WASHINGTON, April 13, 2023 (GLOBE NEWSWIRE) -- The Global Decorative Coatings Market is valued at USD 71.5 Billion in 2022 and is projected to reach a value of USD 99.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period 2023-2030.
Market Overview
The Human Development Index (HDI) is developing quickly, there is a rising need for vibrant colours that are in harmony with environmental standards, and spending on infrastructure projects is rising. These are a few major industry trends boosting the expansion of the Decorative Coatings market. Some of the key reasons accelerating the demand for the Decorative Coatings market are the increased population and the need for housing the population increase.
We forecast that the DIY in the Decorative Coatings market sales will account for more than 77% of total sales by 2030. It is predicted to grow significantly over the next seven years due to rising government investment, a rapidly expanding population, and ongoing infrastructure development. Over the next seven years, the DIY trend will become more prevalent among customers, increasing demand for home applications.
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Market Dynamics
Rising Demand from the Construction Industry to Support Market Expansion
The market is expanding due to the building industry's constant need. Also, the construction covers a variety of tasks, including residential, commercial, non-residential, and infrastructural structure alterations and repairs. Also, the market for Decorative Coatings in these regions is predicted to grow due to the expansion of planned commercial construction projects. Hence, these coatings are primarily used on furniture, sculptures, wood flooring, and other interior design elements like wall paintings. The population's improved social and financial position, particularly in developing economies, is predicted to expand the Decorative Coatings market. Moreover, the building industry's reconstruction and renovation operations fuelled the worldwide Decorative Coatings market.
Increasing Investments to Drive Market Growth
The developing nations are funding significant infrastructure development initiatives. Also, these economies' marketplaces show faster growth than those in North America and Europe. In several APAC countries, a stable economy, fast urbanization, and rising construction activity have also increased the demand for Decorative Coatings. This element will contribute to the market's expansion throughout the anticipated period. Also, there is potential for market expansion with the introduction of techniques to speed up drying times, Nano TiO2 photocatalysts, and advanced technologies that contain green layers. Moreover, the forecasted market expansion is fuelled by rising R & D expenditures and continued product development that improves performance.
Top Players in the Global Decorative Coatings Market
- PPG Industries Inc. (U.S.)
- Akzo Nobel N.V. (Netherlands)
- The Sherwin-Williams Company (U.S.)
- Axalta Coating Systems LLC (U.S.)
- NIPSEA GROUP (Singapore)
- BASF SE (Germany)
- Asian Paints Limited (India)
- Kansai Paint Co. Ltd. (U.S.)
- The Valspar Corporation (U.S.)
- Arkema S.A. (France)
- Nippon Paints Co. Ltd. (Japan)
- Tikopia Oya (Finland)
- Bayer AG (Germany)
- KCC CORPORATION (South Korea)
- Benjamin Moore & Co. (U.S.)
- Berger Paints India Limited (India)
- Cabot Corporation (U.S.)
- Eastman Chemical Company (U.S.)
- RPM International Inc. (U.S.)
- Masco Corporation (U.S.)
- Koninklijke DSM N.V. (Netherlands)
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Top Trends in the Global Decorative Coatings Market
- One trend that Vantage Market Research (VMR) expects to see in the Decorative Coatings industry is the growing demand for water-based formations. Being widely used and one of the first types of ornamental coatings, water-based retains a sizable market share. Also, powdery coatings are expected to develop accelerated over the projection period because of their low cost and high-efficiency advantages compared to other forms. Also, as consumers' preferences for wood effects change, more competitors are joining the market and increasing their scope of operations.
- Another trend that VMR predicts will continue in the Decorative Coatings industry is its increasing trend in the rising residential sector. Growing industrialization and increased disposable income in developing nations like China, India, and Brazil are anticipated to fuel demand development in this end-use sector. The market expansion over the forecast period will also likely benefit from rising construction activity in emerging economies. In addition, over the next eight to ten years, the demand for Decorative Coatings will be further fuelled by rising consumer buying power, increased industrialization, and urbanization. Transport systems (railway stations, platforms, and overhead bridges), educational buildings (schools, universities), and healthcare facilities are examples of other applications.
Top Report Findings
- Based on the Resin Type, the Acrylic category controls most of the Decorative Coatings market's revenue. Governments have increased construction investment due to rapid development and industrialization, particularly in emerging economies like China, India, and Brazil. The demand for acrylic resin in building and architectural applications is predicted to increase because of this trend.
- Based on Technology, most of the Decorative Coatings market's revenue is controlled by Powder Coatings. Due to its low operating costs, high operating efficiency, non-flammability, and low spark obstacles, powder coating is leading the segment. Moreover, this protects against pollution. Moreover, adding solvents to create coatings is unnecessary with powder coating, and there is little to no hazardous waste to dispose of. High-end finishes, like those with special, shiny effects and flawless, low-gloss surfaces, are highly sought-after nowadays.
- Based on Coating Type, the Interior controls most of the Decorative Coatings market's revenue. While building spending is rising, and economic conditions are rapidly changing, interior coating types are leading the market. The inside coatings offer a crisp, clean appearance. Also, it reduces flaws like dings, dents, and markings on the walls. It also lends the buildings a more contemporary appearance.
