The global decorative coatings market size is expected to value at USD 106.97 billion by 2022. The market is subject to witness a substantial growth due to the growing construction activities, rapid urbanization, increasing population and growing infrastructural spending by both developing and developed economies across the globe.
Growing constructional activities for shopping malls and business parks in the developing economies across the Asia Pacific region such as India, China, Malaysia, Thailand and Singapore are expected to drive the growth of the market in the upcoming years. Globally, the decorative coatings market is predicted to grow at CAGR of 6.1% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Increasing demand for decorative coating from building & construction industry owing to the benefits associated with its use such as higher durability and attractive appearances of the surfaces are expected to influence market growth over the forecast period. Additionally, decorative coating also provides protection against harsh weather and external environmental factors such as ultra-violet radiation, high temperatures, acid rain and pollution particles. These factors are predicted to boost market demand for decorative coating during the forecast period.
The recent technological advancement and development of novel products has led to addition of superior properties such as protection from moisture, corrosion resistance, bacteria and heat resistance, thus escalating market progress, in the recent years. Growing need for environmental-friendly alternatives due to stringent laws and regulation by regional governments across the globe are expected to boost the growth of decorative coatings industry over the forecast period. Moreover, recent joint ventures, mergers and partnerships among number of major manufactures and vendors along with local industry players are anticipated to amplify market value in the upcoming years.
Strong economic growth in the developing economies, particularly in the Asia-Pacific region along with recent infrastructure development has led to high-end demand for decorative coatings, thus fostering market growth in the last few years. In addition, stringent environmental laws to regulate volatile organic compounds (VOCs) to improve indoor air quality in North America and European region is estimated to increase adoption of waterborne technology in domestic and commercial buildings over the forecast period.
However, frequent changes in cost of raw materials such as alkyd, epoxy, acrylic, and titanium dioxide is negatively hampering market growth, in the recent years. Additionally, environmental hazards with excessive use of solvent-borne coating is expected to acts as a major challenge for sustained market growth over the next seven years.
The recent technological advancement in decorative coating industry such as Nano-TiO2 photo catalysts, green coatings and adoption of latest technology that limits drying time are estimated to expand market reach in the upcoming years. Furthermore, rising research & development by prominent industry players in the industry are projected to stimulate market growth as well.
Waterborne coatings is considered as one of the fastest growing segment in the decorative coatings market with substantial revenue generation in the last couple of years. Growing popularity of the waterborne coating market segment is attributed to the superior adhesion properties, heat resistance and abrasion properties.
The decorative coatings industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction activities in the region and existence of well-established manufacturing sector. Asia-Pacific region is predicted to hold major market share in the decorative coating market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with growing constructional activities, strong economic growth, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the decorative coatings industry are PPG Industries, Inc., Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint and Valspar Co., Asian Paints Ltd., Berger Paints Ltd., Cabot Co., DAW SE, Jotun A/S, Masco Co., Benjamin Moore & Co., and Axalta Coating Systems Pvt., Ltd.
Global Decorative Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Decorative Coatings Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• Waterborne Coatings
• Solventborne Coatings
Global Decorative Coatings Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Decorative Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Latin America
Research Support Specialist, USA