Selbyville, Delaware , Sept. 25, 2023 (GLOBE NEWSWIRE) -- Decorative Coatings Market value will surpass USD 115 billion by 2032, as per a recent study by Global Market Insights Inc.
The burgeoning construction and infrastructure development activities worldwide is primarily driving the market expansion. As urbanization continues to escalate, the demand for aesthetically pleasing and durable coatings has surged. Moreover, the increasing awareness about sustainable coatings has encouraged the manufacturers to develop new eco-friendly products. Environmentally-conscious consumers are opting for coatings that not only enhance aesthetics but also minimize the environmental footprint. For instance, in March 2023, scientists at the University of Central Florida (UCF) pioneered the creation of a lighter, energy-efficient paint, drawing inspiration from the vibrant world of butterflies. Similar R&D efforts and product launches will boost decorative coatings market growth in the coming years.
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Excellent properties to favor epoxy product adoption
Epoxy resin-based decorative coatings market segment is gaining traction and will account for a significant revenue share by 2032, due to exceptional performance characteristics of the product. These coatings offer high durability, chemical resistance, and excellent adhesion properties. They are extensively used in applications, such as flooring, metal surfaces, and decorative furnishings. The product’s ability to provide a smooth finish and protect surfaces from corrosion has made it a preferred choice among contractors and architects. These factors, along with booming construction sector will fuel the demand for epoxy resin based decorative coatings.
Eco-friendly nature of powder coatings technology
The decorative coatings market from powder coatings technology segment is expected to showcase notable growth over 2023-2032. Powder decorative coatings have gained prominence due to their eco-friendly nature and superior finish. These coatings are solvent-free, reducing VOC emissions and making them environmentally sustainable. The technology's electrostatic application process ensures a uniform coating thickness, resulting in a smooth and attractive surface. Industries such as automotive, consumer appliances, and furniture are increasingly adopting powder coatings owing to for aesthetic appeal and durability, adding to segment share.
Swift towards aesthetic appeal to support adopting in residential sector
The decorative coatings market share from residential sector is slated to witness substantial surge through 2032 as homeowners are increasingly investing in decorative coatings to transform their living spaces. Whether it's interior wall paints or exterior coatings, the product not only enhance the visual appeal of homes but also provide protection against harsh weather conditions. The COVID-19 pandemic, which prompted more people to work from home, further accelerated the interest in home renovation projects, leading to increased sales of decorative coatings.
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Infrastructural developments to augment Asia Pacific industry expansion
Asia Pacific decorative coatings market size is touted to emerge as a thriving hub for the player over the forecast period, favored by the rapid urbanization, coupled with a booming construction industry. Countries like China and India are at the forefront of infrastructure development owing to rising middle-class population and increased disposable income. Additionally, stringent government regulations regarding VOC emissions have compelled manufacturers to shift towards low-VOC and eco-friendly coatings in the region. These factors collectively contribute to the robust expansion of the decorative coatings industry in Asia Pacific.
Speaking of competitive framework, the major players in decorative coatings market are PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, RPM International Inc., Nippon Paint Holdings Co., Ltd., Jotun Group, Benjamin Moore & Co., Kansai Paint Co., Ltd., DAW SE (Caparol), Asian Paints Limited, Hempel A/S, Berger Paints India Limited, Sherwin-Williams Company, and Dunn-Edwards Corporation among others. These companies are on a constant lookout for acquisition and partnership opportunities to introduce new product and expand their region footprint.
For instance, in May 2032, Asian Paints Berger, an Asian Paints Limited subsidiary, introduced a pioneering decorative wall finishing product in Dubai, inspired from the intricate Arabesque motifs to rekindle the splendor and essence of the region's rich design heritage.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
