Overview and Scope
Exterior paint is a type specifically formulated for application on surfaces exposed to outdoor elements such as sunlight, rain, wind, and temperature fluctuations. This paint is used to withstand harsh environmental conditions and provide long-lasting protection for exterior surfaces.
Sizing and Forecast
The exterior paint market size has grown strongly in recent years. It will grow from $13.49 billion in 2023 to $14.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to environmental regulations, the shift towards architectural styles and design preferences, growth in awareness for eco-friendly products, intense competition among paint manufacturers, and growing emphasis on aesthetics.
The exterior paint market size is expected to see strong growth in the next few years. It will grow to $21.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to growing construction activities, growing renovation and remodeling activities, diversification of distribution channels, increasing demand for high-performance coatings, and shifts in consumer preferences towards specific colors. Major trends in the forecast period include sustainable formulations, advancements in nanotechnology, integration of smart coatings and functional additives, customized exterior paint solutions, and adoption of digital technologies.
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Segmentation & Regional Insights
The exterior paint market covered in this report is segmented –
1) By Type: Silicone, Epoxy, Acrylic, Polyurethane, Other Types
2) By Product Type: Water-Based Paints, Solvent-Based Paints, Other Products Types
3) By Applications: Residential Buildings, Commercial Buildings, Industrial Buildings, Other Applications
Asia-Pacific was the largest region in the exterior paint market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the exterior paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing investments in the infrastructure are expected to propel the growth of the exterior paint market going forward. Infrastructure refers to the fundamental physical and organizational structures and facilities necessary for the functioning of a society or enterprise, including transportation, communication, utilities, and public services. The factors driving infrastructure investment growth include growing urban populations, increasing frequency and severity of climate-related events, global connectivity, and trade. Exterior paint is used in infrastructure development to provide protection, preservation, and aesthetic enhancement to various structures and facilities. For instance, in April 2024, according to the World Bank, a US-based international financial institution, the private participation in infrastructure (PPI) commitments surged to $91.7 billion across 263 projects, reflecting a 23% rise compared to 2021. Therefore, the growing investments in the infrastructure are driving the growth of the exterior paint market.
Key Industry Players
Major companies operating in the exterior paint market are BASF SE, Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Axalta Coating Systems Ltd., Diamond Vogel Paints, Asian Paints Limited, Valspar Corporation, H.B. Fuller Company, Kansai Paint Co. Ltd., Hempel A/S, Jotun Group, DAW SE, Tikkurila Oyj, Berger Paints India Limited, Benjamin Moore & Co., Rust-Oleum Corporation, Dunn-Edwards Corporation, Cromology, TOA Group, Farrow & Ball Limited
The exterior paint market report table of contents includes:
1. Executive Summary
2. Exterior Paint Market Characteristics
3. Exterior Paint Market Trends And Strategies
4. Exterior Paint Market – Macro Economic Scenario
5. Global Exterior Paint Market Size and Growth
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31. Exterior Paint Market Other Major And Innovative Companies
32. Global Exterior Paint Market Competitive Benchmarking
33. Global Exterior Paint Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Exterior Paint Market
35. Exterior Paint Market Future Outlook and Potential Analysis
36.Appendix
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