Decorative Paints and Coatings Market

Global Decorative Paints and Coatings Market Size (2024 to 2029)

The Global Decorative Paints and Coatings Market was worth US$ 149.51 billion in 2023 and is anticipated to reach a valuation of US$ 240.04 billion by 2029 and it is predicted to register a CAGR of 8.21% during the forecast period 2024 to 2029.

MARKET DRIVERS AND RESTRAINTS

Decorative paints & coatings are employed both in residential and commercial housing. Wherein, the residential segment takes a high share with a quicker rate of expansion due to the escalating residential constructions worldwide.

So many factors, like escalating per capita income, which has resulted in escalating home ownerships and urbanization across the world, are major drivers for the industry in the foreseen period. One of the first expansion factors within the housing industry is the funds made through FDI and other sources like UNCTAD. The government has initiated so many policies to drive funds for infrastructure. Due to the large funds being made within the infrastructure sector, there’ll be escalated calls for more durable goods which will need lower maintenance. This may fuel the utilization of cast polymers for residential also as non-residential constructions. The APAC decorative paints & coatings industry is promoted by the augmented population and economic process. The region has experienced an economic expansion in the past 10 years. According to the United Nations Population Investment, Asia Pacific holds around 60% of the world’s population which is 4.3 billion individuals. This is estimated to become a highly significant driver of the worldwide construction industry in the next two decades. Both the residential and non-residential segments in China and India are estimated to expand during the foreseen period that in turn, will drive the call for decorative paints and coatings from this region.

The worldwide construction industry is the world’s biggest customer of raw materials, and therefore with such a high call in the future and influx of funds, the adjacent segments are bound to change some revenue and companies into their own hands.

On the other hand, decorative paints applied in so many steps of construction works, such as roof coatings, wall paints, or deck finishes for great looks are foreseen to poise the industry with high opportunities and market share. Fast expansion in urbanization, along with a high standard of living and escalating consumer preferences for showing an architectural touch in residential buildings, has promoted the urge for decorative paints in the last few years. A surge in the number of commercials and skyscrapers is further estimated to push the call for decorative paints in the future. Makers are manufacturing paints that can be employed on several substrates like cement walls, wood, glass, tiles, composites, etc. with high physical and chemical characteristics, offering customers the freedom to utilize paints as per their suitability. This, in turn, is estimated to fuel the expansion of the worldwide decorative paints and coatings industry in the foreseen period.

Expansion in residential and commercial building construction, escalating renovation works, increasing designers and architects' work in the decoration of the space, and a rising number of makers and suppliers are some of the factors boosting the expansion of the decorative paints and coatings market. The construction industry currently is experiencing positive expansion, after a low-paced development during the downturn. 

Due to the dangerous impact of lead in paints on the environment and also as people come in contact, so many businesses have diverted their work towards environment-friendly items in the form of powder coatings.  

MARKET OPPORTUNITIES

Because decorative paints and coatings are present in different colors and at affordable costs, they are highly employed for remodeling purposes in old constructions. Decorative coatings provide benefits on the basis of performance, like fewer maintenance needs and repellence to stains, impact, moisture, and other harm caused by wear and tear.

 MARKET CHALLENGES

Changes in crude oil costs in the foreseen period will result in escalated feedstock costs that will directly impact the cost of all artificial resins employed for decorative coating uses. The threat of product alteration is determined to pose a threat to the global decorative paints and coatings market and the use of nanotechnology-based powder paints and coatings is estimated to pose major challenges to conventional decorative paints manufacturers worldwide.

REPORT COVERAGE 

DETAILED SEGMENTATION OF THE GLOBAL DECORATIVE PAINTS AND COATINGS MARKET INCLUDED IN THIS REPORT

This research report on the global flywheel energy storage market has been segmented and sub-segmented based on resin type, product, technology, application, and region.

Decorative Paints and Coatings Market Analysis By Resin Type

• Polyurethane
• Alkyd
• Acrylic

Of the above-mentioned resin types, acrylic resin type accounts for the largest share of the decorative paints and coatings market. Its unique aesthetic properties and low price make it the most frequently used resin type in various construction applications.

Decorative Paints and Coatings Market Analysis By Product

• Emulsion
• Enamel
• Wood Coating

Emulsions are the major revenue generator to the global market in the year 2018, owing to the increased applications of emulsions in construction industries.

Decorative Paints and Coatings Market Analysis By Technology

• Water-Based
• Solvent-Based

The water-based segment is anticipated to grow with the highest CAGR in the forecast period, owing to its superior adhesion and abrasion properties. The eco-friendly nature of water-based paints makes the demand for solvent-based paints decline rapidly as solvent-based paints have high VOC content and have strict regulations regarding their usage.

Decorative Paints and Coatings Market By Application

• Residential
• Non-Residential

The residential sector of application led the market in 2023 and is the fastest-growing due to the increase in construction activities in the residential sector. This creates demand for decorative paints and coating across the globe.

REGIONAL ANALYSIS

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Asia Pacific had the largest global market share in the year 2018 and is expected to be the fastest-growing market in the forecast period, due to its high CAGR, increasing demand for growing industries, and the scope of future opportunities, mainly in developing countries like Japan, India, and China.

The market value of Europe and North America are next in the lead mainly due to the rapid urbanization in these regions. The regional advantages offered in the Asia Pacific, like cheap labor and ease of resource availability, make the market-centered in Asia, making North America and Europe slow-growing regions. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Decorative Paints and Coatings Market in these regions is slow-growing in nature.

RECENT HAPPENINGS IN THE MARKET

• DSM, a major shareholder in the global decorative paints and coating market, has declared to announce its sustainable strategy at the European Coatings Show (ECS) scheduled to take place in Nuremberg in March. The Strategy includes the reduction of harmful outputs in the production of paints and coatings.

KEY MARKET PLAYERS

PPG Industries (U.S.), Datacor, Inc., AkzoNobel N.V. (Netherlands), RPM International Inc., Asian Paints (India), Becker Group, Sherwin-Williams Company (U.S.), KCC Corporation, Masco Corporation (U.S.), Koninklijke DSM N.V, Kansai Paints Co., Ltd. (Japan), Henkel AG & Co., Jotun Group (Norway), Axalta Coating Systems Ltd, DAW SE (Germany), BASF SE Dulux Group Ltd.(Australia), and Nippon Paint Co. Ltd.(Japan)