Construction Repaint Market - Forecast(2023 - 2028)

Construction Repaint Market Overview

Construction repaint market size is forecast to reach US$81.2 billion by 2027 after growing at a CAGR of 5.7% during 2022-2027. Rising urbanization, infrastructural development, and growth in construction activities are driving the market for construction repaint. Construction repaints such as acrylic paint, alkyd paint, epoxy paint, are utilized for painting buildings or similar structures. They are used for residential, commercial, and industrial repaint purposes, having UV resistance, and low volatile organic compounds (VOCs) content. Moreover, the aging of old buildings and paint damages are also increasing the growth of the construction repaint market. Painting the structure again after the first construction paint is known as a repaint. Construction repaints can also be used in emulsions, varnishes, and enamels.  They have a general use for the purpose of maintenance, remodeling, renovation, and repair. Such usage of construction repaint is predicted to fuel the market during the forecast period.

COVID-19 Impact

The COVID-19 outbreak widely affected the construction repaint market over the year 2020. Owing to the nationwide lockdown, the production process of various goods in the end-use industry declined due to the non-functioning of the manufacturing plants. The domestic sales and export of different raw materials have also witnessed a halt during the COVID-19 outbreak. Economies of each sector got affected and resulted in stagnation of activities across the industries that uses construction repaint. For instance, according to Eurostat, In April 2021, construction production decreased by 1.6% in the E.U. compared with March 2021; in the euro area, the decrease amounted to 2.2%. Additionally, after an unprecedented decline in March and April (-25.4%), construction in the E.U. region increased dynamically in May 2021 (21.6%) but has since stagnated. Thus, once the building and construction activities get back on track and start functioning with total capacity, the market for construction repaint is estimated to incline in the upcoming years.

Report Coverage

The report: “Construction Repaint Market – Forecast (2022 - 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the construction repaint industry.

By Resin Type: Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Silicon, Phenolic, Polycarbonate, Polyamide, and Others

By Formulation: Waterborne Paints, Solvent-Borne Paints, and Others

By Application: Residential Construction Repaint (Independent homes, Row homes, Large apartment buildings), Non - Residential Construction Repaint (Commercial Construction Repaint, Industrial Repaint, Infrastructure Repaint), and Others.

By Geography: North America (U.S.A., Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa)

Key Takeaways

• The Asia Pacific dominates the construction repaint market owing to the rising growth and increasing investments in the construction industry. For instance, according to the World Bank, in 2020, the building and construction industry reached about US$ 11.9 trillion, with an increase of about 4.2% from 2019.
• Rapidly rising demand for construction repaint for increasing activities of maintenance, remodelling, renovation, and repair, has driven the growth of the construction repaint market.
• The rising demand for construction repaint due to growth in infrastructural development, has been a critical factor driving the growth of the construction repaint market in the upcoming years.
• However, introduction of durable paints can hinder the growth of the construction repaint market.

Figure: Asia-Pacific Construction Repaint Market Revenue, 2021-2027 (US$ Billion

Construction Repaint Market Segment Analysis – By Resin Type

The acrylic resin segment held the largest share in the construction repaint market in 2021. Acrylic paint is waterborne and is used in emulsions, enamels, powders, and lacquers. Acrylic paint is easy to clean, durable, have UV resistance, low volatile organic compounds (VOCs) content, is inexpensive, and is VOC-free, as compared to other resins. Epoxy resin are not water-clear on setting like acrylic, and they do not resist sunlight (UV) degradation. Polyester resin is also not clear and hard as acrylic, having a yellowish tinge on deposition, it is highly toxic, and has an unbearable- odour, which makes acrylic resin the most preferred resin in the construction paint market. Thus, increasing demand for acrylic resin segment, will increase the demand for the construction repaint market over the forecast period.

Construction Repaint Market Segment Analysis – By Formulation

The waterborne paints segment held the largest share in the construction repaint market in 2021. Regulations passed by regulatory bodies such as the Environmental Protection Agency and National Standard GB 18582-2008, about the discharge of volatile organic compounds (VOCs) is driving the market for waterborne paints, being VOC-free, having UV resistance, and having low-VOC content. Solvent-borne paints generally contain high levels of Volatile Organic Compound (VOC). Solvent-borne paints are washed from brushes with the use of white spirit or solvent-borne brush cleaners, which release VOCs on being used, and are tough to dispose-off due to their hazardous nature. Therefore, water-borne paints are used, since, their brushes can be washed with soapy water, which can decrease the environmental impact caused by paints, have quicker drying time, and less smell. Thus, increasing demand for waterborne paints segment, will raise the growth of the construction repaint market over the forecast period.

