Sri Lanka Paints And Coatings Market Size (2024 - 2029)

The Sri Lanka paints and coatings market is projected to experience growth over the forecast period, despite challenges posed by the country's economic crisis. The market's expansion is primarily driven by increasing demand from the automotive sector, although economic difficulties have negatively affected supply chains and slowed industrial and construction activities, impacting demand. However, future construction projects and investment opportunities are anticipated to offer significant growth potential for the market.

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Market Size of Sri Lanka Paints And Coatings Industry

Sri Lanka Paints And Coatings Market Summary
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

Sri Lanka Paints And Coatings Market 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 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
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Sri Lanka Paints And Coatings Market Size Summary

The Sri Lanka paints and coatings market is poised for growth, driven primarily by the increasing demand from the automotive sector. Despite the challenges posed by the economic crisis, which has adversely affected supply chains and slowed industrial and construction activities, the market is expected to see a gradual recovery. The construction sector, a significant end-user of paints and coatings, is anticipated to benefit from upcoming projects and investment opportunities, which could spur demand. Solvent-borne coatings, known for their resilience in humid conditions, continue to be popular, particularly for applications requiring quick drying times. These coatings are extensively used in sectors such as furniture, metal doors, and industrial equipment, contributing to the market's expansion.

The market landscape is characterized by a consolidation of major players, including Nippon Paints Lanka Pvt Ltd, Asian Paints, Akzo Nobel N.V., Lankem Robbialac, and Kansai Paint Co. Ltd. Advances in paint technology, especially in acrylic formulations, have enhanced the durability and weatherproofing of exterior wall coatings, making them suitable for Sri Lanka's diverse climate. The government's initiatives, such as the construction of permanent housing units and support from international partners, are expected to drive the demand for architectural coatings. Additionally, the emergence of UV PUD technology as a substitute for solvent-borne coatings in the wood coatings industry highlights the ongoing innovation and adaptation within the market.

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Sri Lanka Paints And Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Rising Used car Market

      2. 1.1.2 Strong demand for polyurethane coatings

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Decline in Construction Sector in Sri Lanka

      2. 1.2.2 Unfavourable macro Economic Conditions

      3. 1.2.3 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Resin Type

      1. 2.1.1 Acrylic

      2. 2.1.2 Alkyd

      3. 2.1.3 Polyurethane

      4. 2.1.4 Epoxy

      5. 2.1.5 Polyester

      6. 2.1.6 Other Resin Types

    2. 2.2 Technology

      1. 2.2.1 Water-borne

      2. 2.2.2 Solvent-borne

      3. 2.2.3 Other Technologies

    3. 2.3 End-user Industry

      1. 2.3.1 Architectural

      2. 2.3.2 Automotive

      3. 2.3.3 Wood

      4. 2.3.4 Floor Coatings

      5. 2.3.5 Waterproof Coating

      6. 2.3.6 Other End-user Applications

Sri Lanka Paints And Coatings Market Size FAQs

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.

In 2024, the Sri Lanka Paints And Coatings Market size is expected to reach USD 167.29 million.

Sri Lanka Paints And Coatings Market Report Snapshots

Sri Lanka Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)