Sri Lanka Paints And Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 167.29 Million |
| Market Size (2029) | USD 184.79 Million |
| CAGR (2024 - 2029) | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sri Lanka Paints And Coatings Market Analysis
The Sri Lanka Paints And Coatings Market size is estimated at USD 167.29 million in 2024, and is expected to reach USD 184.79 million by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).
The Srilankan paints and coatings were severely impacted due to the economic crises in the country. The supply chain throughout the country was negatively impacted, and the operations of many industrial manufacturing companies and construction projects were slowed down. It had a negative impact on the demand for paints and coatings.
Over the short term, the growing demand for paints and coatings from the automotive industry is the major factor driving the growth of the market studied.
On the flip side, the economic crisis in Sri Lanka is hindering the growth of the market.
Nevertheless, various construction projects in upcoming years and investment opportunities in Sri Lanka are likely to create lucrative growth opportunities soon.
Sri Lanka Paints And Coatings Market Trends
Solvent Borne Coatings to Dominate the Market
- Solvent-borne paints are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps speed up the reaction, thereby reducing the drying time.
- The solvent-borne coatings are preferred for applications in humid environments that do not allow water-borne coatings to cure correctly. Solvent-borne coatings cure due to a chemical reaction between oxygen in the atmosphere and the constituents of the solvent-borne coating, and not by the evaporation of water. It makes humidity less of a factor for solvent-borne coatings.
- The VOC emissions in solvent-borne coatings are higher than in water-borne coatings. The advancements in water-borne coatings make them an increasingly attractive option for protecting material surfaces. However, solvent-borne coatings are still quite popular in harsh conditions.
- Solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase than water-based coatings. It is a significant advantage, making solvent-based coatings preferable in some applications.
- The growing applications of solvent-borne coatings for doors, cabinets and furniture, metal doors and railings, industrial equipment, and maintenance of steel structures are driving the market for solvent-based coatings and paints. The wood and furniture coatings segment is the fastest-growing segment in solvent-borne coatings in the country.
- Compared to other conventional coating techniques, capital investments involved in UV-curing systems are comparatively lower and require less space. Production is high owing to their low curing periods and requirement for small ovens (unlike other coating techniques).
- These are becoming more popular in the furniture wood coatings market due to their superior performance qualities in furniture applications. UV PUD, with extremely low harmful emissions, is becoming an emerging substitute for solvent-borne technologies in the wood coatings industry.
- Since UV PUDs are high-molecular-weight polymers, the crosslink density is lower compared to 100% solids. It limits the shrinkage after cure and results in great adhesion to wooden surfaces.
- All the factors above are expected to boost the demand for other technologies segment.
Architectural Sector to Dominate the Market
- Paints and coatings for exterior walls look for ease of application and durability with protection against extreme weather, from rain to hot summer heat. Modern advances in paint technology, especially in acrylic formulations, offered a wide range of weatherproof coatings.
- Construction is one of the major end users of paints and coatings in the country. However, the construction industry remained contracted in June 2023 amid the lack of new projects, recording a total activity index value of 44.4.
- Sri Lanka aims to achieve upper-middle-income status by the end of 2025. It is also an attractive investment destination.
- According to the Central Bank of Sri Lanka, Building Permits in Sri Lanka decreased to 1279 Units in the fourth quarter of 2022 from 1280 Units in the third quarter of 2022.
- In 2023, the government of Sri Lanka planned to construct more than 1,500 Permanent Houses for Vulnerable Households in the Lagging Regions of Northern and Eastern Provinces and Plantation Communities of Central and Uva Provinces of the country. The government allocated around USD 20 million.
- In addition, in 2022, the government of India supported the construction of 4,000 housing units through the community-driven approach. It is now nearing completion, and preparations are underway for the construction of an additional 10,000 housing units.
- In the conflict-affected Northern and Eastern Provinces, approximately 98,231 and 120,761 units of houses are needed, respectively, and the government is planning to construct more houses through more construction programs in the near future.
- All these factors are expected to drive the demand for architectural coatings in the country.
Sri Lanka Paints And Coatings Industry Overview
The Sri Lankan paints and coatings market is consolidated in nature. The major players include Nippon Paints Lanka Pvt Ltd. Asian Paints, Akzo Nobel N.V. Lankem Robbialac, and Kansai Paint Co. Ltd., among others (not in any particular order).
Sri Lanka Paints And Coatings Market Leaders
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Nippon Paint Lanka Pvt. Ltd
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Asian Paints
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Akzo Nobel N.V
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Lankem Robbialac
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Kansai Paint Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Recent Development
The recent developments pertaining to the major players in the market are being covered in the complete study.
Sri Lanka Paints And Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Used car Market
4.1.2 Strong demand for polyurethane coatings
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Decline in Construction Sector in Sri Lanka
4.2.2 Unfavourable macro Economic Conditions
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Other Technologies
5.3 End-user Industry
5.3.1 Architectural
5.3.2 Automotive
5.3.3 Wood
5.3.4 Floor Coatings
5.3.5 Waterproof Coating
5.3.6 Other End-user Applications
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 Asian Paints
6.4.3 Britex Holdings (Private) Limited
6.4.4 Jotun
6.4.5 Kansai Paint Co. Ltd
6.4.6 Lankem Robbialac
6.4.7 Multilac Inc.
6.4.8 Nippon Paint Holdings Co. Ltd
6.4.9 Ppg Industries, Inc.
6.4.10 Royal Paints Lanka (Pvt) Ltd
6.4.11 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Nanotechnology in the Paints and Coatings Industry
7.2 Advent of Environment-Friendly Paint and Coating Resins
Sri Lanka Paints And Coatings Industry Segmentation
The terms paint and coatings are used interchangeably. However, for the most part, paints are considered to be used primarily for aesthetics, while coatings are used principally to prevent substrate deterioration or corrosion protection.
The Sri Lanka Paints and Coatings Market Report is segmented by resin type (acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types), technology (water-borne, solvent-borne, and other technologies), and end-user industry (architectural, automotive, wood, floor coating, waterproof coating, and other end-user applications). The report offers the market size and forecasts for the Sri Lankan Paints and Coatings Market in revenue (USD) for all the above segments.
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Epoxy | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| Other Technologies |
| End-user Industry | |
| Architectural | |
| Automotive | |
| Wood | |
| Floor Coatings | |
| Waterproof Coating | |
| Other End-user Applications |
Sri Lanka Paints And Coatings Market Research Faqs
How big is the Sri Lanka Paints And Coatings Market?
The Sri Lanka Paints And Coatings Market size is expected to reach USD 167.29 million in 2024 and grow at a CAGR of greater than 3% to reach USD 184.79 million by 2029.
What is the current Sri Lanka Paints And Coatings Market size?
In 2024, the Sri Lanka Paints And Coatings Market size is expected to reach USD 167.29 million.
Who are the key players in Sri Lanka Paints And Coatings Market?
Nippon Paint Lanka Pvt. Ltd, Asian Paints, Akzo Nobel N.V, Lankem Robbialac and Kansai Paint Co. Ltd are the major companies operating in the Sri Lanka Paints And Coatings Market.
What years does this Sri Lanka Paints And Coatings Market cover, and what was the market size in 2023?
In 2023, the Sri Lanka Paints And Coatings Market size was estimated at USD 162.27 million. The report covers the Sri Lanka Paints And Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sri Lanka Paints And Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sri Lanka Paints And Coatings Industry Report
Statistics for the 2024 Sri Lanka Paints And Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sri Lanka Paints And Coatings analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