Construction Repaint Market Segment Analysis – By Application

The non-residential construction repaint segment held the largest share with 55% in the construction repaint market in 2021. Construction repaint are majorly used for repairs, renovation, and maintenance works. In industrial or commercial sectors, for repainting applications, construction repaint can be used as paints in manufacturing plants, airplane hangars, hospitals, commercial and retail stores, showrooms, garages, and others.  The rising investments in non - residential construction, will drive the market growth. For instance, the Manitoba government announced US$5 million, for the renovation of Dauphin Regional Health Centre, in order to increase inpatient capacity and to raise the number of endoscopies and surgeries.  Thus, such investments will drive the demand for non - residential construction repaint segment and will increase the growth of the construction repaint market over the forecast period.

Construction Repaint Market Segment Analysis – By Geography

Asia-Pacific region dominated the construction repaint market with a share of 43% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for construction repaint in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the construction repaint market during the forecast period. This is due to the growth of the construction industries in the country. For instance, according to International Trade Administration, in China, construction industry revenue was reported to increase from US$ 968 billion in 2019 to US$ 1.1 trillion in 2021. India and Taiwan are also predicted to grow their construction repaint market during the forecast period, with increased investments by the government in construction industry. Thus, the rising usage of construction repaint, will drive the market growth in the forecast period.

Construction Repaint Market Drivers

Increasing Activities of Maintenance, Remodelling, Renovation, And Repair Is Driving the Market Growth

Construction repaint are used excessively for the purpose of maintenance, remodelling, renovation, and repair, in residential and non-residential buildings, such as independent homes, row homes, commercial, industrial, infrastructure buildings. They are used to protect surfaces from insects, rain, solar radiation and other external factors, to restore clean and safe walls, to increase the visual appeal of a surface, for waterproofing, and in increasing surface durability. The increasing activities of renovation and maintenance, will drive the construction repaint market growth. For instance, in November 2021, PPG Industries Inc. provided more than US$111,755 in products and services, in order to assist with the project, including 685 gallons of SEIGNEURIE™ exterior paint, for completing colourful community’s project at Guardian Angel Autism Rehabilitation Center in Tianjin, China. Thus, such initiatives for the maintenance, remodelling, renovation, and repair activities, is driving the market growth. 

Growth in infrastructural development is Surging the Demand for Construction Repaint

The market for construction repaint is driven by multiple factors such as rapid urbanization and infrastructure growth in emerging economies. Construction repaint find intensive application in the construction industry, serves in maintaining value for commercial buildings, increasing foot traffic, preventing damage, rebranding, and for other motives. The increment in infrastructural development, will drive the construction repaint market. For instance, according to British Columbia, in 2020, the Canadian and British Columbian governments funded US$100.6 million, for the Community, Culture, and Recreation Program, in order to support cost-sharing of infrastructure development projects in communities across the province. Additionally, investments done by the government to modernize old infrastructures is driving the market growth, for instance, in India, the Tamil Nadu government invested US$217.8 million, through the funding from the Japan International Cooperation Agency (JICA) in 2021, to modernize 18 government hospitals, 11 district government hospitals, and seven government medical colleges. Thus, the rising infrastructural development, is driving the market growth. 

Construction Repaint Market Challenges

Introduction of Durable Paints will Hamper the Market Growth

The development of durable paints will decrease the market growth for construction repaint, required for maintenance and repair purposes. Paints such as oil paints provides durability, are affordable, easy to apply and clean. These can be used on walls, doors, windows, and metal objects. Enamel paints forms a hard and glossy coating, which is easy to clean, are very long-lasting, waterproof, and chemically resistant, and offer good coverage and colour retention. Additionally, emulsion and bituminous paints, dry fast, are hard in nature, easy to clean the surfaces with water. These paints are durable, and offer alkali resistance. The durability and resistance provided by these paints, reduces the need for repainting, repairing and maintenance of a building in short period of time. Thus, introduction of durable paints, will hinder the market growth in the forecast period.

Construction Repaint Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies players adopt in the construction repaint market. Major players in the construction repaint market are:

1. AkzoNobel N.V.
2. The Sherwin-Williams Company
3. Asian Paints Ltd.
4. The Valspar Corporation
5. Royal DSM
6. PPG Industries Inc.
7. RPM International Inc.
8. Nippon Paint Holdings Co. Ltd.
9. Axalta Coatings Systems
10. Jotun A/S.

Recent Developments

In June 2019, Royal DSM, launched waterborne coating resin, NeoCryl® XK-117, to drive shift to waterborne coatings in construction and heavy machinery segments, for a viable alternative to solvent-borne coating technology, containing low levels of volatile organic compounds (VOCs), as well as being low in odour.

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