The global texture paint market size is projected to grow from USD 12.5 billion in 2022 to USD 16.2 billion by 2028, at a CAGR of 4.4%. The demand for texture paint is primarily influenced by the demand trends in the residential and non-residential sector in the growing economy. The companies have adopted various strategies, such as mergers & acquisitions, investment & expansion, joint ventures, & new product launches and to increase their global presence and maintain sustained growth in the texture paint market.
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The Asia Pacific region has seen a rise in the middle-class population and increasing disposable incomes. As people’s living standards improve, there is a growing demand for better housing, interior design, and home renovation. Texture paint offers a cost-effective way to upgrade living spaces and achieve visually appealing surfaces, making it a popular choice among consumers in the region.
The major players in the global texture paint market are PPG Industries (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Asian paints limited (India) and Jotun A/S (Norway). These players opted for inorganic growth through mergers & acquisitions, agreements, and partnerships. For instance, in April 2023, AkzoNobel N.V. is to further strengthen its China position after reaching an agreement with Sherwin-Williams to acquire its Chinese Decorative Paints business. Completion, which is subject to regulatory approvals, is expected in the second half of 2023.
There are various small, medium, and large players operating in the market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), Asian paints limited (India), Jotun A/s (Norway), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan). To grow its market share, they have used different development approaches such as investment and expansion, mergers and acquisitions, and joint ventures.
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PPG Industries, Inc: PPG Industries is a global leader in paints, coatings, and specialty materials. The company operates in various segments and offers a wide range of products and services to customers worldwide. PPG Industries serves customers in various industries, including automotive, construction, aerospace, industrial, and consumer products. The company focuses on innovation, sustainability, and customer collaboration to develop advanced coatings and materials that meet evolving market demands. PPG is known for its global presence, strong brand recognition, and commitment to delivering quality products and services. As a leading player in the coatings and specialty materials industry, PPG Industries continues to invest in research and development, strategic partnerships, and global expansion to maintain its competitive position and drive growth in key markets.
PPG acquired Tikkurila in June 2021, which is expected to assist the firm extend its paints and coatings choices, which will now include Tikkurila’s texture paints.
Akzo Nobel N.V: AkzoNobel is a global leader in paints, coatings, and specialty chemicals. The company operates in various business segments and offers a wide range of products and services to customers across the world. AkzoNobel is known for its strong brand portfolio, innovative products, and commitment to sustainability. The company places a strong emphasis on research and development to develop environmentally friendly and technologically advanced coatings and chemicals. AkzoNobel’s products aim to provide solutions that meet customer needs while minimizing environmental impact.
In June 2022, AkzoNobel acquired kansai paints and coating business in Africa which help the company to provide a strong platform for future growth.
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