Global Decorative Coatings Market Insights Forecasts to 2032
- The Decorative Coatings Market Size was valued at USD 72.6 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.1% from 2022 to 2032.
- The Worldwide Decorative Coatings Market Size is expected to reach USD 103.4 Billion by 2032
- Europe is expected To Grow the fastest during the forecast period.
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The Global Decorative Coatings Market Size is expected to reach USD 103.4 Billion by 2032, at a CAGR of 5.1% during the forecast period 2022 to 2032.
Decorative coatings are a broad category of goods and methods used to improve the aesthetic appeal and look of different surfaces. Typically, these coatings are used to offer protection, desired ornamental effects, and visual upgrades on surfaces including walls, floors, furniture, and other things. There are many different materials and methods that may be utilised as decorative coatings to improve the appearance of surfaces. To make places that are aesthetically pleasing, they provide a number of possibilities for incorporating colour, texture, patterns, and other decorative features.
Impact of COVID 19 On Global Decorative Coatings Market
The COVID 19 pandemic has impacted the global decorative coatings market tremendously. The governments of various countries have declared nationwide lockdown. However, the crisis did not continue for too long and businesses have resumed their operations to usual. The Asia Pacific region developing the market growth due to the increasing urbanization, lots of infrastructural projects, as well as increasing interest in technology implementation and business model and remodelling. Apart from this, the sustainability trends like sustainable construction, prefabricated construction, and green building technology are going to revolutionize the conventional way of business in the construction sector.
Global Decorative Coatings Market Report Coverage
|Market Size in 2022:||USD 72.6 Billion|
|Forecast Period 2022-2032 CAGR:||5.1%|
|2032 Value Projection:||USD 103.4 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Resin Type, By Technology, By Coating Type, By Product, By Application, by Region|
|Companies Covered:||PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Axalta Coating Systems LLC, NIPSEA GROUP, Kansai Paint Co.Ltd., Bayer AG, KCC CORPORATION, Jotun, Koninklijke DSM N.V., BASF SE, Benjamin Moore & Co., Masco Corporation, DAW SE, The Arkema Group, Berger Paints India Limited, Cabot Corporation, Clariant, Eastman Chemical Company, Tikkurila, Cromology, HEMPEL A/S, Ashland, RPM International Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Market Drivers
Rising environmentally friendly coating systems, as well as durable coatings with better performance and aesthetics, rising urbanisation and industrialization around the world, rising advancements and developments in the market, and rising demand for these products in buildings as they improve surface durability and aesthetics while also protecting it from adverse weather and external conditions like UV rays, are all major factors accelerating the market's growth. The market for decorative coatings is being driven by an increase in superior qualities such as resistance to moisture, corrosion, UV radiation, bacteria, and heat. Further expanding the market for decorative coatings over the projected period will be growing growth in less regulated nations, more research & development efforts, and increased investments in developing markets. creative formulas and cutting-edge technology are used to produce one-of-a-kind effects and finishes. Due to their capacity to offer distinctive aesthetic appeal, metallic coatings, textured coatings, and special effect coatings have grown in popularity.
Key Market Challenges
The main factors limiting the market growth of decorative coatings are the rising stringent and time-consuming regulatory policies, the rising vulnerability and variations in the raw materials costs, and the rising environmental effects of solvent-borne coatings with VOC emissions involved in their production. In the forecast period, these factors will also pose additional challenges to the market growth.
Acrylic segment is dominating the Market with the largest market share over the forecast period
On the basis of resin type, the global decorative coatings market is segmented into acrylic, alkyd, vinyl, polyurethane, and others. Among these, the acrylic segment is dominating the market with the largest market share over the forecast period. Acrylic has oxidation and weathering properties. Not only this but they also provide complete protection at an affordable rate, good stain protection, as well as good water resistance. The key component of acrylic provides lesser tendency in absorbing UV light at an increasing rate. They also have gloss as well as colour retention properties. All these factors are anticipated to broaden the scope of the segment. Vinyl segment, on the other hand is anticipated to witness the fastest market growth over the forecast period due to its easy application and its ability to be cleaned with water.
Waterborne coatings segment accounted the largest market share over the forecast period
On the basis of technology, the global decorative coatings market is segmented into waterborne coatings, Decorative Coatings, solvent borne coatings. Among these, the waterborne coatings segment accounted the largest market share over the forecast period. The rise in the demand of waterborne coatings due to the increasing demand of green products is creating the need for green raw materials for coatings. Apart from this, advancement in the field of waterborne alkyd technologies are increasing the production of virtually zero VOC alkyd resins. All these factors are rising the footprint of the water borne coatings.
