Decorative coatings are applied to surfaces for aesthetic purposes. Other than enhancing the visual appearance of the surface they are applied to; they also provide protection against bleaching, chalking, and general deterioration. Market Research Future (MRFR) perceives the outlook of the global decorative coatings market 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.
The rapid rise in human development index coupled with a rise in per capita income has positioned the global Decorative Coatings Market Size in a place of growth. The coatings market tends to rely upon overall economic activity, especially construction spending. Economic upturn will ultimately lead to increased investment in properties and real estate which is expected to augment the growth of the decorative coatings market.
Demand for decorative coatings in residential and commercial construction is a key factor enhancing the growth of the global decorative coatings market. As economic conditions across the globe continue to improve, increased consumer spending will result in a continued upswing in construction activities, providing strong growth in the global decorative coatings market. Moreover, upgradation of existing homes, improvements in the housing market are having a positive impact on the growth of the decorative coatings market.
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The growing trend of customization and interior decoration due to growing sophistication purveyed by urbanization has generated considerable demand for decorative coatings. This trend is supported by the emergence and acceptance of the Do-it-yourself (DIY) trend which has evoked greater interest in decoration activities thereby providing fuel for the growth of the decorative coatings market.
The decorative coatings market continues to enjoy positive growth due to the wide acceptance of water-borne decorative coatings. Green environmental regulations have encouraged the move towards low VOC and greener or eco-friendly products which stimulates the growth of the market.
On the other hand, the strict regulatory landscape might restrain the growth of the global decorative coatings market. Regulations pertaining to VOC levels severely restrict the growth of the decorative coatings market, especially the solvent-borne segment.
Competitive Landscape
Nippon Paints Co. Ltd (Japan)
Kansai Paint Co.Ltd. (U.S.)
Asian Paints Limited (Switzerland)
The Valspar Corporation (U.S.)
The Sherwin-Williams Company (U.S.)
Akzo Nobel N.V. (the Netherlands)
Tikkurila Oyj (Finland)
PPG Industries Inc. (U.S.)
BASF SE (Germany)
and Arkema S.A. (France)
Segmentation
The global decorative coatings market has been segmented based on type, technology, and application.
By type, the global decorative coatings market has been segmented into primer, enamel, emulsion, and others.
By technology, the global decorative coatings market has been segmented into waterborne and solvent-borne.
By application, the global decorative coatings market has been segmented into residential, non-residential and others.
Regional Analysis
By region, the global decorative coatings market has been segmented into North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is domineering the global decorative coatings market and is expected to exhibit remarkable growth over the forecast period. Remarkable economic growth and resurgence of construction activities in the region which generate huge demand within the global Decorative Coatings Market Dynamics. Moreover, a substantial number of market players are based in the US which acts as an advantage for market growth. The US is the key contributor to the North America market.
Europe has commanded the second position in the global decorative coatings market. High expenditure on interior decoration purveyed by increasing purchasing power fosters the growth of the market. Moreover, improving economic conditions and the existence of major decorative coatings manufacturers in Germany is likely to boost the growth of the market. The UK, France, Spain, Italy, and Russia are the country-specific markets within the Europe decorative coatings market.
APAC is poised to showcase considerable growth in the coming years. Rapid sophistication of the middle-class population group along with the expanding construction industry in the developing economies of the region are factors supporting market growth. Moreover, the growing demand for eco-friendly decorative coatings in countries such as China, India, Malaysia, Thailand, and Japan are expected to drive the APAC market.
Economic depression in Latin America is likely to lead to a decline in the demand for decorative coatings.
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