by Corinne Gangloff
April 9, 2021
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.
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:
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:
The paint and coatings market is also examined by formulation, including:
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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