Market Insights
The global value is registered as USD 85.783 billion and is predicted that the decorative coatings market size is reached USD 110.92 billion exhibit a significant CAGR of 4.61% during the forecast period 2022-2030.
Global Decorative Coatings Market has observed a drastic change since the past decade. However, it has managed to maintain a growth rate until the present time. Decorative coatings are considered as a part of architectural coatings that are primarily applied to buildings, commercial offices, and complexes. Thus, the purpose these decorative coatings serve is mainly for decoration and protection against UV radiation, extreme temperature, moisture, and microorganisms. Also, these offer many benefits such as light absorption, insulation, and reflection that helps in increasing the durability of the structure. On the other hand, decorative coatings are also widely used as a protectant and colorant especially for metal, wooden and concrete structures.
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Market Key Players:
MRFR has accumulated some of the prominent players operating in the Global Decorative Coatings Market that are listed as BASF SE (Germany), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), Akzo Nobel N.V. (the Netherlands), Asian Paints Limited (Switzerland), Kansai Paint Co., Ltd. (U.S.), The Valspar Corporation (U.S.), Arkema S.A. (France), Nippon Paints Co. Ltd (Japan), and Tikkurila Oyj (Finalnd) among others.
Global Decorative Coatings Market: Drivers Trends
As per the market’s analysis, some of the prominent market factors that are identified as growth makers for the market include rising construction sector, higher usage of ingredient like nanoparticles in water-based decorative coatings. Adding to this, the market share for the decorative coatings is also proliferating owing to the contribution from manufacturers who are supporting green trend and prefer using water-soluble decorative coatings. Such water-soluble decorative coating offers high durability, dries quickly and lasts with less stench. These factors are making the global decorative coatings market to spur radically in the years to come.
Moreover, the demand for decorative coatings is also expected to witness significant growth over the assessment period owing to the surging population coupled with the booming construction industry for building residential area, office spaces, complexes and more. Thus, the rising disposable income in the emerging economies is also predicted to boost the development of the market at the time of assessment period, 2022 to 2028.
Moving forward, the ongoing development of products by various companies to manufacture cost-efficient and high-performance coatings is also further expected to drive the demand for decorative coatings market over the next five years. However, the execution of strict regulations by various government bodies has restricted the use of toxic organic chemicals being used in the production of decorative coatings is assumed to hamper the growth of the market.
Global Decorative Coatings Market Segmentation
As per the analysis of MRFR reports of global decorative coatings market, it is segmented on the basis of type, technology, application, and region.
By the segmentation of type, the market is bifurcated into primer, enamel, emulsion, and others.
By the segmentation of technology, the market is segmented into waterborne and solvent-borne.
By the segmentation of application, the Decorative Coatings Industry Analysis is categorized into residential, non-residential and others.
Regional Outlook
On a graphical front, the market has covered significant regions such as Asia Pacific, Europe, Latin America, North America, and the Middle East Africa.
Asia Pacific is expected to proliferate at the highest CAGR during the review period, 2022 to 2028 accounting on expanding construction industry. The demand for decorative coatings is estimated to surge in the Middle East Africa, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait owing to a high adoption rate in the construction industry. Also, this region is firmly known for the world’s fastest growing markets which is contributing a more substantial share on the global level. Besides, the rising awareness about durable coatings and environmental concerns in various countries such as China, India, Malaysia, Thailand, and Japan is also expected to raise the demand for eco-friendly based decorative coatings and thus, fueling the demand for decorative coatings over the forecast period, 2022 to 2028.
Whereas, North America region is also predicted to witness a tremendous growth on account of high consumption, increasing production capacities, and rising economic growth rate. In 2016, the U.S accounted for one of the largest global market shares by value volume, which is now estimated to grow with the moderate CAGR due to growth in decorative coatings application in the furniture segment.
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