- Based on User Type, the DIY category controls most of the Decorative Coatings market's revenue. DIY stands for "do it yourself," Both expressions allude to carrying out a task independently, particularly around the home. Many people opt to conduct their own home improvement work to save money. And with the cost of living currently rising dramatically, it's understandable why there is a current increase in interest in DIY projects.
- Based on Colour Type, the White category controls most of the Decorative Coatings market's revenue. Due to its elegance and adaptability, many interior designers consistently favour white. It works especially well in spaces with little natural light because it looks freshly painted on any wall. Warm whites like Starry White are ideal for bedrooms and living areas.
- Based on Product Type, the Wood Coatings category controls most of the Decorative Coatings market's revenue. Wood coatings are substances applied to the wood table to shield the wood from environmental and anthropogenic hazards. Worldwide, demand for furniture such as armchairs, tables, mattresses, sofas, bookcases, and cabinets has grown dramatically due to rising building houses, population, and affluence.
- Based on Application, most of the Decorative Coatings market's revenue is controlled by the Residential sector. The residential construction market has two sub-segments: new builds and rebuild and rehabilitation projects. The residential segment drives the request market because it receives the most applications and spends the most on residential construction. The remodelling of homes is typically favoured since it adds value to residential constructions, allows for customization following lifestyles, and lowers potential maintenance costs.
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Recent Developments in the Global Decorative Coatings Market
- In July 2019, one of the top corporations, AkzoNobel, invested three million euros in the Changzhou powder coatings plant in China to introduce three new product lines. These product lines are intended to support the automobile industry's supply of acrylic powder coatings and powder primers relative to other markets and to increase the company's capacity to distribute more locally made premium goods.
- In June 2018, Fabryo Corporation S.R.L. and Akzo Nobel announced a deal for Akzo Nobel to buy all their shares. The purchase includes two manufacturing sites and six distribution hubs for decorative paints and mortars.
Acrylic Category from the Resin Type Segment Expected to Attribute a Considerable Chunk of Revenue for the Global Decorative Coatings Market
For better understanding, based on the Resin Type, the Decorative Coatings market is divided into Acrylic, Alkyd, Vinyl, Polyurethane and Other Resin Types.
The Acrylic market was the largest market by application, and it is anticipated to continue to hold the top spot during the projected period. Since they have far more potential than hydrocarbon paints in protecting the weathering and oxidation resistance, acrylic resins are the leading sector in the global market by resin type. Moreover, they have a slight propensity to absorb UV rays. The market for the acrylic resin is predicted to be well established due to its longevity and capacity to protect coatings against deterioration brought on by rain, frost, weather, and UV light. Also, they maintain their color and gloss well.
On the other hand, the Polyurethane category is anticipated to grow significantly. The mutual attraction of polyurethane enables the creation of products in odd shapes without sacrificing quality. It also improves consumer and industrial goods by including comfort and efficiency value. Chemical reactions that are completely balanced produce polyurethanes.
Asia Pacific Region in terms of the Global Decorative Coatings Market Revenue Expected to Generate over Half the Global Value
The Asia Pacific region is anticipated to do so in the coming years. Due to rising consumer income levels with disposable income and increasing infrastructure spending, the region is anticipated to experience significant growth. The market for home décor products is also projected to rise in nations like China, India, and Japan due to increasing urbanization and improving living standards.
The North American region is expected to grow fastest in the Decorative Coatings market due to the high admissions standards and aesthetic appeal of these paints in home and business applications. The market for various types of water-based emulsion-based products, including polyurethane varnishes and wood protectants, is also anticipated to grow significantly in North America due to rising renovation activities and rising consumer awareness of maintenance-free lifestyles.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Decorative Coatings Market Forecast Report (2023-2030).
Global Decorative Coatings Market Segmentation
By Resin Type
- Acrylic
- Alkyd
- Vinyl
- Polyurethane
- Other Resin Types
By Technology
- Waterborne Coating
- Solvent-borne Coating
- Powder Coating
By Coating Type
- Interior
- Exterior
By User Type
- DIY
- Professional
By Product Type
- Emulsion
- Wood Coatings
- Enamels
- Other Product Types
By Color Type
- White
- Other Colors
By Application
- Residential
- Non-Residential
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 71.5 Billion |
| Revenue Forecast by 2030 | USD 99.9 Billion |
| CAGR | 4.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Axalta Coating Systems LLC, NIPSEA GROUP, BASF SE, Asian Paints Limited, Kansai Paint Co. Ltd., The Valspar Corporation, Arkema S.A., Nippon Paints Co. Ltd. |
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Key Questions Answered in Decorative Coatings Market Report
- What are the current market trends, drivers, challenges, and opportunities in the Decorative Coatings Market?
- What are the different types of decorative coatings available in the market, and what are their properties, advantages, and disadvantages?
- What are the different applications of decorative coatings, and which application segments are expected to experience the highest growth in the coming years?
- Who are the key players operating in the Decorative Coatings Market, and what are their market share, product portfolio, and strategic initiatives?
- What are the different marketing strategies adopted by the players in the Decorative Coatings Market to expand their customer base and increase their market share?
- What are the different distribution channels used by the players in the Decorative Coatings Market, and how are they evolving over time?
- What are the different regions and countries that are driving the growth of the Decorative Coatings Market, and what are the factors contributing to their growth?
- What are the regulatory and environmental factors that are impacting the Decorative Coatings Market, and how are the players in the market addressing these challenges?
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