In terms of revenue, the Global Decorative Coatings Market is expected to reach USD 99.9 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 4.9% from 2023 to 2030.
Market expansion is projected to be fueled by the expanding construction and reconstruction activities in developed and developing countries and increasing awareness about the benefits of using decorative paints and coatings are other important factors that will significantly boost the revenue of the market. Increasing investments by various governments around the world in infrastructure development and renovation or maintenance of monumental buildings, especially in developing countries, is driving market revenue. Several old residential and commercial buildings are being renovated, and the residents want to furnish them according to the latest trends. Decorative paints and coatings help achieve high performance with low maintenance and offer resistance to impact, stains, moisture, and other damage.
Rising income levels, preference for renovation and decorating according to the prevailing trend of house dwellers, and proliferation of advanced and innovative colors and coatings are the factors expected to boost the revenue of the market. Another factor driving the market's revenue is the increasing number of nuclear families, which creates the demand for new houses every year, thus fueling the growth of the global decorative paints and coatings market. In addition, the growing popularity of aesthetically pleasing infrastructure and public transport infrastructure is increasing the demand for building paints and coatings. Governments worldwide are also implementing policies to secure funding for the infrastructure sector, fueling revenue in the Decorative paints and coatings market.
Key Highlights from the Report
· From among the Technology segment, the world market of decorative paints and coatings is divided into water-based, solvent-based, and powder paints. The share of the water circulation segment in the turnover was significantly high in 2020, which is due to the increased preference of consumers to use ecological products and affordable construction materials, especially in the developing economies of Asia and the Pacific. These formulations are used due to the solution-like water properties of the product, which have no adverse effects compared to synthetic counterparts.
· From among the Applications, the global decorative paints and coatings market is segmented into residential and other uses. It is believed that the rapid industrialization of developed and developing countries will increase the demand for decorative paints and coatings in areas other than residential as well. In the segment of commercial premises, the factors that accelerate the growth of income are the development of infrastructures such as hospitals, the renovation of old buildings, and the increase of new premises. The share of residential construction in turnover was higher in 2020. Decorative paints and coatings are mainly used in the construction industry. Rising disposable incomes and improved living standards mean that more and more residents are willing to embrace high-quality home decor in line with ongoing trends. Decorative paints and coatings provide an excellent aesthetic finish but also protect the building.
· In terms of Region, the share of the Asia Pacific decorative paint and coating market in revenue was significantly high in 2020. A large population base and rapid urbanization in the countries of the region are boosting the growth of the decorative paint and coating market in the region. In addition, the rising disposable income and purchasing power of consumers in the Asia-Pacific region are creating opportunities for increased demand for innovative and sophisticated interior paints and coatings.
The construction industry is growing rapidly, creating a huge demand for building and construction materials, including decorative paints and coatings. World population growth and rising per capita incomes increased the demand for automobiles and consumer goods, accelerating industrialization rapidly. Decorative paints and coatings protect industrial equipment and machinery against corrosion and rust. It also helps prevent corrosion and extends the life of machines. Also, The revenue growth of the decorative paints and coatings market may be hindered by the strict regulations of various national governments to reduce VOC emissions in various parts of the world, which encourages the use of less polluting coatings and paints. New rules and regulations established by the European Commission and federal agencies encourage the use of green and VOC coatings. In addition, fluctuating oil prices can hinder market revenue, as the raw material for the production of synthetic resins is oil-based. Thus, fluctuations in crude oil prices can harm the revenues of players operating in the global decorative paints and coatings market.
The COVID-19 epidemic has had a detrimental effect on the construction industry. Due to condition restrictions, the construction of new areas has slowed down, and there is a lack of labor and other work for the construction and renovation of buildings and new structures. The number of established firms also decreased dramatically, which made it difficult to introduce decorative paints and coatings in both commercial and residential buildings. The pandemic has led to large-scale production cuts due to low demand for products, and large warehouses and construction companies have shifted their focus to other business plans to cope with the strain.
The share of the Asia-Pacific decorative paint and coating market in revenue was significantly high in 2020. A large population base and rapid urbanization in the countries of the region are boosting the growth of the decorative paint and coating market in the region. In addition, the rising disposable income and purchasing power of consumers in the Asia-Pacific region are creating opportunities for increased demand for innovative and sophisticated interior paints and coatings. Countries such as Japan, Korea, Australia and mainly China are expected to be major contributors to the Asia-Pacific market. The vast expansion in the automotive and construction industries is also accelerating the growth of the commercial and decorative paint and coatings market in the region.
The Global Decorative Coatings Market is Segmented as follows
- Resin Type
- Other Resin Types
- Waterborne Coatings
- Solvent-borne Coatings
- Powder Coatings
- Coating Type
- User Type
- Product Type
- Wood Coatings
- Other Product Types
- Color Type
- Other Colors
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Decorative Coatings Market is
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)
The Global Decorative Coatings Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|