Singapore Exterior Paint Market

Singapore Exterior Paint Market Overview:

The Singapore exterior paint market is projected to exhibit a growth rate (CAGR) of 4.40% during 2024-2032. Rapid urbanization, the growing consumer preferences for high-quality, durable, and weather-resistant paints, rising innovations in eco-friendly and sustainable paint technologies, and increasing construction activities are some of the major factors propelling the growth of the market.

Singapore Exterior Paint Market Trends:

Rapid Urbanization and Construction Activities

The continuous urban development and a high rate of new construction projects increase the demand for exterior paints. For instance, in 2018, the United Nations announced that Singapore was completely urbanized, as 100% of the population was defined as ‘urban’. The truth of the matter is, Singapore is eventually going to run out of land. By 2030, Singapore plans to reclaim 56 square kilometers of land from the sea, due to its ever-expanding population and cityscape. According to an article, construction activities in Singapore remained strong with increased infrastructure and private residential works. Data from RICS showed that +8 of survey respondents saw an increase in private residential workloads, whilst +59 saw increased infrastructure work. Workloads across subcategories like social projects like schools and hospitals, ICT, energy, water and waste, and transport also saw promising growth. Meanwhile, 12-month expectations for the construction sector look hopeful as private, non-private and infrastructure expectations remained firmly positive, recording net balances of +12, +4 and +54, respectively.

Innovations in Eco-Friendly Paints

The growing consumer and regulatory focus on sustainable, low-VOC, and weather-resistant paints drives the market growth. For instance, in July 2022, Alora Paints earned U.S. Green Seal certification in August, becoming the first and only Singapore-based paint company to receive global environmental verification. Alora's matte and satin finishes qualified for Green Seal's prestigious GS-11 certification by meeting rigorous performance standards with products that are safer for human health and the environment as compared to similar options. The endorsement underscores Alora's position as the trusted paint brand for health-minded consumers, and it also benefits architects and design teams who work with homeowners, hotels, and institutional clients. Due to the GS-11 certification, projects that incorporate Alora paints now qualify for points toward all four levels of Leadership in Energy and Environmental Design (LEED) certification.

Singapore Exterior Paint Market News:

• In May 2024, Asian Paints, Singapore wholly-owned subsidiary, Asian Paints International (APIPL) announced that it has entered into a share purchase agreement with SCIB Chemicals S.A.E., Egypt (SCIB) to acquire 24.3% stake from minority shareholders of SCIB. SCIB Chemicals S.A.E., Egypt (SCIB) is a subsidiary of APIPL and is engaged in the manufacturing, sale and distribution of paints and related products. Turnover for 2023-2024 was Rs 433.95 crore. The acquisition of stake from certain minority shareholders shall allow greater shareholding representation to APIPL in SCIB and provide an exit to the minority shareholders.
• In April 2024, The Singapore government announced that it is piloting the use of reflective paint to cool urban areas. The paint, which contains titanium dioxide or barium sulphate pigments, reflects sunlight and heat back into space, reducing the urban heat island effect. A previous experiment by Nanyang Technological University (NTU) showed that the painted environment was up to 2°C cooler during the hottest times of the day. The paint can also reduce energy consumption by minimizing the release of waste heat from air-conditioners. While the paint is currently more expensive than ordinary paint, it is seen as a convenient and effective solution for cooling cities without requiring significant redevelopment.
   

Singapore Exterior Paint Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type, resin type, and application.

Product Type Insights:

• Water-based
• Solvent-based
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes water-based, and solvent-based.

Resin Type Insights:

• Acrylic
• Silicone
• Epoxy
• Polyurethane
• Others
   

A detailed breakup and analysis of the market based on the resin type have also been provided in the report. This includes acrylic, silicone, epoxy, polyurethane, and others.

Application Insights:

• Residential
• Industrial
• Commercial
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes residential, industrial, and commercial.

Regional Insights: 

• North-East
• Central
• West
• East
• North 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.  

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore Exterior Paint Market Report Coverage:

Key Questions Answered in This Report:

• How has the Singapore exterior paint market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Singapore exterior paint market?
• What is the breakup of the Singapore exterior paint market on the basis of product type?
• What is the breakup of the Singapore exterior paint market on the basis of resin type?
• What is the breakup of the Singapore exterior paint market on the basis of application?
• What are the various stages in the value chain of the Singapore exterior paint market? 
• What are the key driving factors and challenges in the Singapore exterior paint?
• What is the structure of the Singapore exterior paint market and who are the key players?
• What is the degree of competition in the Singapore exterior paint market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore exterior paint market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore exterior paint market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore exterior paint industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.