Texture Paint Market Projected to Reach 10.99 Billion USD by 2022
According to the market research report "Texture Paint Market by Product Type (Interior, and Exterior), Application (Residential, and Non-Residential), and Region (North America, Europe, Asia-Pacific, South America, and Middle East & Africa)-Global Forecast to 2022", The texture paint market is estimated to be USD 8.71 Billion in 2017 and is projected to reach USD 10.99 Billion by 2022, at a CAGR of 4.77% from 2017 to 2022.
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This growth can be attributed to the increasing use of texture paints in residential and non-residential applications. The rise in per capita paint consumption is a major driver projected to influence the demand for texture paints. Increasing middle-class population, rising disposable income, and growing demand for housing are additional factors expected to drive the texture paint market during the forecast period.
Residential: The largest application segment of the texture paint market
Texture paints are used in both, residential and non-residential applications. The residential application segment is estimated to account for the largest share of the texture paint market in 2017, in terms of volume and value. The increase in demand for texture paints in new painting and repainting of residential constructions and rapid growth in home ownership are key factors projected to drive the growth of the residential application segment.
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Interior texture paint: The largest product type segment of the texture paint market
Based on product type, the interior texture paint segment is projected to lead the texture paint market both, in terms of volume and value, during the forecast period. Interior texture paints are applied on interior walls, floors, and ceilings. The increasing use of texture paints for home interior decoration is one of the most significant factors projected to drive the growth of the interior texture paint segment. Improved standard of living and infrastructural developments in emerging economies are additional factors expected to drive the demand for interior texture paints.
Rising demand for texture paints from APAC: A major driver for the texture paint market
APAC is estimated to account for the largest share of the texture paint market in 2017, in terms of volume and value; the texture paint market in APAC is projected to grow at the highest CAGR during the forecast period, in terms of value. The APAC region is a key market for texture paints, owing to the economic growth of APAC countries and increasing disposable income of the middle-class population. The expansion of the construction industry in China is also contributing to the growth of the texture paint market in the APAC region. India is projected to be the fastest-growing texture paint market in the APAC region, in terms of volume.
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The key players in the texture paint market include AkzoNobel (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Asian Paints (India), and Kansai Paint (Japan) have adopted the new product launches strategy to develop their businesses, globally.
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