The global texture paint market is projected to generate USD 17.6 billion revenue by 2030, advancing at a CAGR of 4.6% during 2024–2030. This can be ascribed to the swift growth of the construction sector, itself driven by the increasing pace of urbanization. Moreover, the rising government funding for the construction of institutional buildings, such as schools, hospitals, government buildings, and other public facilities, will propel the consumption of these chemicals.
Texture paints can be formulated to provide different textures and consistencies. Some are intended to provide a uniform, smooth finish, while others create a rough, gritty texture. Additionally, they are used to create a wide range of aesthetic effects, such as stenciling and murals, to cover imperfections on walls.
Since environmental sustainability is gaining importance, manufacturers are working to develop low-VOC and eco-friendly texture paints. This is because their usage is good for both the environment and the health of the building's residents.
Furthermore, with the expanding economies and increasing disposable incomes, the market size is rising, since people are willing to invest more in property and unique paints for their walls and ceilings. Similarly, as economies expand, more construction projects will be initiated, including houses, apartments, and commercial buildings, which will create the need for a lot of paint. In addition to this, companies renovate their workplaces regularly, to attract employees and give off a pleasant working vibe.
The water-based technology category holds the largest share in 2023. This is mainly ascribed to the increasing adoption of environment-friendly paints, as this technology uses water as the solvent instead of the traditional chemical solvents. The usage of water makes paints environment-friendly and safer due to the lower volatile organic compound content.
Additionally, they provide a smoother and more-consistent finish than the traditional solvent-based paints. This is because these variants have smaller pigment particles, which can help create a more-uniform appearance on the surface being painted.
The rising strictness of environmental regulations, such as the Occupational Safety and Health Administration (OSHA) regulations, the Clean Air Act, and the EU’s legislations, is also raising the demand for water-based coloring agents. Moreover, these products are easier to clean with water, which simplifies the painting process and reduces the need for harsh solvents. They are also easy to dispose of, which can help reduce the overall environmental impact of the construction industry. Therefore, many market players are now focusing on developing environment-friendly paints for a smaller ecological footprint.
The residential sector leads the market, with more than 50% share of the global revenue, in 2023. With the rising population worldwide, there is a demand for more space for accommodation. This has led to a significant increase in the construction activity in many parts of the world, particularly in urban areas. According to the UN, the world’s population is around 8 billion in 2023, and it is expected to reach around 9.7 billion by 2050.
Moreover, there has been a growing trend of high-density housing projects, such as apartment buildings and condominiums, to maximize the use of the available space. Since condominiums are often associated with the wealthy, the usage of texture paints is significantly high here.
Geographically, Asia-Pacific has the dominating market share in 2023, and it is expected to maintain its dominance during the forecast period. This is due to the growth of the construction industry and the presence of major players. China, India, and Japan are the key contributors to the regional market advance. Further, China is the world’s largest construction market owing to the rising investment by the People’s government in infrastructure projects.
The major players operating in the texture paint market include Asian Paints Limited, Berger Paints India Limited, Akzo Nobel N.V., Nippon Paint Holdings Group, PPG Industries Inc., Axalta Coating Systems LLC, Kansai Paint Co. Ltd., The Sherwin-Williams Company, Akzo Nobel N.V., and Hempel A/S.