Market Research Future (MRFR) states that the global texture paints market is projected to grow phenomenally over the forecast period (2018-2023). Texture paints impart textured feel and appearance to the walls, thus offering higher aesthetic & functional value. Moreover, they hide imperfections of the wall surfaces and also protect it from external weather conditions by filling the cracks and crevices.
Drivers and Restraints
The high aesthetic value offered by texture paints coupled with their affordable cost is driving the global texture paints market. This, along with the growth in interior designing and surging demand for home interiors is projected to fuel the market growth.
In addition, a number of companies have color experts that provide assistance about pattern and paint selection that includes stucco, metallic, drizzle, sand, and whirl. Also, texture paints extend the advantage of covering uneven surfaces and protecting the wall surface from damage. Not only this, texture paints also offer an extensive range of patterns that can be created using a mix of various colors. Hence, the aesthetic and functional value provided by these paints is estimated to drive the texture paints market in the future.
Although the market is expanding at an unfaltering growth rate, it will be curbed by lack of skilled labor for efficient application across the globe. However, increasing usage in residential and non-residential applications is bound to leave a positive impact on the market growth in coming years.
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The global texture paints market is segmented into product type, additives, substrate type, application, and region.
By product type, the global texture paints market is segmented into premixed texture paints, self-mixing paints, smooth textured paint, and others. Among these, smooth texture paints has claimed the largest share of the global market on account of its extensive use in residential and non-residential projects. This product type segment is expected to continue its dominance during the review period as well.
By additives, the global texture market is segmented into sand, quartz, household items, and other texture additives. The sand is leading segment and is expected to continue its dominance over the forecast period. Growing consumption in the premixed and self-mixed type of texture paints for exterior walls application along with remarkable increase in the construction spending across the emerging nations of Asia Pacific and the Middle East is bound to bolster the market growth over the review period.
By substrate type, the global texture paints market is segmented into the interior (walls, ceilings, floorings) and exterior walls. The interior substrate type segment has noted the largest consumption of texture paints in a bid to improve the aesthetic appeal of interior walls, floors, and ceilings. Flourishing home interior designing industry is projected to positively influence the growth of this particular segment during the forecast period.
By application, the global texture paints market is segmented into residential and non-residential. Improving living standards has been instrumental in the surging demand for texture paints in the residential sector, thus the residential application segment is likely to lead the global market in coming years.
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The global texture paints market is segmented into five key regions, which are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Globally, Asia Pacific leads the global texture paint market and is expected to grow at the fastest CAGR over the forecast period. Improving economy of Asia Pacific countries provides lucrative opportunities to the texture paints market in both residential and non-residential applications. Moreover, rapid industrialization and constant strategic actions undertaken by market players play a stellar role in the stupendous market performance in the region.
On the other hand, North America and Europe market are relatively mature and is expected to observe a steady demand for texture paints during the appraisal period. In addition, significant growth in renovation activities is largely contributing to the market growth in the region.
Lastly, the Middle East & Africa and Latin America are presumed to exhibit surging demand of texture paints during the forecast period owing to growing construction industry.
Kansai Paint Co., Ltd (Japan), Jotun A/S (Norway), Axalta Coating Systems Ltd. (U.S.), The Valspar Corporation. (U.S.), S K Kaken Co. Ltd. (Japan), Kelly-Moore Paints (U.S.), Haymes. (Australia), Asian Paints (India), Nippon Paint Holdings Co., Ltd. (Japan), Berger Paints India Limited (India), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Hempel A/S (Denmark), Anvil Paints & Coatings, Inc. (U.S.), Crown Paints (UK), and Specialized Coating Systems (Pty) Ltd (South Africa).
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