Construction repaint is renowned as the paint which is used in homes, multi-family residential, commercial, and institutional applications. Such paints include varnishes, enamels, and emulsions among others that are used for the purpose of repairs, renovation, and maintenance works. These paints are available in waterborne or in solvent-borne formulations. The large number of buildings and constructions across the globe that need renovation and repairs which necessitated demand for construction repaints.
High disposable income and rising need for accommodation development are some major factors which are driving the global market of construction repaint. In addition, growing demand for housing, and rapid urbanization are acting as an encouraging factor for global construction repaint market. Government initiatives such as development of smart cities are providing major boost to the target market. Moreover, rising demand for residential and non-residential buildings, which is driving demand for repairing the existing infrastructure, is one of the factors fostering the market growth during the forecast period.
Recent trend shows that, sustainability of paint industry gaining continues momentum in the construction repaint industry. Manufacturers such as W. R. Grace and The Sherwin-Williams Company, have continued to strengthen R&D activities to provide customers with sustainable products and ways to save energy by introducing new products and processes.
Additionally, Construction Productivity and Capability Fund (CPCF) announced by the Building and Construction Authority (BCA) and Singapore is investing around US$ 600 million to boost the construction sector which is also estimated to drive the industry demand. In addition, India is the fastest-growing market for construction repaint owing to increasing demand from the residential & non-residential construction sectors drives the construction repaint market. Recently in 2016, Akzo Nobel introduced Dulux Forest Breath to the Chinese market, an anti-formaldehyde formulation that appeals to consumers who are concerned about air quality in their homes.
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Among regions, Asia Pacific is expected to dominate the global construction repaint market over the forecast period with a significant CAGR. Emerging countries such as China and India are expected to grow at substantial growth rate, owing to government initiatives, continued privatization, increased health, and safety regulation. Growing construction sector and infrastructural investments in developing economies such as India, China, Singapore, Indonesia etc. is expected to support market growth for construction repaint market.
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