CLEVELAND, May 17, 2021 /PRNewswire/ — World demand for architectural paint is forecast to advance 2.5% per year through 2024 to 33.8 million metric tons:
- The US is one of the world’s most intensive consumers of architectural paint; consequently, trends in the country’s construction sector have a substantial impact on the global paint market.
- The most rapid gains in architectural paint demand will continue to occur among the world’s emerging markets, most prominently in Asia. Healthy expansion is projected for the massive Chinese and Indian markets due in part to growth in the residential repaint and remodel market.
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Water-based paints have largely penetrated the global architectural paint market, representing 77% of total demand in 2019. Water-based paints account for the larger share of demand in developed regions due to:
- strict VOC regulations
- technological advances that enable water-based paints to match or exceed the performance of solvent-based types in most applications
- large DIY markets that prefer water-based paints for their low odor and ease of use
However, even in developing regions where regulations are not as strict, water-based paints still account for the vast majority of demand for architectural paint, usually reflecting the presence of major Western-based paint companies. Market leading firms often offer low-VOC products worldwide. For example, water-based paints account for over three-quarters of architectural paint demand in China, Brazil, and Turkey.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group