Texture Paint Market

Industry Overview

Texture paint is a specialty paint which holds texture designs. These paints are available in different varieties that are sand, smooth, and coarse. These paints are used to cover imperfections which include cracks, old paneling, uneven drywall, and holes, and secondly to create unique and dramatic well designs. The global texture paint market is progressing at a good rate and expected to register decent growth during the forecast period. This is attributed to the growing preference of urban population to provide aesthetics looks to the homes and also the increased applicability of these paints in the interior designing.

Market Segmentation

Insight by Product Type

On the basis of product type, the texture paint market is classified into interior texture paint and exterior texture paint. Among these two, interior texture paint category is holding the larger share in the market, due to the increasing application of these paints for home interior decoration, owing to the growing consumer preference towards interior designing.

Insight by Product Form

Based on product form, the texture paint market is segmented into blanket, board, paper, module, and others. Among all these, the blanket category is anticipated to hold the largest share in the market, which is majorly attributed to the increasing demand of insulation material from different industries including metal, shipping, automobile, and space. Though, the fastest growth is projected to register by module category, due to their suitability at different temperature ranges and design versatility.

Insight by Application

Based on application, the texture paint market is segmented into residential and non-residential, where the non-residential application includes construction of industrial, commercial, and institutional buildings. Currently, the non-residential category accounted for the larger share in the market and projected to register faster growth during the forecast period. This is attributed to the growing investment in the construction industry, which is driving construction activities along with renovation activities across the globe.

Texture Paint Market Report Coverage

Industry Dynamics

Growth Drivers

Increasing construction activities, increasing demand from the middle-class population due to rising income level are the major factors that are driving the texture paints market growth. The construction activities around the world are increasing at a fast pace for the infrastructure development in order to meet the increasing demand of ever-increasing population, particularly in developing countries. The investment in new and existing construction projects are booming, which is driving the demand of these paints in residential and non-residential projects. Also, the income levels of people are rising, which is providing them the freedom to spend on decorating their homes to provide aesthetics look to their homes.

Challenges

The major challenges identified in the texture paint market are the high cost of these paints as compared to traditional paints, and easy availability of alternatives. These paints are comparatively expensive, hence the affordability factor can potentially hinder the market growth, as these paints do not provide any advantages to the application areas and only add up to the looks, which can make the user skeptical about paying the higher price.

Industry Ecosystem

The paint industry is very fragmented with the presence of various small and large players. However, the major market is dominated by few leaders operating in the market. The dominant players are expanding their product portfolio, which in intensifying the competition in the texture paint market.

Geographic Overview

Globally, Asia-Pacific texture paint is expected to register the highest growth in the market during the forecast period, owing to the rising demand of these in the residential and commercial sectors, increasing disposable income of the middle-class population, ongoing infrastructural projects are the major factors that are anticipated to contribute toward the market growth of the region. Along with that, the expanding construction industry in countries such as China, India, and others is also one of the major factors contributing in market growth.

Competitive Insight

PPG Industries, Inc. is an American Fortune 500 company and global supplier of paints, coatings, and specialty materials. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. By revenue it is the largest coatings company in the world followed by Sherwin-Williams.

Akzo Nobel N.V., stylised as AkzoNobel, is a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide. Headquartered in Amsterdam, the company has activities in more than 150 countries.

Some of the major players operating in the texture paint market are PPG Industries, AkzoNobel N.V., The Sherwin-Williams Company, Asian Paints, Nippon Paints, Axalta Coating Systems, Kansai Paint, Valspar, Berger Paints, and Haymes Paints.

Recent Developments by Key Players

Akzo Nobel has launched Interpon A3000 from AkzoNobel’s Powder Coatings business.The company’s first single layer powder coating for two-wheelers, the newly introduced product can help customers accelerate their efficiency gains, without compromising on performance. The new range gives motorcycle manufacturers and their suppliers the perfect combination of sustainability, durability and style for their modern designs.

Asian Paints plant has doubled its production capacity of 6,00,000 KL per annum in the Mysuru plant in order to meet the medium-term capacity requirements of the company with an investment of Rs 1,305 crore.