CHICAGO, May 24, 2023 /PRNewswire/ -- The report "Texture Paint Market by Resin Type (Acrylic and Epoxy), Technology (Water based, Solvent based), Product Type (Interior and Exterior), Application (Residential and Non - Residential), & Region (Asia Pacific, Europe, North America - Global Forecast to 2028", size is estimated at USD 12.5 billion in 2022 to USD 16.2 billion by 2028, at a CAGR of 4.4%, between 2023 and 2028. The rapid growth of the construction sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the texture paint market. The texture paint market is divided into five key regions: Asia Pacific, Europe, North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the texture paint market globally.
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Interior segment is expected to account for the largest share in 2022.
Interior texture paint are used to add depth, character, and visual interest to a room's surfaces. Texture paint is available in various forms, such as premixed or powder form, and it can be applied using different techniques, including brushing, rolling, or spraying. Texture paint provide high quality, even surfaces, prevent walls from damage, durable finish, improved efficiencies, and simplified environmental compliance. Texture paint manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to texture paints.
Residential segment is expected to account for the largest share in 2022.
The residential construction market Include buildings and renovating residential properties, such as houses, apartments, condominiums, and townhouses. The residential construction market is influenced by various factors, including economic conditions, population growth, interest rates, government policies, rapid urbanization, improved standard of living, rise in per capita income, an increasing number of smaller households, change in consumer lifestyle, and housing demand. Consumers are increasingly inclined to use eco-friendly paints. These factors are positively influencing the texture paint market.
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Asia Pacific is expected to register highest CAGR during the forecast period.
The texture paint global market is dominated by asia pacific region. The presence of major construction industries in the region contributes to the region's dominance. In comparison to other regions Asia Pacific is expected to witness a high growth rate. The demand is attributed to the emerging GDP, increased spending power, low labour cost, and availability of raw material. Other Asia Pacific countries, such as India, Indonesia, Thailand, Singapore have seen an increase in demand for texture paint as residential construction activities have inceased. Affordable interest rates, Rising income levels, shift toward nuclear families, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the texture paint market growth.
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Market Players
Major players operating in the texture paint include AkzoNobel N.V. (The Netherlands), PPG Industries, Inc (US), The Sherwin-Williams Company (US), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), and others.
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