings Co. Ltd.; Kansai Paint Co. Ltd.; Benjamin Moore & Co.; Berger Paints Ltd.; Hempel A/S; Brillux GmbH & Co. KG; DAW SE; H.B. Fuller Company; Dunn-Edwards Corporation; Kelly-Moore Paint Company Inc.; Rust-Oleum Corporation; Tōa Kensetsu Kōgyō Corporation; Diamond Vogel Paints; Tnemec Company Inc.; National Paints Factories Co. Ltd.; Farrow & Ball Ltd.
Construction Paints And Coatings Market 2024 Key Insights:
• The construction paints and coatings market will grow to $75.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Booming Construction Industry Is A Catalyst For The Surge In Construction Paints And Coatings Market
• Latest Paint Formulation Technology In Construction Paints And Coatings Industry
• North America was the largest region in the construction paints and coatings market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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