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.
Decorative Coatings provide scratch-resistant and brightens color to metal and other plastic substrates. They are widely used in many applications, including automotive interior and exterior parts and other consumer products such as mobile phones, computers and cameras, and bathroom equipment. The global Decorative Coatings market is expected to be driven primarily by various factors such as economic growth in developing countries, rising investments in infrastructure, and increasing stringent regulations. Additionally, rising purchasing power among the general population and growing utilization of green and environmental-friendly coatings is further pushing the growth of the global Decorative Coatings market.
The current generation of Decorative Coatings being utilized is highly efficient and better than solvent-borne coatings. They provide multi-year guarantees against corrosion, primarily due to their performance of coatings. Decorative Coatings protect the exteriors of the building from heavy rainfall, strong wind, and snowfall. They offer various other benefits such as durability, high flexibility, crack-bridging ability, waterproofing and weatherproofing, and resistance to dirt. The latest generation of products also provides resistance to mildew and chemicals. Prominent leaders are introducing eco-friendly products. Improved durability of coatings often led to the printing of window frames and doors less often, reducing the cost incurred by end-users. These factors are expected to increase the footprint of the global Decorative Coatings market during the forecast period.
The global Decorative Coatings market in North America and Europe faces stringent government rules and policies. However, the developing regions possess few or no powers for this segment. This provides a fruitful pathway for the Decorative Coatings market in the Asia Pacific to increase. Developing economies such as China, Mexico, India, Qatar, UAE, Singapore, and Thailand are extensively expanding a widening scope for the Decorative Coatings market. Studies indicate that Decorative Coatings enhances the surface's durability and appearance and protects it from harsh weather and other external conditions such as UV radiation, extreme temperature, acid rain, and foreign particles. Additionally, they protect infrastructure from moisture, corrosion resistance, and bacteria, increasing the scope for the Decorative Coatings market to widen.
Decorative Coatings Market Size, 2022 To 2030 (USD Billion)
The already weak global market growth is anticipated to worsen as more countries fall into a recession. According to a comprehensive new study by the World Bank, the world may be edging towards a global recession in 2023 as well as a string of financial crises in emerging markets and developing economies that would permanently harm them. This is because central banks worldwide are raising interest rates simultaneously in response to inflation. The Russian invasion of Ukraine and the worldwide humanitarian catastrophe have increased risk exposures in the world's money flows, trade, and commodities markets. The illegal and unwarranted conflict between Russia and Ukraine caused a significant loss of revenue for the hermetic packaging industries in Europe.
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1. Rising Demand for Eco-Friendly Coatings: The global Decorative Coatings market is expected to flourish in emerging economies such as China and India due to increasing demand for eco-friendly waterborne coatings. The rising number of joint ventures among various key coating participants and local manufacturers in Asia Pacific is expected to increase the market's footprint. Infrastructural development combined with increased spending in the current fiscal budgets by the government of India and China will add value to the Decorative Coatings market in the region.
2. Technological Advancements: The current generation of Decorative Coatings is a continuous development cycle leading to the creation of Nano-TiO2 photocatalysts, green coatings, and the introduction of methods to reduce the drying time. These developments are expected to widen the scope of the global Decorative Coatings market. Also, increasing R&D activities along with ongoing product development will improve the performance of such products.
3. Rapid Infrastructural Development: The forecast period is expected to be full of increasing infrastructural development in the form of shopping malls, housing complexes, and office buildings in the emerging economies of China, India, Brazil, Japan, and Australia. This will add value to the Decorative Coatings market. Additionally, increasing demand from DIY consumers will further contribute to the Decorative Coatings market.
The global Decorative Coatings market can be categorized on the following: Resin Type, Technology, Coating Type, User Type, Product Type, Color Type, Application and Regions. Based on resin type, the market can be categorized into acrylic, alkyd, vinyl, polyurethane, and others. By technology, the market can be segmented across waterborne coatings, solvent-borne coating, and powder coatings. By coating type, the market can be split between interior and exterior. By user type, the market can be differentiated between DIY and professional. By product type, the market can be fragmented across emulsion, wood coatings, enamels, and others. By color type, the market can be segmented across white and others. By application, the market can be split between residential and non-residential. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Resin Type
Acrylic to Owe Largest Market Share Owing to Weathering and Oxidation Resistance Properties
Acrylic will dominate the global Decorative Coatings market during the forecast period in terms of revenue and share. Acrylic has extensive weathering and oxidation properties. They also offer comprehensive protection at a lower cost, good water resistance, and good stain protection. The primary component of acrylic offers little tendency to absorb UV light at a higher rate. They possess good color and gloss retention properties. These factors are expected to widen the scope for acrylic. Vinyl is expected to grow with the fastest growing CAGR during the forecast period owing to its easy application and the ability to be cleaned with water.
