Texture Paint Market to Exceed Valuation of USD 16.98 Billion by 2028
Market Overview: The global texture paint market reached USD 11 billion in 2022 and is projected to achieve USD 16.98 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.94% throughout the forecast period. Key drivers for this growth include rapid urbanization, infrastructure development, a consumer preference shift towards decorative coatings, and a rising demand for visually appealing and durable wall finishes.
Texture paints are gaining popularity among homeowners, architects, and contractors due to their ability to provide distinctive and attractive finishes for both interior and exterior walls. These paints are known for their resilience in extreme weather conditions, making them suitable for use in various construction projects, including residential and commercial buildings. Additionally, the increasing trend of do-it-yourself home remodeling projects is expected to contribute to the growing demand for texture paints.
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Government Regulations: Standards and requirements for texture paints have been established by various regulatory bodies, including the Environmental Protection Agency (EPA), the U.S. Green Building Council (USGBC), and the Consumer Product Safety Commission (CPSC). These regulations specifically address factors such as VOC content, improvement of indoor air quality, health warnings, and lead levels in paints.
Product Types: The global market for texture paint is categorized into different product types, such as sand, smooth, and other variations. In 2023, the sand segment is expected to significantly contribute to revenue, propelled by a growing demand for its distinct grainy finish. Sand texture paints are preferred for their durability, making them well-suited for high-traffic areas in commercial buildings.
The smooth category is poised for substantial revenue growth in 2023, renowned for its glossy finish that adds a touch of sophistication to various residential and commercial constructions. The market for textured paints featuring finishes like metallic, glitter, and pearl is projected to experience moderate growth, meeting the demand for unique and visually striking designs in interior spaces.
Application Outlook: The texture paint market is categorized based on applications into residential, commercial, and industrial sectors. In 2023, the residential segment is anticipated to contribute significantly to total revenue. The growing trend of personalized finishes for interior and exterior surfaces has driven the demand for texture paints in residential applications. These paints offer durability and the ability to conceal surface flaws, making them appealing to homeowners seeking a distinctive look for their homes.
The commercial sector is also expected to witness rapid revenue growth in 2023. Commercial spaces, including hotels, restaurants, and offices, require finishes that are both aesthetically pleasing and durable. Texture paints provide a versatile solution, offering various finishes such as slip-resistant, fire-resistant, and anti-graffiti options. The industrial segment, covering applications in factories and warehouses, is projected to grow moderately, benefiting from the advantages of texture paints in terms of safety, durability, and cost-effectiveness.
Regional Outlook: In 2021, the Asia Pacific region dominated the texture paint market in terms of revenue. The region is expected to experience substantial growth in the coming years due to increased building activities in developing nations like China, India, and ASEAN countries. Factors such as urbanization, rising disposable income, and a growing population contribute to the demand for texture paints in the region. Additionally, the availability of affordable labor and raw materials facilitates the production of cost-effective texture paints, enhancing their popularity among consumers.
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