Architectural paint oxide market size is set to expand significantly from 2021 to 2027 on account of increasing count of construction-related activities and the higher application scope in the infrastructure sector. The rising rate of population and urbanization along with the changing lifestyles has resulted in swelling infrastructure development and heavy industrial investments to manufacture architectural paint across various Asia Pacific regions.
The burgeoning demand for organic architectural paints coupled with surging environmental concerns and issues will further act as significant contributors to the market growth.
Architectural paints are widely utilized across a variety of infrastructure applications, such as roofs, walls, windows, storage, and tanks. The presence of stringent government rules, as well as regulations to cater to escalating environmental and human health concerns, will pose as a major barrier for the industry expansion.
On the basis of type, the market is bifurcated into water-based and solvent-based segments. The water-based architectural paint oxide segment will expand with growing popularity in industrial and commercial projects. These products are increasingly preferred over conventional solvent-based solutions. The intensifying need for health and safety, constantly changing regulations, and paradigm shift towards longer-lasting and better performing products will add a positive spurt to the demand for water-based systems.
The acrylic-based architectural paint oxide industry will garner significant traction due to higher usage in a large number of architectural coatings. These products are largely adopted in comparison to oil-based paints, alkyds, or epoxies, as they provide enhanced weathering and oxidation resistance. On account of their excellent durability as well as good color and gloss retention, they are extensively employed in architectural, automotive, and plastic coatings. In addition, these resin-based architectural paints exhibit strong resistance upon exposure to rain, snow, wind, and UV light acrylic.
Based on end-use, the demand for architectural paint oxide solutions across the residential sector will grow through 2020 owing to increasing industrial investments and growing per capita incomes. The booming population size across the globe has also resulted in the rising number of infrastructure activities. Given their higher availability based on application products, various architectural paints are extensively used. The growing demand for water-based architectural solutions is also likely to push the market development.
Asia Pacific is expected to capture a significant chunk of architectural paint industry revenue share due to increasing consumer household incomes along with the surge in number of construction activities. According to IBEF (India Brand Equity Foundation), India is anticipated to emerge as the third-largest construction market across the globe by 2022. The spiraling requirement for architectural paints mainly in China, Indonesia, Vietnam, and India will favor the regional market expansion.
Major participants in the architectural paint oxide industry include Nippon Paint Holdings Co., Ltd., Ashland Global Holdings Inc., The Sherwin-Williams Company, PPG Industries, Inc., FENZI S.p.A, and Asian Paints Limited.
These firms are constantly embracing various marketing and growth initiatives, like acquisitions, production expansions, R&D investments, partnerships and, novel product launches to widen their geographical presence and customer base.
For instance, in January 2020, Asian Paints introduced a new organic line consisting of natural ingredients like castor seeds, soya bean, and neem oil along with pigments such as yellow oxide, for the Indian market.
Impact of the COVID-19 outbreak on architectural paint oxide industry forecast
The COVID-19 pandemic brought significant global economic consequences as it took a toll on the operational activities of a massive number of businesses. The architectural paint oxide market experienced the heat of the crisis considering the stalled operations across the construction sector along with the potential delays in infrastructure development.
However, the rising instances of DIY home renovations and the considerable boom in the remodeling and repainting activities turned out to be a key bright spot for architectural paint in the residential market during the outbreak.