Based on Technology
Water-Borne Coatings to Account for Largest Market Share Owing to Shifting Preference from Solvent-Borne Coatings
The global Decorative Coatings market is expected to be dominated by water-borne coating solvents in terms of revenue and share. Studies are indicating a growing preference for waterborne coatings from solvent-based coatings. This is due to the rising demand for green products, creating the need for green raw materials for coatings. Additionally, advancements in waterborne alkyd technologies are increasing the production of virtually zero-VOC alkyd resins with the same performance as that of solvent-borne alkyd. These factors will increase the footprint of the water-borne coatings. Powder coatings will grow with the fastest-growing CAGR during the forecast period owing to increasing development.
Based on Coating Type
Exterior Coating Types to Dominate Largest Market Share While Interior Coating to Grow with the Fastest Growing CAGR
Exterior coating is expected to lead the global Decorative Coatings market in terms of revenue and share during the forecast period. Factors such as rising and addressable population base are increasing spending on infrastructural development. This is expected to give rise to segmental growth. Additionally, lowered labor costs and increasing disposable income are expected to give rise to exterior coating applications. The interior coating will grow with the fastest growing CAGR during the forecast period owing to increased spending on internal decorative applications.
Based on Application
Residential Applications to Dominate Global Market Owing to Increasing Infrastructure Development
Residential applications are expected to account for the largest market share during the forecast period in revenue and share. Factors such as increasing economic growth and rising income among the general population add value to segmental growth. Additionally, increasing the construction of several new houses and a rising focus on remodeling old homes will increase the footprint of a residential building. Decorative Coatings for residential construction applications, including new paint and repainting solutions, paints, stains, lacquers, primers, and cleaners. They are extensively used in interior and exterior applications within the residential sector, fuelling the growth of residential applications. Non-residential applications are expected to grow with the fastest growing CAGR during the forecast period owing to rising utilization of Decorative Coatings in gardens, theatres, and other public infrastructure.
Based on Product Type
Emulsion to Lead Market Growth Owing to Lower VOC and VAC Content
The global Decorative Coatings market is expected to be dominated by the emulsions segment. They have a lower VOC and VAC content, which makes them environmentally friendly. Additionally, they have extensive properties such as non-flammability and offer easy handling. Storage of emulsions does not require any special equipment or a higher capital cost. These add value to the segmental growth of emulsions. Enamel will grow with the fastest-growing CAGR during the forecast period owing to its ability to act as a leveller and protector.
Based on Region
Asia Pacific to Dominate Global Market Share Owing to Rising Construction Spending
The global Decorative Coatings market is expected to be dominated by the Asia Pacific region in terms of revenue and share. Factors such as rising consumption of decorative painting and coatings combined with rapid economic development in China, India, Indonesia, South Korea, Thailand, and Australia will increase the footprint of the Asia Pacific Decorative Coatings market. Additionally, China is expected to indicate a significant presence as it will dominate as a domestic producer. Studies also suggest that China will rapidly increase its infrastructure sector, which is expected to widen its presence in the Asia Pacific region.
MEA will grow with a considerable CAGR during the forecast period owing to rising construction activities from UAE and Qatar. These regions indicate a heavy infrastructure development increase due to economic recovery, advanced real estate regulatory framework, and growing infrastructure projects. This will augment the growth of the MEA Decorative Coatings market.
The global Decorative Coatings market is expected to be heavily fragmented due to numerous dominant players catering to an international and regional consumer base. Additionally, these players are focused on investing heavily in their research and development activities, leading to constant product innovation. Market leaders are also focused on acquiring local players to establish increased dominance.
The key players in the global Decorative Coatings market include - PPG Industries Inc. (U.S.), Akzo Nobel N.V. (the 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) among others.
Recent Market Developments:
· July 2021: PPG Industries Inc. announced that they completed their tender offer for all the shares of Tikkurila. The completion of the tender offers more than 66.7% of the outstanding shares of Tikkurila and the additional customary conditions to completion. Tikkurila is a leading producer and distributor of decorative paints and coatings and operates in more than 11 countries.
· June 2021: Akzo Nobel N.V. announced expanding its business in South and Central America after acquiring Colombia-based paints and coating company Grupo Orbis. Grupo Orbis is a leading manufacturer of decorative paints and coatings and is in 10 countries in South America.
· October 2020: Asian Paints Limited' New Royale Luxury Emulsion Health Shield will be considered the first interior paint effective against COVID-19. It is said to kill 99% of bacteria. Additionally, the product will have a five-year performance warranty with an advanced surface protector, provide stain resistance, and purify the air by neutralizing formaldehyde.
Segmentation of the Global Decorative Coatings Market
- Resin Type (Acrylic, Alkyd, Vinyl, Polyurethane, Other Resin Types)
- Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings)
- Coating Type (Interior, Exterior)
- User Type (DIY, Professional)
- Product Type (Emulsion, Wood Coatings, Enamels, Other Product Types)
- Color Type (White, Other Colors)
- Application (Residential, Non-Residential)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, 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 Middle East & Africa)
- PPG Industries Inc. (U.S.)
- Akzo Nobel N.V. (the 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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