ID: MRFR/CnM/3646-HCR | 137 Pages | Published By Priya Nagrale on March 2023
In 2019, the decorative 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.
Decorative coatings are one type of paint or coating material that is used for improving the physical strength and aesthetic appeal of the surfaces where it is applied. These are used for coating on metal objects and plastic materials. These are also used as a colorant and protectant for metal, wooden, and concrete structures against chalking, bleaching, and general deterioration. It protects the buildings from harsh weather and external conditions like extreme temperature, UV radiation, acid rain, and foreign particles.
Moreover, these coatings have various applications and among them, the major application is enhancing the visual appeal of substrates in coating walls, ceilings, furniture, and wooden flooring of the buildings. The major application of the decorative coatings market is the construction industry. According to the United States Census Bureau report, construction spending has increased from US$ 788,322 million to US$ 1,293,982 million between 2011 to 2018 in the US.
Due to the COVID-19 outbreak, the decorative coatings market is negatively impacted and this slowdown is expected to continue for the next couple of years. To curb the spread of the coronavirus, most of the country’s governments have imposed various regulations like lockdowns, shutdowns of manufacturing industries & educational sectors, transportation bans, etc. Due to these shutdown factors, the global decorative coatings market once-thriving with increased investment was suddenly affected drastically.
The manufacturing industries are facing many issues like lack of labor, shortage of raw materials, supply chain bottlenecks of materials & bottleneck that may lead to a delay in the project’s production for the ongoing funded projects that may result in the reduction of investments in the upcoming projects. As the production is paused for some days, companies are dealing with missing sales and supply disrupted chains to return their investment and increase their demand over the market. Rapidly, after reducing the corona cases, the demand over the decorative coatings industry market accelerates.
Rapid growth in Human Development Index (HDI), growing demand for dazzling colors that are in resonance with environmental regulations, rise in expenditure on construction activities are the few prominent market trends that increase the growth of the decorative coatings market. The growing population and the necessity to lodge the expanding population are some of the major driving factors that accelerate the demand for the decorative coatings market.
Growing renovation and colorants customization coupled with growing disposable income in the emerging economies is anticipated to accelerate the decorative coatings market growth during the forecast period.
Stringent regulations by various country’s governments have restricted the use of toxic organic chemicals that are used in the production of decorative coatings. Hence, these coatings are restraining the growth of the market. Apart, variation in raw material prices which includes epoxy, acrylic, alkyd, and titanium dioxide is hindering the market growth.
The advanced technologies that include Nano TiO2 photocatalysts, green coatings, and the introduction of methods to reduce the drying time may create an opportunity to escalate the demand for decorative coatings during the assessment period. The rise in the R & D investments coupled with ongoing product development that improves the performance of the product is boosting the market growth in the coming seven years.
Harmful environmental effects due to solvent-borne coatings may serve as a major challenge over the next seven years.
The global decorative coatings market revenue has been divided into segments based on technology, type, application, and region.
Based on type decorative coatings market is segmented into the emulsion, enamel, primer, and others. Among these types, emulsions are accounting for the largest market share and are predicted to witness significant growth due to their low VOC and VAC content makes them eco-friendly. Moreover, the other characteristics like easy handling, non-flammability, and storage are boosting the demand during the review period. Primer is predicted to witness profitable growth as it acts as a leveler and protector which makes the coatings smooth.
Based on technology the decorative coatings market is bifurcated into two types as solvent-borne and water-borne. For its heat resistance, excellent adhesion, and abrasion properties, water-borne technology is expected to hold the largest market share. Apart, the advantages compared to solvent-borne is less toxicity, less flammability, and the reduction of air emissions may augment the demand during the assessment period.
Solvent-borne technology may lose its market share due to its including of VOCs and Hazardous Air Pollutants (HAP) that contains toluene, xylene, ethylbenzene, and methyl ethyl ketone and is very expensive compared to water-borne technology.
By application, the global decorative coatings market is categorized into various types such as non-residential, residential, and others. Among them, residential application is holding the largest decorative coatings market share and is projected to witness high gain for the next seven years due to the growing fast-growing population, rising government spending, and continuous progress on infrastructure projects. Moreover, the growth in the trend of DIY among consumers will propel the consumption of residential applications.
Region-wise, the global decorative coatings market is categorized into Middle East & Africa, Asia Pacific, Europe, Latin America, and North America. Among these regions, Asia-Pacific is accounting for the largest market share for expanding the construction industry.
Geographically, the decorative coatings market based on regions is analyzed into Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa. Out of these regions, Asia-Pacific is dominating the largest decorative coatings market share for its expansion in the construction industry and increasing middle-class population. Due to the high adoption rate of the construction industry, the demand for global decorative coatings is increasing in emerging economies of the Middle East & Africa like the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Moreover, Due to the growing awareness about durable coatings and the environmental concerns, and rising demand for eco-friendly-based decorative coatings, Asia-Pacific is expected to grow at moderate CAGR.
For its high consumption potential, rising production capacities, and increasing economic growth rate, North America is expected to witness tremendous growth during the forecast period. For the application of decorative coatings in the furniture sector, the U.S. holds one of the largest market shares in terms of value & volume and is expected to grow with a moderate CAGR. Due to the growing expenditure in innovation and increasing purchasing power of consumers, the demand for decorative coatings is anticipated to grow in various countries in Europe such as Italy, Germany, Spain, U.K, France, and Russia. In addition to that, the presence of major decorative coatings manufacturers in Germany is projected to boost the growth in this region.
The prominent key players in the decorative coatings market outlook are the following:
This global decorative coatings market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the decorative coatings market drivers, restraints, challenges, and opportunities. The decorative coatings market forecast segments are type, technology, application, and region.
Globally, the decorative coatings market trends have been segmented based on the type, technology, application, and region and are further classified into sub-segments.
Emulsion, enamel, primer, and others.
Solvent-borne and water-borne.
Non-residential, residential, and others.
The Middle East & Africa, Europe, Asia-Pacific, North America, and Latin America are the main geographies included in the decorative coatings market.
|Market Size||2030: USD 110.92 billion|
|CAGR||4.61% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, technology and application|
|Geographies Covered||Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa|
|Key Vendors||BASF SE (Germany), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), Akzo Nobel N.V. (the Netherlands), Asian Paints Limited (Switzerland), Kansai Paint Co., Ltd. (U.S.), The Valspar Corporation (U.S.), Arkema S.A. (France), Nippon Paints Co. Ltd (Japan), and Tikkurila Oyj (Finalnd)|
|Key Market Opportunities||Rapid rise in human development index (HDI)|
|Key Market Drivers||Rising demand for dazzling colors that are in resonance with the environmental regulations and policies,|
The increasing demand for pleasing aesthetics in construction projects is likely to be the major driver for the global decorative coatings market.
Emulsion coatings are likely to dominate the global decorative coatings market, accounting for 35% of the market in 2016.
Water-borne decorative coatings are likely to dominate the global market over the forecast period due to their lower environmental impact than solvent-based coatings.
North America holds the largest share in the global decorative coatings market, with Asia Pacific expected to exhibit the highest CAGR over the forecast period.
Leading players in the decorative coatings market include BASF SE, PPG Industries Inc., Akzo Nobel, Asian Paints Limited, The Valspar Corporation, and Tikkurila Oyj.