Published on : Nov 01, 2016
Construction paints and coatings are crucial aesthetic components of new construction, but have also taken on functional roles of late due to the consistent technological innovation in their formulations. As a result, construction paints and coatings have gained widespread adoption due to their protective benefits. Microbial and algal growth is prevented by construction paints and coatings, which present an anhydrous barrier to microbial incursions. Construction paints and coatings can also play a role in the ventilation dynamics of a building.
Flourishing Construction Industry Leads to Rising Adoption
The steady growth of the global construction industry in recent years is a leading driver for the global construction paints and coatings market. The demand for construction paints and coatings has benefited from the rising need for new commercial and residential construction, itself a result of the rising prosperity of consumers in developing economies. This is expected to have a significant influence on the global construction paints and coatings market in the coming years.
However, the stringent regulations governing the formulation and other parameters of construction paints and coatings are a notable restraint on the market. The environmental damage caused by some conventional components of construction paints and coatings has led to increasing scrutiny. This has led to several players in the global paints and coatings industry attempting to develop novel paint and coating formulations that provide the advantages of conventional formulations without their adverse environmental effects. This has become a notable expense for players in the global construction paints and coatings market.
Rising Preference for DIY Makes Premium Paints More Affordable
The rising number of consumers opting to do their own painting has become a key driver for the global construction paints and coatings market. The preference for DIY has removed the need for labor expenses, thus allowing the consumer to purchase more expensive paints and coatings. This has led to a growing demand for high-priced premium paints that offer a range of value-added benefits. This is likely to ensure steady demand for premium paints and coatings in the coming years, as premium paints generate significant revenue even at low sales volumes.