The market for texture coatings will reach US$10.99 billion in 2022
Texture paints are mainly used to cover uneven surfaces to prevent wall damage. The aesthetic value, function value of texture coating and its wide application in interior design are the main factors that promote the development of the texture coating market. The extensive use of texture coatings in the residential and non-domestic sectors will drive the steady growth of the texture coatings market. In 2017, the size of the texture coating market was US$8.77 billion. It will increase at a compound annual growth rate of 4.77% in 2017-2022, and the market size in 2022 will reach US$10.99 billion.
Emerging economies such as China, India and Brazil will provide texture paint manufacturers with lucrative profit growth opportunities. New technologies and innovative ideas will drive the demand for textured coatings in the construction industry. The establishment of new enterprises and the expansion of existing enterprises have promoted the need to build new industrial and commercial buildings and refurbish existing buildings. As consumers recognize the benefits of rebuilding, non-residential buildings are expected to be the fastest growing application area in the texture coatings market.
Interior texture coatings are expected to be the largest part of the textured paint market both in quantity and value. The increasing application of texture coatings in interior decoration is one of the most important factors in promoting the development of the interior texture coating industry. In addition, the improvement of the living standards of the emerging economies and the development of infrastructure are also a major factor driving the market’s demand for interior texture coatings.
The Asia Pacific Texture Coatings Market will see significant growth during the forecast period. The growing demand for texture coatings in the commercial and residential sectors, the infrastructure projects under construction, and the increase in disposable income of the middle class are all key factors in the growth of the texture coating market in the Asia Pacific region. The expansion of the construction industry in China, India and Indonesia is another important factor affecting the demand for textured coatings in the Asia Pacific region. Raw materials for the development of textured coatings include methylamine and inorganic chemicals. The price and availability of these raw materials are the key factors that determine the cost structure of their products.
At present, major manufacturers of texture coatings include AkzoNobel (Netherlands), PPG Industries (USA), Sherwin-Williams (USA), Asian Coatings (India) and Kansai Coatings (Japan),etc.