Market Size –
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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Scope Of Exterior Paint Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Exterior Paint Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the exterior paint market focus on developing innovative technology-based products, such as water-beading technology-based exterior paint, to gain a competitive edge. Water-beading technology-based exterior paint is a type of paint that incorporates innovative technology designed to repel water and moisture from the painted surface. For instance, in March 2022, Valspar Corporation, a US-based paint manufacturing company, launched Valspar Defense, a new exterior paint and primer line. This product offers robust protection with cutting-edge water-beading technology, effectively repelling water year-round to prevent moisture damage. Valspar Defense Exterior Paint & Primer goes beyond its advanced water-repelling features, providing outstanding defense against fading, cracking, and peeling. Additionally, it delivers superior coverage to conceal existing stains in just one coat and is ready for rain in as little as one hour.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
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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