Home > Bulk & Specialty Chemicals > Architectural Paint Oxide Market
Architectural Paint Oxide Market size is set to expand at a notable rate from 2023 to 2032 on account of the rising number of construction-related activities worldwide.
With the dramatic growth in the population rate across developed and developing economies, construction and infrastructure development has gained notable momentum, thus driving the architectural paint oxide market demand. As per the United Nations (UN), the global population is projected to increase from 8 billion in 2022 to 9.7 billion in 2050 and reach 10.4 billion in the mid-2080s. Several public and private efforts are underway for boosting the infrastructure development amidst rapid urbanization.
Additionally, the advent of organic architectural paints favored by the growing emphasis on environmentally friendly materials is expected to complement the architectural paint oxide industry. Some of the common infrastructure applications of architectural paints are windows, roofs, tanks, walls, and storage. The introduction of stringent government regulations to monitor the environmental and health impacts of toxic chemical substances will also boost new product developments.
The architectural paint oxide industry is classified into solvent-based and water-based oxides. The architectural paint oxide market share from water-based architectural paint oxide is anticipated to increase substantially over 2032 owing to increasing penetration across industrial and commercial applications. The surging demand for these substances over conventional solvent-based solutions can be attributed to the high preference for water-based paints due to their lower environmental impacts ensured by a relatively lower concentration of volatile organic compounds (VOCs). Additionally, the increasing preference for water-based oxides as they are better-performing and longer-lasting as compared to their solvent-based counterparts will also push the market growth.
In terms of product, the acrylic segment is poised to garner substantial share in the architectural paint oxide industry by 2032. Acrylic-based architectural paint oxides are widely used instead of oil-based paints, epoxies, or alkyds since they offer superior weathering and oxidation resistance. The growing demand for these paint oxides can be accredited to their exceptional adoption in automotive, architectural, and plastic coatings. Additionally, these resin-based architectural paints can effectively withstand hard conditions due to high resistance to UV light, rain, wind, and snow.
With regards to end-use, the demand for architectural paint oxide across the residential sector is set to escalate rapidly over 2032 due to the booming real estate sector and growing per capita incomes worldwide. The robust population growth rate is propelling the demand for housing across the globe, encouraging heft investments in the construction of residential buildings.
Asia Pacific architectural paint oxide market is estimated to register stellar growth over 2032 driven by the surging consumer household incomes in the region. Countries such as China and India are home to a massive construction sector and large-scale infrastructure activities. According to the India Brand Equity Foundation (IBEF), India is predicted to become the third-largest construction sector in the world by 2022. Similar trends across China, Vietnam, and Indonesia will also spur the demand for architectural paints in the region.
Global architectural paint oxide market key players include FENZI S.p.A, Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, Ashland Global Holdings Inc., PPG Industries, Inc., and Asian Paints Limited. These players are launching new products and focusing on various strategic initiatives to boost industry presence. For instance, in January 2020, Asia Paints unveiled an organic line of paints with natural ingredients such as neem oil, caster seeds, and soya bean along with pigments like yellow oxide in India.
The COVID-19 pandemic had a negative impact on the architectural paint oxide market with the sudden halt in construction activities worldwide due to the initiation of nationwide lockdowns. Furthermore, the Russia-Ukraine war is expected to aggravate the supply chain disruptions initially caused by the pandemic.