The tempera paint market offers a wide range of advantages including water solubility, quick drying, durability, vivid colors, and cost-effectiveness. Tempera paints are primarily used in arts and crafts applications such as school art projects, home décor items, fabric painting, and gift packaging. They are considered suitable for children as tempera paints are non-toxic when dry.
The Global Tempera Paint Market is estimated to be valued at US$ 4.74 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the tempera paint market are BASF SE, British Petroleum Plc, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, and SABIC. Key players such as BASF SE offer a wide range of tempera paint products under the brand name ‘Werner Tempera’.
The growing adoption of tempera paints in educational and craft applications is driving the market. Tempera paints are widely used in schools, kindergartens, and art & craft stores due to their non-toxic, water-soluble, and quick-drying properties. This increasing demand from the education sector is expected to boost market revenue over the forecast period.
The global expansion of major manufacturers into emerging regions of Asia Pacific, Latin America, and Middle East & Africa is further propelling market growth. Key companies are expanding their production and distribution footprint in developing countries to leverage high-growth opportunities.
Market key trends
Tempera paint manufacturers are focusing on product innovation and launching eco-friendly product variants. BASF recently launched ‘Werner Tempera Eco’ paints made from renewable raw materials and plant-based pigments. These sustainable Tempera Paint Market Growth have high color vibrancy and coverage like conventional paints but with reduced environmental impact. The rising trend of green chemicals and sustainable products is expected to drive the demand for eco-friendly tempera paints over the coming years.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for setting up manufacturing facilities and building brand image in this industry.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like poster colours and acrylic paint.
Bargaining power of suppliers: A few key players control the raw material supply which gives them bargaining power over manufacturers.
Threat of new substitutes: Substitutes like poster colours and acrylic paint pose a mild threat due to their lower cost.
Competitive rivalry: The tempera paint market is highly fragmented with the presence of numerous regional and international players competing on price and quality.
Geographical regions of concentration:
North America currently holds the major share of the global tempera paint market, followed by Europe and Asia Pacific. The United States and countries in Western Europe have established art and craft traditions driving higher demand.
Fastest growing region:
The Asia Pacific region excluding Japan is expected to be the fastest growing market for tempera paint during the forecast period. Increasing income levels, growing popularity of art and craft hobbies, and rapid urbanization are stimulating market growth in developing countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it