Global decorative coatings market is expected to grow at a steady CAGR during the forecast period. The key factor responsible for increased demand for decorative coatings is upsurge in the product requirement for numerous applications from end user industries mainly from residential sector. Additionally, growing innovations related to technology is another major factor that is anticipated to bode well for the growth of decorative coatings market across the globe in the coming years. Moreover, availability of decorative coatings in multiple alluring colours which provides a well-finished look is further bolstering the market growth across the globe.
The global decorative coatings market is segmented based on resin type, technology, coating type, user type, product type, application, region and company. Based on technology, the market can be segmented into waterborne coatings, solvent borne coatings, powder coatings. Out of these, the powder coatings segment dominated the market in terms of largest market share until 2019 and is further anticipated to be the fastest-growing application segment in the decorative coatings market during the forecast years as well. This growth can be accredited to its special features including reduced operating cost, non-flammability, high operating efficiencies, negligible VOC emissions, low spark hazards, among others. Along with that, such coatings require zero solvent usage during their coating formation, which makes them an attractive option from pollution prevention viewpoint. In addition to this, increasing need for powder coatings in the architecture sector owing to the demand for specialty finishes is further anticipated to boost the growth of the segment until 2025.
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Major players operating in the global decorative coatings market include PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paints Co., Ltd., Asian Paints Limited, Nippon Paint Holdings Co., Ltd., BASF SE, Masco Corporation, Jotun Group, RPM International Inc, Decoral System S.r.l., etc. The companies operating in decorative coatings market across the globe are focussing more towards the expanding their share in the market. For instance, these key players are making organic strategies such as expansions, mergers and acquisitions, among others in order to make the industry highly competitive.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To analyse and forecast the market size of global decorative coatings market.
- To classify and forecast global decorative coatings market based on resin type, technology, coating type, user type, product type, application, company and regional distribution.
- To identify drivers and challenges for global decorative coatings market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global decorative coatings market.
- To conduct pricing analysis for global decorative coatings market.
- To identify and analyse the profile of leading players operating in global decorative coatings market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the new products, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global decorative coatings market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
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Key Target Audience:
- Decorative coatings manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to decorative coatings
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Global decorative coatings market can be segmented based on resin type, technology, coating type, user type, product type, application, company and region. Considering the resin type, the market is fragmented into acrylic resin, alkyd resin, vinyl resin, polyurethane resin and others. The acrylic segment dominated the global decorative coatings market in terms of largest revenue until 2019 and is further anticipated to hold its dominance during the forecast years as these acrylic decorative coatings are widely used owing to their characteristics such as weathering and oxidation resistance. Additionally, acrylics resin type coatings hold color better and provide gloss retention, thereby positively influencing the growth of the segment across the globe. More than that, properties such as high durability on exposure to wind, rain, UV light, snow is further boosting the growth of segment.
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