Newark, July 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global decorative coatings market is expected to grow from USD 69.60 billion in 2021 to USD 99.66 billion by 2030, at a CAGR of 4.07% during the forecast period 2022-2030.
The rising urbanization and industrialization worldwide and the preference for a glossy appearance in-home infrastructure are anticipated to expand the demand for the decorative coatings market during the projection period. Moreover, the increasing advancements & developments in the industry and developing instituting buildings are also helping to propel market growth. However, the growing environmental influences of solvent-borne coatings with VOC emissions involved in its production and growing vulnerability & fluctuation in raw materials costs are restraining market growth factors. Furthermore, the increasing investments in emerging markets and the increasing R&D activities are opportunities for market growth..
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Competitive Strategy
To enhance their market position in the global decorative coatings market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, in June 2021, PPG Industries Inc., United States-based coatings and specialty materials firm, acquired Tikkurila for an unrevealed amount. Through this acquisition, PPG Industries Inc. plans to utilize Tikkurila's regional web and a strong portfolio of decorative brands to deliver customers access to new technologies & & resources. Tikkurila is a Finland-based chemical manufacturing company that manufactures decorative coatings.
Market Growth & Trends
The growth of the decorative coatings market is driven by the rise in the construction of buildings & civic infrastructure and the increasing superior properties, including moisture, UV radiation, corrosion resistance, bacteria, and heat resistance. Moreover, the increasing demand for environment-friendly coatings is the market growth trend.. Further, decorative coatings have achieved popularity as a VOC-free & lead-free technology due to strict environmental rules. In addition, in mature economies like the U.S. and Western Europe, the requirement for fabricating eco-friendly decorative coatings is rising in non-residential, industrial, and residential construction sectors because of the development in awareness regarding the advantages of these coatings. The awareness about eco-friendly coatings is leading to the growth of new materials & formulations and the progress of equipment & application processes, which drive the demand for decorative coatings. The decorative coatings firms contribute to a greener environment by launching eco-friendly premium products. This will help the organizations achieve sustainable growth in the upcoming year. The new construction activities and high-performance multi-functionality decorative coatings are also helping to drive the market growth during the forecast period.
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Key Findings
• In 2021, the emulsion segment dominated the market with the largest market share of 42.27% and market revenue of 29.41 billion.
The product type segment is divided into enamels, wood coating, emulsions, distempers, and others. In 2021, the emulsion segment dominated the market with the largest market share of 42.27% and market revenue of 29.41 billion. This growth is attributed to the soaring demand for water-based coatings. Further, by 2030, the wood coating segment will likely dominate the market due to the raised disposable incomes.
• In 2021, the acrylic segment dominated the market with the largest market share of 27.15% and market revenue of 18.89 billion.
The resin type segment is divided into polyurethane, acrylic, vinyl, alkyd, and others. In 2021, the acrylic segment dominated the market with the largest market share of 27.15% and market revenue of 18.89 billion. This growth is attributed to its excellent properties, including stain resistance, high UV resistance, improved flow, superior aesthetics, weather ability, durability, performance, and low cost. Further, by 2030, the alkyd segment will likely dominate the market due to the rising demand in different end-use enterprises, including industrial wood & metal packaging.
• In 2021, the exterior segment dominated the market with the largest market share of 58.16% and market revenue of 40.47 billion.
The coating type segment is divided into exterior and interior. In 2021, the exterior segment dominated the market with the largest market share of 58.16% and market revenue of 40.47 billion. This growth is attributed to the rapid development and increasing infrastructure requirement.
• In 2021, the waterborne coatings segment dominated the market with the largest market share of 43.18% and market revenue of 30.05 billion.
The technology segment is divided into solvent-borne coatings, waterborne coatings, and powder coatings. In 2021, the waterborne coatings segment dominated the market with the largest market share of 43.18% and market revenue of 30.05 billion. This growth is attributed to improving industrial manufacturing quality in emerging countries.
• In 2021, the residential segment dominated the market with the largest market share of 57.15% and revenue of 39.77 billion.
The application segment is divided into residential and non-residential. In 2021, the residential segment dominated the market with the largest market share of 57.15% and revenue of 39.77 billion. This growth is attributed to the increasing per capita income.
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Regional Segment Analysis of the Decorative Coatings Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global decorative coatings industry, with a market share of 49.22% and a market value of around 34.25 billion in 2021. The Asia Pacific dominates the decorative coatings market due to multiple developing countries such as Vietnam, Bangladesh, China, and India. Moreover, the ever-increasing domestic producers and the growing infrastructure sector are also helping drive the region's market growth. Furthermore, the North American region is expected to show the fastest CAGR of 6.03% over the projection period. This growth is attributed to the progressive real estate regulatory framework. The increasing number of brewing facilities and commercial construction activities are helping boost market growth during the forecast period. However, increasing demand for the product from the automotive sector in the nation is also driving the market growth in this region.
Key players operating in the global decorative coatings market are:
• PPG Industries Inc
• The Sherwin-Williams Company
• AkzoNobel N.V.
• BASF SE
• Kansai Paints Co., Ltd.
• Asian Paints Limited
• Nippon Paint Holdings Co., Ltd.
• Masco Corporation
• RPM International Inc
• Jotun A/S
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global decorative coatings market based on below mentioned segments:
Global Decorative Coatings Market by Product Type:
• Enamels
• Wood Coating
• Emulsions
• Distempers
• Others
Global Decorative Coatings Market by Resin Type:
• Polyurethane
• Acrylic
• Vinyl
• Alkyd
• Others
Global Decorative Coatings Market by Coating Type:
• Exterior
• Interior
Global Decorative Coatings Market by Technology:
• Solvent-Borne Coatings
• Waterborne Coatings
• Powder Coatings
Global Decorative Coatings Market by Application:
• Residential
• Non-Residential
About the report:
The global decorative coatings market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
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