“Decorative coatings market is projected to register a CAGR of 5.1 % between 2021 and 2026.”
The decorative coatings market is projected to grow from USD 71.3 billion in 2021 to USD 91.6 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. Environment-friendly characteristics, durability, and better aesthetic appearance drive consumption of decorative coatings in various applications..
Regulatory policies have a significant impact on the paints & coatings industry. Potential changes in regulations can create uncertainty throughout the value chain. This uncertainty refers to the time taken by the manufacturers at each node to accept the new regulation and adopt new technology. Different time-consuming regulatory changes in different regions can affect the raw material producers, formulators, channel partners, and end-users. With the increasing number of governments implementing stringent regulatory policies, decorative coatings producers must constantly evolve their processes to comply with the new policies and reduce VOC emissions.
“Residential is projected to be the largest application of decorative coatings market.”
Residential is the largest application segment, in terms of both volume and value, between 2021 and 2026. Economic growth and higher incomes in the last few years have resulted in the construction of several new houses and the remodeling of old ones. Decorative coatings for residential construction applications include new paint and repainting. These coatings mainly include architectural and functional products, such as paints, stains, lacquers, primers, and cleaners. Decorative coatings are used in both interior and exterior applications in the residential sector. Repainting is associated with giving a new look to an old or worn-out interior and exterior of constructions.
“Polyurethane is the fastest-growing resin segment of the decorative coatings market.”
Polyurethane is the fastest-growing resin segment, in terms of volume, between 2021 and 2026. Polyurethanes are versatile materials, which can be tailored to achieve the required hardness, cure speeds, viscosities, and mechanical and thermal properties for many different applications. There are different types of urethane coatings in the market. Polyurethane resin imparts toughness and abrasion resistance to wood coatings, floor finishes, and coatings for other demanding applications. Other applications where polyurethane coatings can be used are heavy-duty exterior and interior structures, paper mills, power plants, offshore structures, oil field machinery, exterior surfaces of steel tanks, handrails, conveyors, and chemical processing equipment.
“APAC is the fastest market for decorative coatings during the forecast period.”
APAC is projected to be the largest and the fastest-growing market for decorative coatings during the forecast period. The region has witnessed significant economic growth over the last decade. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as building & construction and furniture. Key players are expanding their decorative coatings production in APAC, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews:
- By Company Type: Tier 3 – 46%, Tier 2 – 36%, and Tier 1 – 18%
- By Designation: D Level – 27%, C Level – 18%, and Others – 55%
- By Region: APAC – 45%, North America – 18%, Europe – 9%, South America – 9%, and Middle East & Africa – 9%
The key companies profiled in this report are The Sherwin-Williams Company (US), PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), BASF SE (Germany), Asian Paints Limited (India).
Research Coverage:
The decorative coatings market has been segmented based on resin type (acrylic, alkyd, vinyl, polyurethane, and others), technology (waterborne coatings, solvent-borne coatings, powder coatings), coating type (interior, exterior), user type (DIY, Professional), product type (emulsions, wood coatings, enamels, and others), color type (white and others), application (resdential and non-residential), and region (APAC, Europe, North America, South America, and Middle East & Africa).
Reasons to Buy the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on decorative coatings offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for decorative coatings across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market.
