DUBLIN--(BUSINESS WIRE)--The "Global Architectural Paint by Market, Formulation and End User, 13th Edition" report has been added to ResearchAndMarkets.com's offering.
Global demand for architectural paint is forecast to advance 3.7% per year to 32.8 million metric tons in 2022.
The Asia/Pacific region will continue to offer the best growth opportunities due to rapid urbanization and the expansion of the middle class in large markets like China and India.
Global Growth Driven by Top 3 Markets: China, US, and India
Global growth depends heavily on the massive Chinese market, which is expected to account for over one-third of new demand through 2022. The next two largest markets -the US and India- will also offer significant growth opportunities.
Key Findings
India to Outstrip China as Fastest Growing Architectural Paint Market Through 2022
India is expected to post the most rapid gains of any major national market through 2022, advancing at a robust annual pace and overtaking China as the fastest growing national market. Architectural paint sales in India are expected to be nearly on par with those of the US by 2022, offering significant opportunity for expansion.
While the Chinese market will continue to grow faster than most national markets, gains are expected to slow substantially due in part to a housing oversupply. Firms that are adapting well to new market conditions in China are shifting their focus from the new housing market to the rapidly growing residential remodel and repaint segment by increasing marketing to consumers. While DIY painting will remain insignificant in China, expanding buy-it-yourself (BIY) activity will offer a means of accessing opportunity in the repaint market.
The US Market Leads Growth in Developed Regions as the West European Market Falters
North America is expected to post healthy growth through 2022 as both residential and nonresidential construction activity continues to advance in the US. As of 2017, paint demand in the residential remodel and repaint market and the nonresidential market surpassed pre-recession peaks. Demand in the new residential market will continue to recover through 2022.
Western Europe, on the other hand, will post the slowest growth of any world region. Leading manufacturers based in Western Europe are seeking export opportunities and other expansion possibilities in the Africa/Mideast region.
Akzo Nobel’s Rejection of PPG Bids Halts Rampant Merger Activity
Sherwin-Williams’ acquisition of Valspar in June 2017 expanded Sherwin-Williams’ global presence and solidified its leading position in architectural paint. PPG Industries countered this merger with unsolicited bids to acquire fellow leader Akzo Nobel. Akzo Nobel’s rejection of the bids suggests that concentration at the top has reached its limit for now.
Nevertheless, acquisition will remain a key expansion strategy, given the highly competitive and localized nature of architectural paint sales in a given region or country. The emerging markets of the Asia/Pacific and Africa/Mideast regions are fragmented and offer many suitable acquisition targets.
Study Coverage
This industry study presents historical demand data (2007, 2012, and 2017) and forecasts for 2022 by market (new residential, residential remodel and repaint, nonresidential), formulation (water-based, solvent-based), and end user (professional, DIY).
The study also evaluates company market share and offers analysis on industry participants, including:
- Akzo Nobel
- Asian Paints
- Masco
- Nippon Paint
- PPG Industries
- Sherwin-Williams
For more information about this report visit https://www.researchandmarkets.com/research/bzdj88/global?w=4
