CLEVELAND, April 9, 2021 /PRNewswire/ -- While the global market for paint and coatings dipped in 2020 due to weakened construction and manufacturing activity amid the COVID-19 pandemic, the residential market for architectural paint provided a key bright spot.
In January, Sherwin-Williams reported record sales for the final quarter of 2020, citing increased DIY repainting activity amid the COVID-19 pandemic among the key factors.
In the US and some other countries with similarly strong DIY cultures, the pandemic drove a surge in DIY home renovations, as residents – who were spending more time at their residences and working remotely as a result of social distancing and stay-at-home orders – tackled a wide array of home improvement projects, with repainting among the most popular remodeling projects.
Residential Remodeling & Repainting to Account for 30% of New Global Paint Demand Through 2024
Through 2024, residential remodeling and repainting applications are expected to account for 60% of new demand (in volume terms) for architectural paint globally, and 30% of total paint and coating market gains. Repainting cycles vary widely by country based on a number of factors, including:
Building material, with some materials like wood requiring more frequent repainting than others
Level of wear, with more frequent repainting required in harsh climatic conditions
Consumer spending habits (increases in disposable income typically shorten repainting cycles)
Other cultural factors, such as the tradition in countries like Mexico and Indonesia to repaint homes before major holidays
In general, though, the fastest advances through 2024 are expected in developing countries – namely India – as rising incomes expand homeownership and shorten repainting cycles.
In developed areas like North America and Western Europe, repainting activity is already well established and varies more with economic cycles – with a tendency to increase during recessionary periods, as homeowners are more likely to remodel their current homes than purchase new homes.
Want to Learn More?
Global Paint & Coatings is now available from the Freedonia Group. This study examines the global paint and coatings industry, which is divided into three major markets:
Architectural (new residential construction; residential remodel and repaint; nonresidential construction)
Manufacturing/OEM (furniture and fixtures; motor vehicles; packaging; other manufacturing –e.g., prefabricated building components, appliances, electronics, machinery, aerospace equipment)
Protective and specialty (industrial maintenance; corrosion protection, including pipeline coatings; marine – e.g., commercial ships, offshore oil and gas drilling rigs, product platforms; vehicle refinishing; other specialty coatings – e.g., HVAC equipment, oil and gas pipelines, roads and bridges, electrical equipment)
The paint and coatings market is also examined by formulation, including:
Other products, including radiation-curable coatings
Historical data (2009, 2014, and 2019) are reported in metric tons and current US dollars, with forecasts provided for 2024 and 2029.
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