Wilmington, Delaware, United States, June 17, 2022 (GLOBE NEWSWIRE) -- The value of the global market for decorative coatings stood at more than US$ 62.7 Bn in 2021. The market is anticipated to rise at a CAGR of 4.3% during the forecast period, from 2022 to 2031. The global decorative coatings market is likely to surpass valuation of US$ 98.6 Bn by 2031. Firms in the global decorative coatings market are focusing on innovative technologies such solvent-borne, water-borne, as well as UV-cured coatings. High performance, environmentally friendly raw materials, and labour savings are all crucial areas for growth in many businesses, which is likely to favour Demand for decorative coatings market.
Due to rapid urbanization as well as the consequent need for building and construction materials, the global decorative coatings market is booming. Technological breakthroughs such as green coatings, Nano-TiO2 photocatalysts, and the advent of ways to shorten drying time are projected to boost the market in near future. Rise in R&D efforts, as well as continued design and development to better the quality of decorative coatings, are expected to trigger growth prospects for decorative coatings market.
Surfaces are given a beautiful appearance while also being protected by decorative coatings. They are used in both residential and business structures, which is expected to offer plethora of opportunities for the decorative coatings market manufacturers. Surfaces with these coatings are protected from UV radiation, moisture, and microorganisms. The majority of decorative coatings are utilized in the residential as well as non-residential segments. Common housing and also residential units are both included in the residential sector. The non-residential sector includes offices, stadiums, educational institutions, and other structures.
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Key Findings of Market Report
- As people's concern about the environment has grown, more high-quality coatings have been introduced to the market. Numerous countries have enacted strict environmental rules aimed at reducing VOC emissions. Architectural coatings importers, makers, and dealers are all subject to these rules. The introduction of safety regulations is also expected to raise demand for architectural coatings that improve building structural durability. The growing trend of becoming green and thereby decreasing the environmental effect of VOC emissions is expected to drive demand for architectural coatings in the coming years.
- The improvements in the building and construction sector are likely to drive growth opportunities in decorative coatings market. Interior décor objects such as sculptures, wood floors, furniture, and wall painting are covered with these coatings. The decorative coatings industry is expected to expand as people's financial and social standing improves, particularly in developing markets.
- The global decorative coatings market is also being driven by an increase in disposable income, as customers are ready to pay more on high-quality items. In recent years, housing investment has been a major driver of economic growth for several countries throughout the world.
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Global Decorative Coatings Market: Growth Drivers
- In terms of resin, the acrylic segment led the global decorative coatings market in 2021, accounting for 40.65% of the global market. Acrylic, a kind of binder, is mostly utilized in interior design. Acrylic resins provide a number of benefits, including great color retention, chalk resistance, gloss retention, and film clarity. Acrylic binders with high pigment binding capability as well as water-resistance are favoured in the decorative coatings industry over all other types of binders.
- In 2021, Asia Pacific accounted for 44.43 % of the global market in terms of volume. The region's increasing demand for decorative coatings is likely to be attributed to an increase in building and construction projects as well as population expansion.
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Global Decorative Coatings Market: Key Players
Some of the key market players are
- Nippon Paint Holdings Co., Ltd.
- The Sherwin-Williams Company
- Kelly Moore Paint Co. Inc.
- Kansai Paints Co. Ltd.
- Axalta Coating Systems
- PPG Industries, Inc.
Global Decorative Coatings Market: Segmentation
Resin
- Acrylic
- Polyurethane
- Alkyd
- Vinyl Acetate Emulsion
- Epoxy
- Others
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Technology
- Water-borne
- Solvent-borne
- UV-cured
- Others
Application
- Residential
- Non-residential
Decorative Coatings Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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