The global construction repaint market is forecast to grow at a CAGR of 6.54% during the period 2017-2021.
Global Construction Repaint Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is sustainability of paint industry. Sustainability in paint industry continues to be a major trend in the construction repaint industry. Companies such as W. R. Grace, The Sherwin-Williams Company, and others, have continued to strengthen their R&D activities to provide their customers with sustainable products and ways to save energy by introducing new processes.
According to the report, one of the major drivers for this market is the increase in cost of maintenance and repair. Constructions must be maintained to prevent deterioration and enhance aesthetics and lifespan. Repair and maintenance of old buildings are driving the demand for construction repaints. The rising demand for residential and non-residential buildings, which is driving the demand for repairing the existing infrastructure, is one of the factors fostering the market growth during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is the fluctuation of crude oil prices. Construction paints are manufactured using petrochemical derivatives, such as polyurethane and epoxy. These compounds roughly account for 50% of the total raw material cost. The fluctuations in crude oil prices have a severe impact on the price of the raw materials such as epoxies, resins, and acrylic monomers, affecting the cost of the paints that are used in construction. Therefore, the prices of these materials vary in tandem with the natural gas and crude oil prices.