The global construction repaint market is projected to reach USD 93.72 Billion by 2026, at a CAGR of 6.5% from 2016 to 2026. The market is driven by the requirement of the repaint for aging paints in existing buildings, and the increased demand for repair & maintenance in the construction sector such as, residential and non-residential buildings including infrastructure, oil & gas, chemical & petrochemical, mining, pharmaceutical, and manufacturing
Expansions was the key strategy adopted by the major players to achieve growth in the global construction repaint market between 2012 and 2016. This strategy accounted for the major share of all development strategies adopted from 2012 to 2016. Some of the major market players are, AkzoNobel N.V. (Netherlands), PPG industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), RPM International Inc. (U.S), Asian Paints Ltd. (India), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), and Axalta Coating Systems (U.S), among others.
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In November 2016, Nippon Paint Holdings Co., Ltd. invested USD 582.4 thousand for the production of 80 kilotons per annum of water-based paint. This expansion will enhance the production capacity of the company, thereby catering to the increasing demand for waterborne paints. The company also increased its production of building paints by investing USD 284 Million in China, in July 2016. This expansion is helping the company to cater to the increasing demand for inorganic paints in the region. In April 2016, AkzoNobel N.V. started the production of decorative paints at its manufacturing facility worth USD 55.4 Million in China. The expansion is helping the company to cater to the growing demand for paints in China and other Asia-Pacific region countries.
Besides expansions, new product launches, mergers & acquisitions, and joint ventures are the other key strategies adopted by market players to enhance their market shares and expand their geographical reach.
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In April 2016, PPG Industries, under its brand, HOMAX, launched two new water-based aerosol ceiling textures for orange-peel and knockdown repair projects. This new product would help decrease the time taken to repair ceilings. It would also provide the company a competitive advantage over others. Strategies, including, expansions, acquisitions, and new product launches have been adopted by the company between 2014 and 2016. This has resulted in enhancing the global reach as well as the product portfolio of the company.
In August 2015, Nippon Paint Holdings Co., Ltd. launched a new antivirus and antibacterial paint, Nippon VirusGuard Paint. The company is involved in several repaint projects and seminars in addition to the adoption of strategies such as, new product launches, expansions, and mergers & acquisitions.