New York, United States , July 04, 2023 (GLOBE NEWSWIRE) -- The Global Decorative Coatings Market Size to grow from USD 72.6 Billion in 2022 to USD 103.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
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Decorative coatings encompass a wide range of products and techniques used to enhance the appearance and aesthetics of various surfaces. Typically, these coatings are applied to surfaces like walls, floors, furniture, and other objects to provide protection, desired decorative effects, and aesthetic improvements. Surfaces may be made to look better by applying decorative coatings using a variety of materials and techniques. They provide a variety of options for combining colour, texture, patterns, and other ornamental elements to create spaces that are visually pleasant.
The demand for these products in buildings is increasing as they improve surface durability and aesthetics while also protecting it from unfavourable weather and external conditions like UV rays. Major factors accelerating the market's growth include the rise of environmentally friendly coating systems as well as durable coatings with better performance and aesthetics, rising urbanisation and industrialization around the world, rising advancements and developments in the market, and rising performance and aesthetics. An increase in superior properties including resistance to moisture, corrosion, UV radiation, bacteria, and heat are driving the market for decorative coatings. Over the forecasted period, the market for decorative coatings will continue to grow.
The increasing complexity and length of regulations, the vulnerability and volatility of raw material prices, and the growing environmental effects of solvent-borne coatings with VOC emissions involved in their production are the main factors limiting the market growth of decorative coatings. These issues will also provide more difficulties for the market's expansion throughout the predicted period.
Market Segmentation
Resin Type:
Acrylic segment is dominating the market with the largest market share over the forecast period.
On the basis of resin type, the global decorative coatings market is segmented into acrylic, alkyd, vinyl, polyurethane, and others. Among these, the acrylic segment is dominating the market with the largest market share over the forecast period. Weathering and oxidation are characteristics of acrylic. Additionally, they offer thorough defence at a reasonable cost, as well as decent stain and water resistance. The main ingredient in acrylic has a reduced ability to absorb UV radiation at an accelerating pace. They also include gloss and colour retention qualities. All of these elements are expected to extend the segment's focus. On the other hand, the vinyl category is predicted to see the quickest market development throughout the forecast period because of its simple application and water-cleansable nature.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Decorative Coatings Market Size, Share, and COVID-19 Impact Analysis, By Resin Type (Acrylic, Alkyd, Polyurethane), By Technology (Water borne coatings, Solvent borne coatings, Powder Coatings), By Coating Type (Interior, Exterior), By Product (Emulsion, Wood Coatings, Enamels, Others), By Application (Residential, Non Residential), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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Technology Insights
Waterborne coatings segment accounted the largest market share over the forecast period.
On the basis of technology, the global decorative coatings market is segmented into waterborne coatings, Decorative Coatings, solvent borne coatings. Among these, the waterborne coatings segment accounted the largest market share over the forecast period. The need for green raw materials for coatings is being driven by the surge in demand for aqueous coatings as a result of the rising demand for green products. Aside from this, improvements in waterborne alkyd technology are improving the manufacture of alkyd resins with almost no VOCs. The footprint of water-borne coatings is increasing as a result of all these reasons.
Coating Type Insights
Exterior Coating type is dominating the market with the largest market share over the forecast period.
Based on the coating type, the global decorative coatings market is segmented into interior and exterior. Among these, the exterior coating type segment is dominating the market with the largest market share over the forecast period. The rise in spending on infrastructure development is attributable to the expansion in both the addressable and total population base. Additionally, it is projected that the segmental expansion would be fueled by increased disposable income and decreased labour costs. Due to rising expenditure on internal decorative applications, the interior category is predicted to see the quickest market development throughout the forecast period.
Application Insights
Residential applications accounted the highest market share over the forecast period.
Based on the application, the global decorative coatings market is segmented into residential and non-residential. Among these, the residential segment accounted the highest market share over the forecast period. The segmental increase is being fueled by a number of causes, including rising economic growth and rising income levels among the populace. The need for the sector will also rise as new home development and renovation of older homes become more popular. On the other hand, it is anticipated that non-residential applications would expand at the quickest rate over the projection period because to the rising usage of decorative coatings in theatres, gardens, and other public infrastructure.
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Product Insights
Emulsions segment holds the highest market share over the forecast period
On the basis of product, the global decorative coatings market is segmented into emulsion, enamels, wood coatings, and others. Among these, the emulsions segment holds the highest market share over the forecast period. Emulsions are more ecologically friendly since they contain less VOC and VAC. Additionally, they offer characteristics like non-flammability and ease of handling. Emulsion storage does not require specialised equipment or a high initial investment. These elements will accelerate segmental expansion.
Regional Insights
Asia Pacific region accounted the largest market share over the forecast period
As local manufacturers are growing and the infrastructure sector in this region is increasing, as well as because the economies of China, India, Indonesia, South Korea, and Thailand are rising more quickly, the Asia Pacific region will continue to dominate the market with the biggest market share throughout the projection period. Due to increased construction activity, notably in the UAE and Qatar, as a consequence of the region's economic recovery, enhanced real estate regulatory environment, and expanding infrastructure projects, the Middle East and Africa (MEA) is where decorative coatings market growth is predicted to occur.
Due to the region's rising economic growth, expanding production capabilities, and rising consumer potential, North America is anticipated to have the quickest market growth throughout the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Decorative Coatings Market include PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Axalta Coating Systems LLC, NIPSEA GROUP, Kansai Paint Co.Ltd., Bayer AG, KCC CORPORATION, Jotun, Koninklijke DSM N.V., BASF SE, Benjamin Moore & Co., Masco Corporation, DAW SE, The Arkema Group, Berger Paints India Limited, Cabot Corporation, Clariant, Eastman Chemical Company, Tikkurila, Cromology, HEMPEL A/S, Ashland, and RPM International Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Decorative Coatings Market based on the below-mentioned segments:
Decorative Coatings Market, Resin Type Analysis
- Acrylic
- Alkyd
- Vinyl
- Polyurethane
- Others
Decorative Coatings Market, Technology Analysis
- Waterborne Coatings
- Solvent borne Coatings
- Decorative Coatings
Decorative Coatings Market, Coating Type Analysis
- Interior
- Exterior
Decorative Coatings Market, Product Analysis
- Emulsion
- Wood Coatings
- Enamels
- Others
Decorative Coatings Market, Application Analysis
- Residential
- Non-Residential
Decorative Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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