CONSTRUCTION PAINTS AND COATINGS MARKET ANALYSIS

Market Challenges And Opportunities

Global Paints and Coatings Market - Restraints

• Fluctuating Price of Raw Materials

Fluctuating price of raw materials is expected to hinder the market growth of paints & coatings. Oil derivatives and titanium dioxide are major key raw materials that are used in the manufacturing of paints & coatings. The delay in supply and demand for the titanium dioxide results in increase in the overall price of paints and coatings, and this is expected to hamper the market growth.

The difficulty in obtaining a thin layer in the powder coatings, and time-consuming drying process for waterborne technology is expected to create challenges for the market growth of paints and coatings. Moreover, rising demand for paints and coatings from automotive industry is expected to drive the market growth in the upcoming forecast period.

Global Paints and Coatings Market - Opportunities

• Rising Demand for Green Coatings from the Building and Construction Industry

Rising demand for green coatings from the building and construction industry is expected to offer lucrative opportunities to the global paints and coatings market. For instance, in the near future, the Indian government will promote numerous projects. By 2022, more than 20 million affordable dwellings for the urban poor are expected to be built as part of the government's Housing for All initiative. For instance, according to the U.S. Census Bureau, in December 2021, construction spending in the U.S  would be US$ 1,639.9 billion annually, indicating an increase of 0.2% as compared to November 2021 estimate of US$ 1,636.5 billion. Construction spending increased in 2021, reaching US$ 1,589.0 billion, indicating 8.2% increase from US$ 1,469.2 billion in 2020. This increased demand for paints and coatings in construction applications.

Increasing Use of Polyurethane as a Raw Material for the Manufacturing of Paints and Coatings

Increasing use of polyurethane as a raw material for the manufacturing of paints and coatings, as it offers long-term resistance to corrosion and scratch, and this is expected to create new market opportunities. For example, water-based polyurethane formulations used in the construction industry due to its durability. Thus, rising use of polyurethane as a raw materials is expected to drive the market growth.