The global decorative coatings market size is expected to reach USD 78 billion by 2026, growing at a CAGR of 5% during the forecast period.
The decorative coatings market is expected to grow at a CAGR of over 5% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The global decorative coating and paints market is witnessing high growth on account of growing number end-use industries and technological advancements. The economic growth in developing countries, investments on infrastructure, and construction sector stringent environmental regulations, growing purchasing power, and rising demand for green and environmentally friendly coatings are leading the growth of the market.
2. APAC region accounted for the largest share in the global decorative coatings market. A rise in population and initiatives taken by governments towards spending on infrastructure development is boosting the decorative coatings in APAC region.
3. Acrylic resin is the widely used resin in manufacturing of decorative coatings, due to good weather resistance, retains color and gloss, has excellent durability, and is resistant to water and UV rays. Additionally, acrylic resins are easy to apply, stable under extremely cold temperature, and cost effective compared to other materials. This resin segment accounted for around 58% contribution in the global decorative coatings market.
4. The emulsion based decorative coatings contributed approximately 35% of the total global decorative coatings market. Emulsion paints are best for the household purposes as they are easy to clean and maintain and does not have odors that come from oil-based emulsion paints.
5. The residential sector has the highest contribution in the global decorative coatings market.
6. The water-borne coatings technology was widely adopted by manufacturers due to its eco-friendly nature and possess zero to low VOCs emissions.
• Market Size & Forecast by Revenue | 2020-2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by resin type, formation, product, end-user, surface type, and geography
• Competitive Landscape – 5 key vendors and 32 other vendors
Decorative Coatings Market – Segmentation
• The demand for water-borne acrylic coatings is likely to augment during the forecast period due to their low volatile organic component (VOC) content, high gloss retention, and promising drying times. Acrylic decorative coatings are used in residential and non-residential sectors.
• The water-borne decorative coatings market is expected to reach over USD 51 billion by 2026. Stringency on VOC and emission standards regulations have contributed to the market growth. These regulations have increased the demand for water-borne coatings in the APAC region.
• Emulsion-based paints are becoming increasingly popular among consumers as they are less toxic with no odor and release a small quantity of VOCs. These paints have witnessed enormous growth over the past few years with rapid urbanization, the revival of the economy, and increased disposable incomes.
Decorative Coatings Market by Resin Type
Decorative Coatings Market by Formation
• UV Cured
Decorative Coatings Market by Product
Decorative Coatings Market by End-user
• New Construction
• Renovating & Remodeling Activities
Decorative Coatings Market by Surface Type
Decorative Coatings Market – Dynamics
With the demand for aesthetics and environment-friendly coatings, durability has also improved. Current demographic, socio-economic, and regulatory factors are also necessitating a longer product lifetime. Increasing reference to high-performance has played an important role, especially in commercial and institutional applications. Major coating manufacturers in APAC are working on smart coatings, which will improve mold and dirt resistance, and environment-friendly coatings that are water-borne, reduce the concentration of VOCs, and are formaldehyde-free. The preference for water-borne coatings in decorative paints has resulted in a 75% reduction in VOCs in Canada. Moreover, powder-based and UV-cured coating technologies are expected to rise in the upcoming years, as these are environment-friendly.
Key Drivers and Trends fueling Market Growth:
• Remodeling and Repaint in the Construction Sector
• Introduction of DIY Paint
• Anti-Microbial Coatings
• Alternatives to Decorative Paints
Decorative Coatings Market – Geography
North America, which includes the key countries of the US and Canada, constitutes a significant region as it hosts the most advanced and largest economies of the world. The US is the major revenue contributor to the North American decorative coatings market. Canada is likely to experience healthy growth during the forecast period. The growth in this region is mainly attributed to the rising economic growth, coupled with residential constructions, establishments of new businesses, the expansion of commercial spaces, and increasing disposable incomes. The market for decorative coatings in North America is driven by the growth in construction, residential, home improvements, and industrialization sectors. Renovation activities also drive the market for decorative coatings.
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Decorative Coatings Market by Geography
• South Korea
Middle East & Africa
• Saudi Arabia
• South Africa
• PPG industries
• Sherwin Williams
• RPM International Inc
• Axalta Coatings System
Other Prominent Vendors
• Asian Paints
• BASF Chemical Company
• Berger Paints Company
• Brillux Gmbh & CO. KG
• Cabot Corporation Chemical Company
• Carpoly Chemical Group
• Clariant AG Chemical Company
• Cromology SAS Company
• DAW SE
• Diamond Vogel Paint Company
• DSM Corporation
• Dulux Group Limited
• Dunn Edwards Paints
• Eastman Chemical Company
• Fujikura Kasei Company Ltd.
• H.B. Fuller
• Hempel Group
• Jotun Chemical Company
• Kansai Paint Company Limited
• KCC Corporation
• Masco Manufacturing Company
• Nippon Paint Holdings Limited
• NOROO Paint & Coatings Company Ltd.
• Nuplex Industries Limited
• Premium Coatings and Chemicals Pvt Ltd.
• Sacal International Group Limited
• SK Kaken Company Limited
• Teknos Group OY
• Tikkurila OYJ
• Tnemec Company Inc.
• Wacker Chemie AG
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Source: EIN Presswire