Coating Type Insights
Exterior Coating type is dominating the market with the largest market share over the forecast period
Based on the coating type, the global decorative coatings market is segmented into interior and exterior. Among these, the exterior coating type segment is dominating the market with the largest market share over the forecast period. The growth is attributed to the increasing as well as addressable population base which are rising the spending on infrastructural development. In addition, the lower labour costs along with the rising disposable income are anticipated to propel the segmental growth. The interior segment is anticipated to witness the fastest market growth over the forecast period due to the increasing spending on internal decorative applications.
Residential applications accounted the highest market share over the forecast period
Based on the application, the global decorative coatings market is segmented into residential and non residential. Among these, the residential segment accounted the highest market share over the forecast period. Certain factors like rising economic growth as well as increasing income among the people is propelling the segmental growth. Moreover, the rising construction of new houses and increasing focus on renovating old houses will increase the demand of the segment. Non residential applications, on the other hand is estimated to witness the fastest market growth over the forecast period due to the increasing use of decorative coatings in theatres, gardens, and other public infrastructure.
Emulsions segment holds the highest market share over the forecast period
On the basis of product, the global decorative coatings market is segmented into emulsion, enamels, wood coatings, and others. Among these, the emulsions segment holds the highest market share over the forecast period. Emulsions have a lower VAC as well as VOC content which make them environmentally friendly. In addition, they have certain properties like non flammability as well as easy to handling feature. Storage of emulsion do not need any special equipment or a huge capital cost. These factors are going to boost the segmental growth.
Asia Pacific region accounted the largest market share over the forecast period
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Asia Pacific region is dominating the market with the largest market share over the forecast period because the infrastructure sector is expanding in this area, local manufacturers are developing, and economic development in China, India, Indonesia, South Korea, or Thailand is accelerating. Middle East and Africa (MEA) is the area where decorative coatings market growth is anticipated to occur due to rising building activity, particularly in UAE and Qatar, as a result of the region's economic recovery, improved real estate regulatory framework, and growing infrastructure projects.
North America is estimated to witness the fastest market growth over the forecast period due to the increasing consumption potential, rising economic growth in the region, and increasing production capacities.
Recent Market Developments
- In July 2021, PPG Industries Inc. has made an announcement that they have completed their tender offer for all shared of Tikkurila
List of Key Companies
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Axalta Coating Systems LLC
- NIPSEA GROUP
- Kansai Paint Co.Ltd.
- Bayer AG
- KCC CORPORATION
- Koninklijke DSM N.V.
- BASF SE
- Benjamin Moore & Co.
- Masco Corporation
- DAW SE
- The Arkema Group
- Berger Paints India Limited
- Cabot Corporation
- Eastman Chemical Company
- HEMPEL A/S
- RPM International Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Decorative Coatings Market based on the below-mentioned segments:
Decorative Coatings Market, Resin Type Analysis
Decorative Coatings Market, Technology Analysis
- Waterborne Coatings
- Solvent borne Coatings
- Decorative Coatings
Decorative Coatings Market, Coating Type Analysis
Decorative Coatings Market, Product Analysis
- Wood Coatings
Decorative Coatings Market, Application Analysis
- Non Residential
Decorative Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the Market size of Decorative Coatings Market?The Global Decorative Coatings Market Size is expected To Grow from USD 72.6 Billion in 2022 to USD 103.4 Billion by 2032, at a CAGR of 5.1% during the forecast period 2022-2032.
2. Who are the key Market players of Decorative Coatings Market ?Some of the key Market players of PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Axalta Coating Systems LLC, NIPSEA GROUP, Kansai Paint Co.Ltd., Bayer AG, KCC CORPORATION, Jotun, Koninklijke DSM N.V., BASF SE, Benjamin Moore & Co., Masco Corporation, DAW SE, The Arkema Group, Berger Paints India Limited, Cabot Corporation, Clariant, Eastman Chemical Company, Tikkurila, Cromology, HEMPEL A/S, Ashland, and RPM International Inc.
3. Which segment hold the largest Market share?Acrylic segment hold the largest market share is going to continue its dominance.
4. Which Region is dominating the Decorative Coatings Market?Asia Pacific is dominating the Decorative Coatings Market with the highest market share.
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