CLEVELAND, April 9, 2021 / PRNewswire / – While the global paints and coatings market declined in 2020 due to weakened construction and manufacturing activity amid the COVID-19 pandemic, the residential real estate market for architectural paints was a major ray of hope.
In January, Sherwin-Williams reported record sales for the final quarter of 2020, citing increased DIY repainting amid the COVID-19 pandemic, among other things.
In the U.S. and a few other countries with similarly strong DIY cultures, the pandemic led to a surge in home improvement work as residents spent more time in their dorms and worked remotely due to social distancing and being ordered to stay at home – one tackled a wide range of home improvement projects, with repainting being one of the most popular renovation projects.
Renovation and repainting of residential buildings will account for 30% of the global demand for new colors by 2024
By 2024, residential remodeling and repainting applications are expected to account for 60% of global new demand (in terms of volume) for architectural paints and 30% of total paints and coatings market gains. Repainting cycles vary widely by country based on a number of factors including:
- Building material, with some materials such as wood requiring repainting more often than others
- Degree of wear, whereby repainting has to be carried out more frequently under rough climatic conditions
- Consumption habits (higher disposable incomes usually shorten repainting cycles)
- Other cultural factors, such as tradition in countries like Mexico and Indonesia Repainting houses before major holidays
In general, however, the fastest progress is expected in developing countries by 2024 – namely India – When rising incomes expand home ownership and shorten repainting cycles.
In developed areas like North America and Western EuropeRefinishing activities are already well established and vary more with business cycles – with a tendency to increase during periods of recession as homeowners are more likely to remodel their current homes than buy new ones.
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Global Paint & Coatings is now available from the Freedonia Group. This study examines the global paints and coatings industry, which is divided into three main markets:
- Architecturally (new construction of residential buildings; conversion and repainting of residential buildings; construction of non-residential buildings)
- Manufacturing / OEM (furniture and furnishings; motor vehicles; packaging; other manufacturing – e.g. prefabricated components, household appliances, electronics, machines, aerospace equipment)
- Protective and specialty coatings (industrial maintenance; corrosion protection, including pipeline coatings, ocean-going vessels, e.g., merchant ships, offshore oil and gas rigs, product platforms, vehicle refinishing, other specialty coatings, e.g., HVAC equipment, oil and gas pipelines, roads and Bridges, electrical equipment)
The paints and coatings market is also studied on the basis of formulations including:
- Water-based coatings (e.g. emulsions / latex paints, water-soluble paints, water-dispersible paints / colloidal coatings, water-based alkyds
- Solvent based coatings
- Powder coatings
- Other products including radiation curable coatings
Historical data (2009, 2014 and 2019) are presented in tons and current US dollars, with projections for 2024 and 2029.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the leading international industrial research company and offers our customers product analyzes, market forecasts, industry trends and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable market research and analysis to help them make critical business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. For standard studies, see https://www.freedoniagroup.com/ or contact us for customer-specific research: +1 440.842.2400.
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SOURCE The Freedonia Group