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.
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.
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.
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.
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.
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.
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.