Texture Paints Market Forecast to Reach $13 Billion by 2025
Texture Paints Market is forecast to reach $13 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Texture Paints are heavy consistency and coarse grain paints, consisting usually of gypsum and sand with water- thinned binder. It is used for creating a rough patterned effect on a wall. The increasing use of texture paints in residential and non-residential applications is projected to drive the growth of the texture paint market. The continual evolution of the paint industry to deliver higher aesthetic and functional value also augmented the growth of the texture paints market.
Texture Paints Market Segment Analysis - By Technology
Water based segment holds the largest share of more than 55% in the texture paints market in 2019. Water-based texture paints use water as a solvent and contains filler, pigments and binder, all dissolved in water. Their low level of volatile organic compound (VOC), makes them environmentally friendly paint with minimal to zero harmful effects on human health. Water based paints are also easy to clean. They have little or no smell, which creates a more pleasant painting experience and makes the environment children friendly. Water-based texture paints are used in swimming pools to barns, roofing to railings, and floors to cladding. In addition, water-based paints have comparatively low resistance to extreme weather conditions and are preferred for internal use only.
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Texture Paints Market Segment Analysis - By Type
Based on the type, sand texture paint segment holds the largest share of more than 25% in the texture paints market in 2019. Sand texture paint contains sand like additives. It is interior latex painting and is available in fine, medium, and coarse grain sizes. These paints have two different categories, premixed texture paint and post-mixing texture paint. In premixed texture paint, sand additives are already present and are available for direct application whereas in post-mixing paint, sand additives are not present and added according to choose. Sand texture paints are very useful in texture painting of ceiling. Cost effectiveness and easy execution of sand texture paint escalates its demand for ceiling and wall painting.
Texture Paints Market Segment Analysis - By Application
Based on the application, interior segment holds the largest share of more than 60% in the texture paint market in 2019. Interior texture paints are applied on interior walls, floors, and ceilings. The accelerating use of texture paints for home interior decoration is a major factor projected to drive the growth of the interior texture paint segment. Huge spending on interior decoration is fueling the growth of the market. Texture paints not only makes inspiring textures but also provides protection from severe weather changes, Alkali, and ultra violet rays. Improved standard of living and infrastructural developments in emerging economies are additional factors expected to drive the demand for interior texture paints.
Texture Paints Market Segment Analysis - By End Use
The residential segment held the largest share of more than 45% in the global texture paints market in 2019. In addition of giving attractive look to the residential wall and floors, textured paint is used to create a wide range of faux finishes. Texture paint contains additives and resins to protect texture even after the paint dries which makes it different from other normal paints and raises its demand. The building and construction activities are expanding at a lucrative rate across the world. According to the United States Census Bureau, a total of 1,176,000 residential houses were constructed in the U.S in April 2020. Thus, increase in residential construction also boost the demand for texture paints.
Due to the Covid-19 outbreak, the texture paint manufacturers are facing issues such as delays in receiving raw materials. In addition, the import and export restrictions are heavily affecting the texture paints market growth. Decrease in purchasing income has lowered construction activities. According to data from Associated General Contractors of America (AGC), 40% of construction firms have had to lay off staff due to the coronavirus pandemic which in turn hampered the growth of the texture paints market.
Texture Paints Market Segment Analysis - By Geography
Asia Pacific hold the largest share of more than 45% in the texture paint market in 2019, owing to the rapid industrialization and urbanization in countries such as India, China, and Singapore due to economic reforms, infrastructural development, and rising per capita income of the individuals. According to the Australian trade and investment commission, the Singapore government spends at least S$2 billion on public infrastructure each month. Also, the government projected Singapore’s average construction demand for 2018 and 2019 between S$26 billion to S$35 billion. According to the International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58 and it is forecasted to reach USD 968.06 by 2019. Also, the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. Thus, flourishing construction sector further aid to the growth of the texture paints market.
Texture Paints Market Drivers
Government initiatives to boost construction activities
The population growth is resulting in the need for more residential and commercial constructions. Moreover, government support to boosts the construction activities also drives the growth of the texture paints market. In India, the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period and boost the texture paints market growth. In addition, British government’s ENABLE Build Programme launched in 2019, provide financial support to the smaller house builders so that they can contribute to the infrastructure development of the nation.
Superior Properties of Texture Paints over conventional paints
Textured paints are the simple way of offering an elegant look to the walls. They are resilient against wind, water, UV-rays from the sun and sudden changes in temperature. Using texture paints as an interior paint, offers extreme resistance to peeling, sagging, flaking and fungi-algae growth. It also has a wide range of variety from mirror polished smoothness to rocky roughness. Texture paints also require less maintenance as they are extremely durable and abrasion resistant. Owing to these properties the demand for texture paint is expected to grow over the forecast period.
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Texture Paints Market Challenges
Harmful effects on human health and high cost of texture paints
Although texture paints are widely used across residential and non-residential sectors, but the presence of volatile organic compounds (VOC) ingredients in the texture paints hampers the market growth. Exposure to VOC may cause headache, nausea, eye & throat irritation, and damages kidney. In addition, governing bodies are making strict policies to lessen VOC’s effect on human health. For instance, the Ozone Transport Commission (OTC), developed to reduce VOC limits in an effort to meet the clean air requirements set by the Environmental Protection Agency (EPA), also affect the growth of market. Besides, the high cost of texture paint in comparison to conventional paint also restrain the growth of the global texture paint market. Texture paint requires skilled manpower and more time for application which may hamper the demand for texture paints and will impede the growth of the market.
Texture Paints Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the texture paints market report. In 2019, the market of the texture paint has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the texture paints industry outlook are Akzonobel N.V., Berger Paints India Ltd., Kansai Paint Co., Ltd., Andura Coatings, The Sherwin-Williams Company, Hempel A/S, PPG Industries, Inc., Asian Paints, Spectra Texture Wall Coating Pvt. Ltd., Tnemec Co. Inc., and Valspar Corporation among others.
Acquisitions/Technology Launches
In October 2019, Tnemec Co. Inc., has acquired the assets of Textured Coatings of America, Inc. This acquisition strengthened the Tnemec’s position as a global leader and helped in meeting the customer needs.
Key Takeaways
Surging use of texture paints to cover up imperfections on the walls is further augmenting the growth of the market.
Growth of commercial sector like shopping malls and airports in the merging region further drive the market growth.
Stringent environment regulations and Government restrictions on the use texture paints that contain volatile organic compounds (VOC) restrain the growth of the market.
Outbreak of coronavirus has disrupted the global supply which in turn hampers the growth of texture paints market.
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