Decorative Coatings Market is predicted to reach USD 87.04 billion by 2030
The Global Decorative Coatings Market size is estimated to be USD 57.14 billion in 2019 and is predicted to reach USD 87.04 billion by 2030 with a CAGR of 3.9% from 2020-2030. Decorative coatings are also known architectural coatings which are employed on construction wall surfaces to impart glossy look and also for protective purpose. These types of coatings layered on surfaces to protect walls from dust, water and moisture, radiation, and bacteria. Some of the typical application of the decorative castings is sealers, varnishes, primers, exterior and interior house stains, and paints. In residential applications consumers highly prefer these types of coatings for appearance, glossy looks and for aesthetic.
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Market Dynamics and Trends:
The global decorative paints market was witnessing significant growth over the past few years and is projected to maintain the similar growth pattern during the forecast period of 2019-2030. Some of the factors driving the growth of this market includes surge in residential projects due to vast growing population, preference for glossy appearance in home infrastructure, and developing instituting buildings.
In Asia Pacific, there is consistent growth in population resulting into demand for residential housing projects. However, commercial buildings are growing at rapid pace. The overall investment in commercial sector in Asia Pacific in 2018 first quarter was USD 25.4 billion. Wherein water based coatings are largely preferred due zero toxicity associated with it. On the other hand, in North America, residential construction is growing like anything. The overall spending in residential housing was more than USD 16 billion in the U.S. due to surge in instruction repair activities and rising single house residence and resulting demand for houses. Consumers largely prefer emulsion paint products due to its superior coverage on wall surfaces along with better product quality as compared to other products.
As compared to industrial paints, architectural paints exhibit superior growth as most of the product types are of water based technology with zero toxicity and least environmental effect. Some of the other factors such as preference for aesthetic, attractive appearance, glossy look, and higher consumer spending on housing paint. Consumers spend high on these coatings as they offer longer work like. However, growth of this market is restrained by volatile prices of raw material. Strict regulatory issues regulated by government and product compliance expected to be the key challenge over the growth of this market Nevertheless, trend for eco-friendly paints and coatings more likely to provide healthy growth opportunity during the assessment period.
Due to trend for environmentally paints across the globe, manufacturers are coming up with sustainable paints solutions to eliminate the environmental hazards. For example, in May 2018, Nippon Paints introduced a new premium interior paint made with BASF dispersions derived from renewable resources as a part of sustainable approaches. Due to this trend, the global market likely to undergo healthy growth opportunities.
Market Segmentations and Scope of the Study:
The global Decorative Coatings market share is analyzed on the basis of resin type, product, technology, application and region. On the basis of resin type market has been segmented into acrylic, alkyd, polyurethane (pu), and others. Acrylic resin type accounted for the largest market share. Based on product type market is segmented into emulsions, wood coating, enamels, distempers, and others. Based on technology type market is segmented into Water-Based and Solvent-Based. On the basis of application market is segmented into Residential Construction and Non-residential Construction. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.
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Competitive Landscape:
Comprehensive competitive analysis and profiles of major market players such as PPG Industries Inc., Akzonobel N.V., The Sherwin-Williams Company, Asian Paints Limited, Masco Corporation, DAW SE, luxgroup Ltd, Jotun A/S, Kansai Paints, Nippon Paints Co. Ltd. are also provided in this Decorative Coatings market report.
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