According to TechSci Research report, “Decorative Coatings Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Decorative Coatings Market stood at USD 84.12 billion in 2022 and is anticipated to grow with a CAGR of 4.49% in the forecast period, 2023-2028. The initiatives taken by the government based on Decorative Coatings have led to favorable market conditions for the Global Decorative Coatings Market. Several factors contribute to the growth of various Decorative Coatings products.
Governments worldwide are investing heavily in commercial and industrial infrastructure, particularly in emerging countries. These investments often involve the construction of new buildings and the renovation of existing ones, both of which require a wide range of decorative coatings. From durable and weather-resistant coatings for exteriors to aesthetically pleasing and protective coatings for interiors, the demand for decorative paints and coatings is expected to soar. For instance, the “Housing for All” initiative by the Indian government, aimed at providing affordable housing to all citizens, is expected to significantly boost the demand for decorative paints and coatings.
Regulatory bodies like the U.S. Environmental Protection Agency (EPA) are actively introducing amendments to standards that have a direct impact on the use of decorative coatings. For example, the EPA proposed changes to the Standards of Performance for Industrial Surface Coating of Plastic, aiming to improve environmental sustainability and reduce emissions in the industry.
These proposed amendments could potentially affect the types of coatings used, driving the industry to adopt eco-friendlier and lower VOC (volatile organic compound) coatings. Compliance with these evolving regulations will require manufacturers to adapt their processes and formulations to meet the new standards while continuing to deliver high-quality decorative coatings.
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Driven by increasing consumer awareness and stringent regulatory frameworks, manufacturers are making substantial investments in research and development to create environmentally friendly decorative coatings. These sustainable products not only have a reduced environmental impact but also offer enhanced performance compared to traditional coatings.
Furthermore, technological advancements have resulted in the development of innovative application processes that improve efficiency and minimize wastage. For instance, the utilization of high-volume, low-pressure (HVLP) sprayers enables better control during application, resulting in a more consistent finish and reduced overspray. These technological advancements are significantly influencing the decorative coatings market. The introduction of eco-friendly coatings enables manufacturers to meet the rising demand for sustainable products, thereby unlocking new market opportunities.
The Global Decorative Coatings Market is segmented into resin type, technology, end user, regional distribution, and company
Based on its technology, the Waterborne Coatings segment held the largest share in the market. The excellent adhesion, heat resistance, and abrasion properties of this product are some of the key factors contributing to its popularity. In addition, it offers significant advantages over solvent-borne alternatives. Not only does it exhibit lower toxicity and flammability, but it also helps reduce air emissions, making it a more environmentally friendly option. With these exceptional qualities, the demand for this product is expected to witness a significant surge over the forecast period.
On the other hand, solvent-borne technology is projected to experience a notable decline in market share. This can be attributed to the presence of volatile organic compounds (VOCs) and Hazardous Air Pollutants (HAP) such as toluene, ethylbenzene, xylene, and methyl ethyl ketone, which pose environmental and health risks. Additionally, solventborne coatings tend to be more expensive compared to their counterparts. As a result, the demand for solventborne coatings is estimated to exceed 7,100.0 kilotons by 2022.
Based on region, the North America segment is expected to grow during the forecast period.m The increasing demand for sustainable and eco-friendly coatings in the region is driven by a growing consumer awareness of the environmental impact of the products they use. This shift in consumer preferences has created a need for coatings that are not only effective but also environmentally friendly. Moreover, the region has witnessed a significant rise in both residential and non-residential construction activities, further fueling the demand for coatings.
The construction industry plays a crucial role in driving the growth of the coatings market in the region. In addition to the demand drivers, the presence of key players such as PPG Industries, Sherwin-Williams, RPM International, and Axalta Coating Systems, among others, strengthens the market landscape.
These industry leaders bring expertise, innovation, and a wide range of product offerings, contributing to the overall growth of the coatings market in the region. With these factors combined, the region is poised for sustained growth in the coatings market, meeting both the demand for sustainability and the requirements of the thriving construction sector.
Major companies operating in the Global Decorative Coatings Market are:
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Nippon Paint Holdings Co Ltd
- Kansai Paint Co Ltd
- Bayer AG
- Valspar Corporation
- Sherwin-Williams Company
- KCC Corporation
- Jotun A/S
- BASF SE
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“Growing application of Decorative Coatings in various end-user industries are key drivers of the Decorative Coatings market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of Decorative Coatings with every passing year are anticipated to register an impressive growth in the Global Decorative Coatings Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Decorative Coatings Market By Resin Type (Acrylic Resin, Alkyd Resin, Vinyl Resin, Polyurethane Resin, Others), By Technology (Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings), By End User (Residential and Non-Residential), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Decorative Coatings Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Decorative Coatings Market.
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Table of Content-Decorative Coatings Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Decorative Coatings Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Resin Type (Acrylic Resin, Alkyd Resin, Vinyl Resin, Polyurethane Resin, Others)
4.2.2. By Technology (Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings)
4.2.3. By End User (Residential and Non-Residential)
4.2.4. By Region
4.2.5. By Company (2022)
4.3. Market Map
4.3.1. By Resin Type
4.3.2. By Technology
4.3.3. By End User
4.3.4. By Region
- Asia Pacific Decorative Coatings Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Resin Type
5.2.2. By Technology
5.2.3. By End User
5.2.4. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Decorative Coatings Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Resin Type
5.3.1.2.2. By Technology
5.3.1.2.3. By End User
5.3.2. India Decorative Coatings Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Resin Type
5.3.2.2.2. By Technology
5.3.2.2.3. By End User
5.3.3. Australia Decorative Coatings Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Resin Type
5.3.3.2.2. By Technology
5.3.3.2.3. By End User
5.3.4. Japan Decorative Coatings Market Outlook
5.3.4.1. Market Size & Forecast
5.3.4.1.1. By Value
5.3.4.2. Market Share & Forecast
5.3.4.2.1. By Resin Type
5.3.4.2.2. By Technology
5.3.4.2.3. By End User
5.3.5. South Korea Decorative Coatings Market Outlook
5.3.5.1. Market Size & Forecast
5.3.5.1.1. By Value
5.3.5.2. Market Share & Forecast
5.3.5.2.1. By Resin Type
5.3.5.2.2. By Technology
5.3.5.2.3. By End User
- Europe Decorative Coatings Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Resin Type
6.2.2. By Technology
6.2.3. By End User
6.2.4. By Country
6.3. Europe: Country Analysis
6.3.1. France Decorative Coatings Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Resin Type
6.3.1.2.2. By Technology
6.3.1.2.3. By End User